Daily Coffee
IDFPR Adopts Illinois CRA Rules. The IDFPR has finalized its administrative rules implementing the Illinois Community Reinvestment Act (CRA) for Illinois-chartered banks, credit unions, and covered residential mortgage lenders. The rules for Illinois-chartered banks and savings banks are modeled on the current version of the federal CRA regulations, plus several provisions unique to the Illinois rules and adjustments made from proposed versions of the rules at the request of the IBA and the banking industry. The finalized rules state that initial Illinois CRA exams will not be conducted until at least February 1, 2025, for banks with total assets of $391 million or more, and August 1, 2025, for smaller banks. View the announcement and rules for banks, credit unions, and residential mortgage lenders.
May 2, 2024
Banking Agencies Publish Third-Party Risk Management Guide for Community Banks. The OCC, Federal Reserve, and FDIC have published a guide on managing third-party risk for community banks. The guide includes resources and examples for each stage of the third-party relationship, from due diligence and contract negotiation to termination of a third-party relationship, illustrating the principles of the agencies’ June 2023 guidance on third-party risk management. Read the announcement, guide, OCC Bulletin 2024-11, and FDIC FIL-19-2024.
May 5, 2024
More Compliance News