The Federal Financial Institutions Examination Council (FFIEC) published a Federal Register notice on December 30, 2016, finalizing the reporting requirements for a new and streamlined call report (Call Report) for small financial institutions. Institutions with less than $1 billion in assets and with only domestic offices will be eligible to file this new streamlined report.
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FFIEC Publishes Revised Information Security Booklet
By Jeffrey M. Werthan on
Posted in Banking
On September 9, the Federal Financial Institutions Examination Council (FFIEC) released its revised the “Information Security” booklet of the FFIEC Information Technology Examination Handbook (IT Handbook). The “Information Security” booklet, one of 11 that make up the IT Handbook, provides guidance to examiners and addresses factors necessary to assess the level of security risks…
FFIEC Proposes New Consumer Compliance Rating System
By Jeffrey M. Werthan on
Posted in Banking
On May 2, the Federal Financial Institutions Examination Council (FFIEC) proposed revisions to the current Uniform Interagency Consumer Compliance Rating System (CC Rating System). The revisions are intended to reflect the regulatory, supervisory, technological and market changes that have occurred in the years since the CC Rating System was established. The purpose of the new CC Rating System is to ensure that all regulated financial institutions, as defined in 12 U.S.C. §3302(3), are evaluated in a comprehensive and consistent manner, and that regulators’ resources and attention are appropriately allocated to the institutions demonstrating the highest risk of consumer harm. One key change is that the new CC Rating System has shifted from assessing risk through transaction testing to a more comprehensive risk-based supervision that mainly focuses on the institution’s compliance management systems (CMS).
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FFIEC Issues New IT Management Booklet
By Jeffrey M. Werthan on
Posted in Banking
The Federal Financial Institutions Examination Council (FFIEC) members on November 10 issued a revised Management booklet, which is part of the FFIEC Information Technology Examination Handbook (IT Handbook). The Management booklet, including the examination procedures, has been substantially revised. The booklet outlines the principles of sound governance and, more specifically, information technology (IT) governance. The booklet explains how IT risk management relates to enterprise-wide risk management and governance.
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FFIEC and Member Agencies Propose Call Report Changes
By Jeffrey M. Werthan on
Posted in Banking
On September 8, three member agencies of the Federal Financial Institutions Examination Council (FFIEC), the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, proposed to eliminate or revise various call report entries to make the reporting process easier for reporting institutions. The proposed changes would delete certain items, raise reporting thresholds and revise certain instructions. The agencies also stated that they have advanced the next scheduled review of call report items from 2017—the statutorily mandated review date—to an earlier date. Surveys of insured institutions will be used to inform the regulatory agencies.
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