Compliance & Regulatory Updates: May 8, 2024

​Third Party Risk Management Practices Guide: On May 3, the Federal bank regulatory agencies Federal Reserve Board of Governors, Office of the Comptroller of Currency (OCC), and Federal Deposit Insurance Corporation (FDIC) released a guide to support community banks in managing risks presented by third-party relationships. 

What Happens with a PII Security Breach: Whether data security incidents are internally caused at your credit union or by a third-party vendor having access to personally identifiable information (PII), preparation by having policies with procedures implementing applicable federal regulations and guidance before such an incident occurs are critical best practices. 

​​CFPB Action Against Student Loan Servicing Failures: On May 6, the Consumer Financial Protection Bureau (CFPB) took corrective action against the National Collegiate Student Loan Trusts (the Trusts) and Pennsylvania Higher Education Assistance Agency (PHEAA) for failures to respond to consumer requests seeking relief from student loan payments. 

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