Washington Report 360 | December 6, 2019

Alternative data in credit underwriting; FRB Supervision & Regulation Report; FSOC nonbank SIFIs guidance; Revisions to CRA regulations

Key Highlights

  • Federal banking agencies issued a joint statement on the use of alternative data in credit underwriting, focusing on consumer protection implications and the role of a well-designed compliance risk management program.
  • FRB published its annual Supervision and Regulation Report indicating risk management weaknesses persist in the areas of compliance, internal controls, model risk, operational risk, IT (including cybersecurity), and BSA/AML.
  • FSOC issued final guidance for designating nonbank SIFIs that uses an activities-based approach.
  • Proposed revisions to the CRA regulations are anticipated by year end without full interagency participation; goal is to issue joint final rule.

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