Feb. 24, 2023
All compliance officers and personnel have been waiting with bated breath for the finalization of two big and important proposed rules – Section 1071 Small Business Data Collection and Community Reinvestment Act. Please share the following information with appropriate staff:
Section 1071, Small Business Data Collection (Amendment to Regulation B) will be finalized by March 31, 2023. As soon as the final rule is published in the Federal Register, we will drop everything, start reading, and prepare at least two new courses (compliance, lenders) related to the final rule. We suspect the final rule will not be effective until Jan. 1, 2025, but we hope to have training courses available by mid- to late- summer so compliance and lending staff can learn and prepare. We also suspect that between publishing the final rule and the effective date of the rule, there may be further guidance from the CFPB and additional amendments may take place. We will update the new courses as necessary and post the updates to the “What’s New” tab as well as the monthly Online Training Newsletter.
We have not heard from the regulatory agencies when the Community Reinvestment Act must be finalized, however, we have heard from several sources that it may be mid-summer. Again, when published in the Federal Register, we will drop everything, start reading, and then prepare at least four new courses (overview, small bank, ISB, and large bank).
On Feb. 17, all HSA and IRA courses were updated with 2023 cost-of-living adjustments, IRS reporting forms, and examples.
Note: On Dec. 29, 2022, the president signed the Consolidated Appropriations Act of 2023 into law, which includes the SECURE 2.0 Act of 2022. The bill includes more than 90 new provisions that may affect your financial organization. While many provisions have been delayed thus jostling effective dates, we do know that some provisions will take effect in 2023. Courses will be updated as provisions take effect.
Please note: No new courses will launch or be updated this March, due to staff being at ICBA LIVE and other commitments. Therefore, we will not be publishing a March Online Training Newsletter. If there are any regulation changes that require immediate updates, we will inform you through the “What’s New” tab in the Learning Management System.
Did you know that you can find the updated detailed course catalog and the Admin Guide in the Learning Management System and on ICBA’s website? Be sure to check for updated materials monthly. Also click on the “What’s New” tab within the Learning Management System each time you login to see real-time course changes.