Compliance Notes

The Homeland Security Investigations division of the US Department of Homeland Security launched an awareness campaign to educate the public on dangers associated with online romance scams and how individuals can protect themselves and loved ones. The announcement and resources may be viewed at: www.ice.gov/news/releases/ hsi-launches-new-awareness-campaign-digital-romance-scams-valentines-day

SEC’s Division of Examinations announced its 2023 examination priorities. The examination priorities are published annually to provide insights into SEC’s risk-based approach, including the areas SEC believes present potential risks to investors and the integrity of the U.S. capital markets. The 2023 examination priorities include: new investment advisory and investment company rules; RIAs to private funds; retail investors and working families; ESG; information security and operational resiliency; and emerging technologies and crypto-assets. The announcement may be viewed at: www.sec.gov/news/press-release/2023-24

FRB Minneapolis released the results of their fourth-quarter 2022 agricultural credit conditions survey. The survey revealed another strong finish to the year for Ninth District farmers. The survey results may be viewed at: www.minneapolisfed.org/article/2023/another-strong-finish-to-the-year-for-ninth-district-farmers

CFPB released a report examining trends in credit reporting of debt in collections from 2018 to 2022. The report found the total number of collections tradelines on credit reports declined by 33%, from 261 million tradelines in 2018 to 175 million tradelines in 2022. The report may be viewed at: https://files.consumerfinance.gov/f/documents/cfpb_ market-snapshot-third-party-debt-collections-tradelines-reporting_2023-02.pdf

FRB released the January 2023 Senior Loan Officer Opinion Survey on Bank Lending Practices. The survey addressed changes in the standards and terms on, and demand for, bank loans to businesses and households over the past three months, which generally correspond to the fourth quarter of 2022. Regarding loans to businesses, survey respondents on balance reported tighter standards and weaker demand for C&I loans to large, middle-market, and small firms over the fourth quarter. Meanwhile, banks reported tighter standards and weaker demand for all CRE loan categories. For loans to households, banks reported that lending standards tightened or remained basically unchanged across all categories of residential real estate loans and demand for such loans weakened. In addition, banks reported tighter standards and weaker demand for HELOCs. Standards tightened and demand weakened, on balance, for credit card, auto, and other consumer loans. The survey may be viewed at: www.federalreserve.gov/data/sloos/sloos-202301.htm

IRS announced special Saturday hours for face-to-face help for the next four months. The special hours will take place from 9 a.m. to 4 p.m., on 03/11/2023, 04/08/2023, and 05/13/2023. Offices in dozens of states, the District of Columbia, and Puerto Rico will be open with no appointments required. A list of participating Taxpayer Assistance Centers may be viewed at: www.irs.gov/help/irs-face-to-face-saturday-help

FDIC’s February 2023 Consumer News issue is titled, Tax Refund Time! and offers tips to consumers about managing their refunds safely and easily. The newsletter may be viewed at: www.fdic.gov/resources/consumers/ consumer-news/2023-02.html