The Federal Financial Institutions Examination Council (FFIEC), today announced the issuance of an updated Uniform Interagency Consumer Compliance Rating System. The revisions reflect the regulatory, examination, technological, and market changes that have occurred since the release of the original rating system. The FFIEC member agencies plan to implement the updated rating system on consumer compliance examinations to begin on or after March 31, 2017.
The Consumer Compliance Rating System is a supervisory policy for evaluating financial institutions’ adherence to consumer compliance requirements. The Uniform Interagency Consumer Compliance Rating System is designed to more fully align the rating system with the FFIEC agencies’ current risk-based, tailored examination approaches. It was not developed with the intention of setting new or higher supervisory expectations for financial institutions. The rating system’s adoption will represent no additional regulatory burden for financial institutions.
The FFIEC members proposed the guidance in May 2016 and invited public comments through July 5, 2016. The agencies received 17 comments through the proposal process. Those comments were taken into account in finalizing the Uniform Interagency Consumer Compliance Rating System. The attached updated rating system will be published shortly in the Federal Register.
|Federal Reserve||Susan Stawick||202.452.2955|