Compliance examination updates for the complex bank supervision program, and edits to a pre-examination information packet removing references to the coronavirus crisis and legislation targeting the economic fallout from the crisis, were parts of changes announced Friday by the federal bank deposit insurance agency.
The updates to the Consumer Compliance Examination Manual (CEM) of the Federal Deposit Insurance Corp. (FDIC) focused largely on the agency’s complex bank supervision program, which the agency said employs a continuous supervisory strategy for institutions that exhibit elevated or unique risks of consumer harm. The FDIC said it updated the Compliance Examinations, Overview of Compliance Examinations section (II-1.1) to reference the complex bank supervision program.
Part II-15.1 under the supervision program, the agency said, was added to discuss the program overall.
The third update was of an edited sample letter for the FDIC’s Pre-Examination Information Packet (secton III-1.1). The chapter was updated to remove a paragraph referencing COVID-19 and the 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The legislation was a stimulus measure to address the economic fallout from the pandemic as it became apparent.