The Federal Financial
Institutions Examination Council (FFIEC) recently finalized an updated Uniform
Interagency Consumer Compliance Rating System intended to reflect regulatory,
examination, technology, and market changes that have occurred since the
release of the original system.
FFIEC received 17
comments to its proposed rule for the changes, which it considered before
finalizing the updates to the system, including one that questioned whether the
FFIEC should consider consumers harmed only when violations of law took place.
Read on to
find out the FFIEC’s response and what these revisions mean for various
organizations.