FDIC Hit Community Banks With 30% Fewer Violations In 2020
Law360 (March 31, 2021, 8:21 PM EDT) -- Compliance violations among community banks dipped by roughly 30% in 2020 compared to the previous year as the Federal Deposit Insurance Corp. transitioned to a remote examination environment and banks took on increased coronavirus pandemic-related mortgage servicing responsibilities, according to a report published Wednesday.
FDIC examiners uncovered 1,405 violations over the course of approximately 1,000 exams conducted in 2020, down from nearly 2,000 violations in more than 1,150 exams in 2019.
The FDIC noted in Wednesday's report that it has been conducting its consumer compliance examinations entirely off-site since mid-March 2020, and pointed to various pandemic-related obstacles that placed added burdens...
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