Page 7 - December 19. 2024 Bulletin

aRTiCLeS

FHA in May issued a mortgagee letter announcing that lenders had
FDIC Issues Additional Q&As on 12 hours to report a significant cyber incident after determining one
Revised Signage Requirements had occurred. A reportable incident is defined as one that actually
or potentially jeopardizes the confidentiality, integrity or availability
The FDIC has updated its questions and answers related to the of information within a lender’s systems, or affects the ability of
final rule on the use of the agency’s name and logo by financial the lender to meet its obligations under applicable FHA program
institutions. The new Q&As cover key implementation topics such requirements.
as the use of the digital sign and placement of the official sign in In a mortgagee letter the FHA pushed back the deadline for
bank branches, the agency said in a financial institution letter. reporting cyber incidents to 36 hours, although it emphasized that
The FDIC last year adopted new requirements regarding the display lenders should report incidents as soon as possible. Lenders must
of the official FDIC sign in banks and bank digital channels. More provide information such as the date and cause of the incident and
recently, the agency extended the compliance date for the rule to how it affects personally identifiable information in their systems.
May 1, 2025. Read more: https://www.hud.gov/sites/dfiles/OCHCO/
Read more: https://www.fdic.gov/news/financial-institution- documents/2024-23hsgml.pdf
letters/2024/fdic-provides-additional-questions-and-answers-
regarding Federal Reserve Expands Check
Fraud Detection Tool to Include
Federal Reserve Announces 2025 Commercial Checks

Pricing for Payment Services
Federal Reserve Financial Services recently announced the expansion
The Federal Reserve announced pricing for payment services the of FedDetect Duplicate Notification for Check Services to include
Federal Reserve Banks provide to banks and credit unions, such as commercial checks, alongside its existing Treasury check notification
the clearing of checks, automated clearing house transactions, instant service. As a result, financial institutions can see deposit information
payments and wholesale payment and settlement services. The new and images of potential duplicate items for commercial checks,
pricing takes effect Jan. 1, 2025. supplementing their existing check fraud mitigation tools, the Fed

By law, the Fed must establish fees to recover the costs, including said in a statement.
imputed costs, of providing payment services over the long run, The FedDetect Duplicate Notification service offers banks of first
according to a statement. The Fed expects to recover 104.1% of deposit early notice of potential duplicate checks processed by the
actual and imputed expenses in 2025, including the return on equity Fed banks. Reports are available for both commercial and Treasury
that would have been earned if a private-sector firm provided the checks deposited by financial institutions on the current day or
services. The Fed banks estimate that the price changes for 2025 within a specific date range, according to the Fed.
will result in a 2.8% average price increase for established, mature
services. Read more: https://www.frbservices.org/news/press-
releases/111324-new-feddetect-offering-tackles-commercial-check-
The Fed also released transaction volume and value data for FedNow, fraud
its instant payments service, which shows that adoption continues to Regulators Release Strategies for
grow. Financial Institutions to Combat
Read more: https://www.federalreserve.gov/newsevents/
pressreleases/files/other20241122a1.pdf Elder Financial Exploitation
Federal and state financial regulators have released a joint statement
FHA Extends Deadline for with strategies and advice for financial institutions on identifying,
Lenders to Report Cybersecurity preventing and responding to elder financial exploitation. The
Incidents statement does not replace previous agency guidance on the subject
nor constitutes new regulatory requirements, the regulators said.
The Federal Housing Administration has announced that FHA- Elder financial exploitation is defined as the illegal use of an older
approved lenders will have 36 hours to report a cybersecurity adult’s funds or other resources for the benefit of an unauthorized
incident to the Department of Housing and Urban Development recipient, according to the statement. A recent study concluded that
instead of 12 hours, as was originally proposed. the problem results in annual losses of more than $28 billion for
older U.S. adults. “Furthermore, a [Financial Crimes Enforcement

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