FFIEC Solicits Comments on Proposed Revisions to CC Rating System (Fed. Reg.)

The Federal Financial Institutions Examination Council ("FFIEC") requested comments on proposed revisions to the Uniform Interagency Consumer Compliance Rating System (more commonly known as the "CC Rating System"). The request for comments was published in the Federal Register.

The revisions are intended to (i) better reflect current consumer compliance supervisory approaches, and (ii) more fully align the rating system with the current risk-based, tailored examination approaches of FFIEC agencies (the Federal Reserve System, the FDIC, the National Credit Union Administration, the OCC, the State Liaison Committee, and the Consumer Financial Protection Bureau).

The FFIEC tailored the proposed revisions to avoid increasing supervisory expectations or creating additional regulatory burdens.

Comments on the proposed revisions must be submitted by July 5, 2016.