Perficient

DECEMBER 21, 2023

Earlier this year, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Fed), and the Federal Deposit Insurance Corporation (FDIC) unveiled a proposed rule that would reshape the landscape for certain financial institutions. Learn More: U.S.

DC 221

DC FDIC Washington Compliance 221

Abrigo

AUGUST 8, 2021

Independent Loan Review Systems in Banking Banking regulators have outlined expectations for effective, independent loan review and credit risk review. . Takeaway 1 A system for ongoing, independent credit risk review will not look the same from institution to institution. 2020 Interagency Guidance.

System 195

System Lending Policies Regulation 195

Perficient

APRIL 2, 2021

The five federal agencies are: the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board (Fed), the National Credit Union Administration (NCUA) and the. Office of the Comptroller of the Currency (OCC). Cybersecurity.

Regulation 309

Regulation Industry Risk Management Analysis 309

CFPB Monitor

OCTOBER 26, 2023

On October 24, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation issued a final rule amending their regulations implementing the Community Reinvestment Act. Continue Reading

Community 78

Community FDIC Compliance Regulation 78

CFPB Monitor

JUNE 18, 2019

Last week, the FDIC published its Consumer Compliance Supervisory Highlights that provides observations about its consumer compliance supervision activities in 2018. The FDIC’s anonymized exam findings include: Overdraft Programs. Regulation E – Mistakes Made in the Consumer Liability/Error Resolution Process.

FDIC 60

FDIC Compliance Regulation Training 60

CFPB Monitor

NOVEMBER 10, 2016

The Federal Financial Institutions Examination Council (FFIEC), whose members include the CFPB, has finalized guidance setting forth a revised uniform interagency consumer compliance rating system (CCRS). The revisions reflect changes in consumer compliance supervision since the current rating system was adopted in 1980.

Compliance 120

Compliance System Regulation FDIC 120

PYMNTS

DECEMBER 18, 2018

Now comes a comic book contribution to one of the most vexing and vital issues of modern payments and commerce — fraud prevention and ID compliance. 18) that is has released a free comic and coloring book entitled “ The Adventures of ID Man and Compliance Kid.”. Compliance, too, could become a juicer in the near future.

Compliance 152

Compliance Fraud Security FDIC 152

CFPB Monitor

DECEMBER 9, 2019

The Federal Deposit Insurance Corporation (the “FDIC”) has published a request for information in the Federal Register (the “RFI”) seeking comment on approaches it uses, or is considering using, to analyze the effects of its regulatory actions and rulemaking. The format and presentation of regulatory analysis.

FDIC 78

FDIC Analysis Regulation Maine 78

Abrigo

MAY 20, 2022

Meet Model Risk Management Expectations Updates to the FDIC Risk Management Manual should steer institutions toward a model that manages risk and drives growth. FDIC Update. Last April, the FDIC released an Interagency Statement titled Model Risk Management (MRM) for Bank Models and Systems Supporting BSA/AML Compliance.

Risk Management 195

Risk Management Management FDIC Meeting 195

Independent Banker

SEPTEMBER 25, 2014

This is particularly true for community banks preparing to undergo their next regulatory safety and soundness or compliance examination. The better prepared, the less likely they are to run afoul of the continually shifting regulations. But now, the regulators are raising the bar … and rates can’t stay at this level forever.”.

Compliance 101

Compliance Regulation Community Bank Community 101

American Banker

APRIL 22, 2024

says it's ready to wind down the global systemically important banks. But until that happens, many in the banking industry are skeptical that regulators have actually developed a workable strategy to end "too big to fail." The Federal Deposit Insurance Corp.

FDIC 41

FDIC Marketing Regulation Strategy 41

CFPB Monitor

DECEMBER 2, 2021

As anticipated, the OCC, Federal Reserve Board, and FDIC recently approved and released the Final Rule Requiring Computer-Security Incident Notification (“Final Rule”). The Final Rule is designed to promote early awareness and stop computer security incidents before they become systemic.

Regulation 78

Regulation Report FDIC Security 78

American Banker

NOVEMBER 28, 2023

announced Tuesday that two financial officials with European regulatory backgrounds, Sir Jon Cunliffe and Elke Koenig, will join its Systemic Resolution Advisory Committee meeting on December 5 to discuss Dodd-Frank resolution authority and related issues. The Federal Deposit Insurance Corp.

FDIC 36

FDIC Regulation Meeting System 36

CFPB Monitor

MARCH 25, 2020

On March 23, 2020, the FDIC’s Office of Minority and Women Inclusion (OMWI) announced that it will request 2019 diversity self-assessments from FDIC-regulated financial institutions. The FDIC regulates insured state banks that are not members of the Federal Reserve System and insured state thrifts.

FDIC 60

FDIC Policies Regulation Training 60

CFPB Monitor

OCTOBER 20, 2016

On October 17, the FDIC released revised interagency Military Lending Act (MLA) examination procedures for use in connection with consumer credit transactions occurring on or after October 3, 2016. The FDIC also provided guidance on its initial supervisory expectations for examinations relating to MLA compliance.

FDIC 60

FDIC Compliance Training Lending 60

American Banker

AUGUST 29, 2023

The regulatory overhaul for large and midsized banks could lead to stronger pressure for those banks to merge in the coming years while leaving smaller banks less competitive — and arguably less stable.

System 68

System Regulation FDIC Policies 68

American Banker

NOVEMBER 7, 2016

A group of financial regulators have announced final changes to its ratings system for examining banks' compliance with consumer protection laws. The update to the ratings generally reflects changes in the marketplace since the rating system was adopted in 1980.

Compliance 50

Compliance Regulation System Groups 50

Insights on Business

MARCH 5, 2019

Reducing costs but appeasing regulators seems like an oxymoron, yet, many AML compliance and operations leaders are being asked to do just that. The key is simple: financial institutions just need to improve the efficiency of their people and systems. The question is, how to do this, while keeping the regulators happy?

Regulation 70

Regulation Compliance Analysis Innovation 70

PYMNTS

MAY 22, 2018

A bill that would give regional banks a break on regulation was before the U.S. 2155, would raise the threshold for a systemically important financial institution (SIFI) to $250 billion in assets from $50 billion. The Economic Growth, Regulatory Relief, and Consumer Protection Act , S. Senate, had yet to undergo a vote in the U.S.

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Regulation Regional Community Community Bank 100

CFPB Monitor

AUGUST 4, 2020

Recently, the federal banking regulators issued four new sets of examination procedures. The booklet contains examination procedures regarding supervision of OCC-regulated banks and savings associations related to Section 5 of the Federal Trade Commission Act (“UDAP”) and Sections 1031 and 1036 of the Dodd-Frank Act (“UDAAP”).

Handbook 78

Handbook Regulation CA Exercises 78

Independent Banker

JANUARY 26, 2016

The FDIC has released a proposal to indemnify the banks with assets less than $10 billion from the costs of raising the Deposit Insurance Fund reserve ratio from 1.15 The FDIC could vote on the proposal as early as next month. Farm Credit System. percent to 1.35 percent and may have even seen a rate hike. ICBA Member Poll.

FDIC 70

FDIC Community Bank Community Lending 70

Abrigo

APRIL 12, 2016

The FDIC is offering a fresh take on how a bank’s board of directors should understand and manage risk. The regulator’s April edition of Supervisory Insights provides what the FDIC called a “refresher” on its Pocket Guide for Directors, the 1988 booklet outlining the basic duties and responsibilities of a bank’s board of directors.

Management 150

Management FDIC Risk Management Community Bank 150

Abrigo

AUGUST 7, 2023

Takeaway 2 Regulators say management should periodically validate the loss estimation process for the allowance for credit losses (ACL) and any changes to it. Regulators have noted such risks can involve financial losses, poor business and strategic decision-making, or damage to a bank’s reputation.

Risk Management 195

Risk Management Handbook Analysis Management 195

Abrigo

JUNE 2, 2021

The guidance emphasizes a risk-focused approach to examinations and refocuses the regulators to scope each exam according to the unique financial institution, not to use a one-size-fits-all approach. Does it address a “culture of compliance”? Culture of compliance. 6 Critical Areas. Examiner expectations during BSA exams.

How To 195

How To Training Compliance Policies 195

Perficient

JUNE 10, 2022

According to the Comptroller, the architecture for a stablecoin system can be viewed through the lens of three key policy issues: Stability. One of the greater concerns, in both the crypto community as well as financial regulators and government, is the value stability of the crypto asset. Interoperability. Separability.

blockchain 275

blockchain Regulation Policies FDIC 275

CFPB Monitor

NOVEMBER 29, 2021

The 2022 clarity promised by the “roadmap” presumably will supersede, once issued, Interpretive Letter #1179, which appears to function as a general stop-gap until the 2022 publications hopefully provide more detail regarding exactly how banks can attain compliance. Federal banking regulators have been busy in this space.

Compliance 78

Compliance cryptocurrency Regulation FDIC 78

Abrigo

MARCH 2, 2023

But as Southwest’s scheduling system crisis over the holidays showed banking and all other industries, technology shortcomings create enormous costs in the short-term and in the future. The company has estimated that the impact of its system meltdown during bad weather will cost it as much as $825 million.

Technology 195

Technology Lending Community Software 195

Independent Banker

OCTOBER 1, 2022

They typically look around at financial systems to see how much revenue and assets a bank has to pay a ransom, but any bank with exposure to the internet faces some level of cyber risk, even from something as simple as an employee clicking on the wrong link in an email. “We Regulators paying closer attention to cyber risks.

Montana 152

Montana Policies Resources FDIC 152

PYMNTS

DECEMBER 14, 2018

News came earlier in the month that several federal agencies have come out — together — in support of banks embracing innovation in their compliance efforts. It all comes, at least on the surface, as a message of support that also comes at a time when chief compliance officers may be a bit trepidatious.

Compliance 148

Compliance Innovation FDIC Examples 148

CFPB Monitor

SEPTEMBER 14, 2021

The Fed’s publication of the paper is another indication of the increased attention that regulators are paying to bank relationships with fintechs. An alignment of priorities and objectives between the fintech and bank, such as mutual emphasis on the importance of compliance with banking regulations.

Fintech 78

Fintech Community Bank Community FDIC 78

Abrigo

JULY 10, 2023

An example of a rising AI fraud scheme is using voice-to-text technology, such as Microsoft’s new Vall-E Text-to-Speech System. Nefarious actors can also use AI for illicit purposes, so it is essential that your fraud and AML/CFT program guard against AI fraud.

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Fraud How To social media Security 150

PYMNTS

APRIL 7, 2016

.” “As an industry, there’s not one specific issue we’re particularly worried about — the space is already heavily regulated, with borrower protections on one side and securities rules on the other,” said Sam Hodges, cofounder and U.S. Specific regulation [for the marketplace lenders] could be a healthy thing.”.

Lending 100

Lending San Francisco FDIC Regulation 100

CFPB Monitor

AUGUST 31, 2021

The OCC, FDIC, and Federal Reserve Board have issued a guide that is intended to assist community banks in conducting due diligence when considering relationships with financial technology (fintech) companies (Guide). Legal and regulatory compliance. Information security program and information systems.

Community Bank 78

Community Bank Community Fintech Company 78

PYMNTS

NOVEMBER 23, 2020

He stated that the Figure Pay account will be interoperable with other accounts and payment methods (bypassing some of the vagaries of “closed” systems like MCX, now long-defunct). But they also offset some of those savings due to the regulatory costs and overhead that comes with compliance burdens.

National 215

National blockchain Montana Lending 215

Independent Banker

SEPTEMBER 25, 2014

Saving money by conducting inside risk management and compliance reviews. As a group, community banks spend substantial funds hiring outside consultants to help with various management functions, and a substantial share of dollars are spent to help oversee their risk management and compliance activities. By Vanessa Drucker.

Community Bank 70

Community Bank Compliance Risk Management Community 70

CFPB Monitor

OCTOBER 1, 2018

1010.100(d) — and their subsidiaries which are subject to the jurisdiction of the OCC, Federal Reserve, FDIC, or NCUA. FinCEN previously exempted commercial property and casualty insurance policies from the general BSA compliance program rule for insurance companies. 5318(l) for certain premium finance loans.

Regulation 60

Regulation FDIC Policies Compliance 60

Abrigo

NOVEMBER 9, 2022

The Q1 2023 compliance date is near for smaller SEC-reporting financial institutions and private or not-for-profit banks and credit unions, and progress is decidedly mixed, according to the Abrigo 2022 CECL Survey. Use a software tool [and] ensure your auditors and regulators are in the loop on progress.” CECL Regulation.

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Survey Software Resources Meeting 195