Perficient

OCTOBER 27, 2022

Seeking additional arrows in their quiver against large bank failures, on October 14, 2022, the Federal Reserve Board (FRB) and Federal Deposit Insurance Corporation (FDIC) published an Advance Notice of Proposed Rulemaking (ANPR). Both the FRB and FDIC will accept comments and answers for 60 days after publication in the Federal Register.

Capital 275

Capital Regulation FDIC Regional 275

Abrigo

MAY 19, 2023

WATCH Takeaway 1 Loan review officers must figure out how to adhere to the FDIC’s guidance on loan review and credit risk review systems. Takeaway 2 Examining the following objectives and evaluating your loan review system based on them can ensure regulatory compliance.

System 195

System Regulation How To Lending 195

CFPB Monitor

MARCH 24, 2020

The FDIC has issued a proposed rule setting forth the conditions it would impose and the commitments it would require to approve a deposit insurance application from an industrial bank or industrial loan company (collectively, ILC) whose parent company is not subject to consolidated supervision by the Federal Reserve Board (FRB).

FDIC 60

FDIC Taxes Industry Policies 60

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

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

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

JUNE 2, 2021

Does it address a “culture of compliance”? Commit resources. Culture of compliance. FinCEN issued an advisory in 2014 highlighting the importance of a strong culture of compliance for senior management, leadership, and owners within financial institutions. Does it include or have a separate OFAC Policy? Calibration.

How To 195

How To Training Compliance Policies 195

Independent Banker

OCTOBER 1, 2022

We explore how it can protect banks against financial losses and provide resources in the event of a cyber attack. Resources provide added value. Insurance providers and carriers can also serve as a significant resource in providing information and helping banks respond quickly to a breach. By Beth Mattson-Teig.

Montana 152

Montana Policies Resources FDIC 152

Independent Banker

SEPTEMBER 25, 2014

This is particularly true for community banks preparing to undergo their next regulatory safety and soundness or compliance examination. As David Barr, spokesperson for the FDIC, points out, “a vast majority of community banks remain well-rated and exhibit satisfactory corporate governance programs and compliance management systems.”.

Compliance 101

Compliance Regulation Community Bank Community 101

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

Abrigo

DECEMBER 22, 2023

keep me informed watch SVB: Early lessons for all financial institutions from Silicon Valley Bank’s failure The FDIC closure and assumption of Silicon Valley Bank (SVB) – the largest bank failure since 2008 – is a stark reminder that when a crisis occurs, it can spread as fast as a wildfire in dry fields with a strong wind.

Risk Management 221

Risk Management Regulation Management Lending 221

Abrigo

JANUARY 8, 2016

The GAO acknowledged that community banks, credit unions and their professional industry associations reported increased compliance burdens and reduced activity in specific business activities, such as certain mortgage lending, as a result of Dodd-Frank. For more help dealing with regulatory challenges, visit Sageworks’ resources section.

Regulation 150

Regulation FDIC Survey Community Bank 150

PYMNTS

FEBRUARY 8, 2019

The news comes as five federal agencies spoke in October on how credit unions, as well as community banks, can share resources to make BSA compliance streamlined and bolster AML efforts. FDIC) and the Comptroller of the Currency were involved in the discussion.

FDIC 134

FDIC Community Community Bank National 134

Abrigo

JULY 10, 2023

AI fraud resources for customers Protecting your clientele from AI fraud AI fraud is not top of mind for most bank and credit union customers. Who is your favorite sports player?

Fraud 150

Fraud How To social media Security 150

PYMNTS

FEBRUARY 15, 2019

As noted in this space late last year, five federal agencies spoke out, and presented a statement that detailed how credit unions and banks could share resources to make Bank Secrecy Act compliance efforts more streamlined. The company has since said it would sue the FT. Department of State out of Ukraine, officials at U.S.

Compliance 122

Compliance Fraud United States FDIC 122

Abrigo

SEPTEMBER 14, 2022

The data is intended to help the CFPB enforce fair lending laws and could also be used by the government and small business lenders to identify the needs of businesses, said Michelle Lucci, Abrigo Regulatory Compliance Manager. It isn’t just a compliance program problem or a data management problem. PPP Forgiveness Platform Opens Aug.

Lending 195

Lending Data Regulation Community 195

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. Banks regulated by the Federal Reserve, the OCC, or the FDIC made up the bulk of institutions represented by survey-takers (73%).

Survey 195

Survey Software Resources Meeting 195

PYMNTS

JUNE 19, 2020

FDIC: US Banks See Chargebacks Soar, Profits Tank Due To Pandemic. The support of local payment methods , while ensuring know your customer (KYC) and anti-money laundering (AML) compliance as well as tracking currency exchange rates can put pressure on the resources of retailers. Bank profits in the United States took a 69.6

Payments 151

Payments United States FDIC Retail 151

CFPB Monitor

SEPTEMBER 30, 2022

Populus contrasts the narrower missions and authority of the Federal Reserve, FDIC, and OCC, which are also self-funded. With regard to the Federal Reserve and FDIC, Populus distinguishes their multimember, bi-partisan leadership structure. On May 9, 2022, a Fifth Circuit panel heard oral argument in the CFSA lawsuit. .

Groups 78

Groups FDIC Texas Leadership 78

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. 73% for compliance audits.

Community Bank 70

Community Bank Compliance Risk Management Community 70

CFPB Monitor

DECEMBER 7, 2022

As a reminder, in March 2022, the CFPB updated its exam manual and announced, “In the course of examining banks’ and other companies’ compliance with consumer protection rules, the CFPB will scrutinize discriminatory conduct that violates the federal prohibition against unfair practices.”

Community 78

Community Compliance Industry National 78

Jeff For Banks

DECEMBER 10, 2023

Although one might argue that First Citizens BancShares of Raleigh is a SIFI as it climbed to the 19th largest in the country with its Silicon Valley Bridge Bank acquisition from the FDIC, and that the FDIC designated SVB as systemically important. It has not been all sunshine and rainbows for TBBK.

Fresno 101

Fresno North Carolina Raleigh FDIC 101

PYMNTS

AUGUST 7, 2019

In a recent interview with PYMNTS, Thyagarajan said working with BBVA not only provides potential customers with a familiar brand — instilling customer trust from the get-go — but also eases the regulatory compliance and infrastructure burden on the FinTech. On The Open Banking Path.

Fintech 181

Fintech Strategy Resources Payments 181

Social Assurance

MAY 22, 2020

While the FDIC and Federal Reserve did not join the OCC in releasing this rule, they have released their proposed rule. Revising the assessment areas to reflect this helps ensure that banks are reinvesting in the communities that provide them resources. Key Takeaway. The full text of the OCC’s final rule is available on their website.

Compliance 29

Compliance Regulation Community Guidelines 29

CFPB Monitor

APRIL 1, 2021

In what could be an important step towards needed regulatory updating to accommodate the growing use of artificial intelligence (AI) by financial institutions, the CFPB, FDIC, OCC, Federal Reserve Board, and NCUA issued a request for information (RFI) regarding financial institutions’ use of AI, including machine learning (ML). Uses of AI.

Risk Management 78

Risk Management Training Lending FDIC 78

FICO

JANUARY 13, 2020

The laws and rules governing anti-money laundering and combating the financing of terrorism compliance have not been substantively updated since the Bank Secrecy Act was adopted in 1970. In December, the FDIC and OCC issued a proposed rule to modernize the Community Reinvestment Act (CRA). I say Congress gets a deal done in 2020.

Policies 52

Policies Las Vegas FDIC Washington 52

Social Assurance

JULY 10, 2020

While the FDIC and Federal Reserve did not join the OCC in releasing this rule, they have released their proposed rule. Revising the assessment areas to reflect this helps ensure that banks are reinvesting in the communities that provide them resources. Key Takeaway. The full text of the OCC’s final rule is available on their website.

Compliance 15

Compliance Regulation Community Guidelines 15

Jack Henry

JULY 2, 2014

The stakes of this game are rising, however, because of increased sophistication of cyber-attacks, regulatory scrutiny around how banks are managing IT environments, and the growing number of governing entities with their fingers in the compliance pie. I would be remiss to discuss outsourcing today without mentioning vendor management.

Cyber Security 102

Cyber Security Compliance Security FDIC 102

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. They even mentioned that these approaches “can maximize utilization of banks’ BSA/AML compliance resources.” But is it possible? Federal encouragement starts now.

Regulation 70

Regulation Compliance Analysis Innovation 70

Abrigo

AUGUST 8, 2021

The Federal Reserve, the OCC, the NCUA, and the FDIC repeatedly pointed out that the nature of loan review or credit risk review at a given bank or credit union will vary. It also monitors compliance with applicable regulations and laws.

System 195

System Lending Policies Regulation 195

CFPB Monitor

SEPTEMBER 9, 2020

1831d(a) (“Section 27(a)”), which governs the interest charges of state-chartered FDIC-insured banks. Natural Resources Defense Council, Inc. , We urge the FDIC to propose and adopt a true lender rule that mirrors the OCC’s Proposed Rule. 12 U.S.C. § 1 (emphasis added). Citibank (South Dakota), N.A., See Chevron U.

FDIC 78

FDIC National South Dakota Lending 78

Jack Henry

APRIL 30, 2014

The FDIC provides a listing of resources that can be used to better identify and mitigate potential cyber-risks. The FDIC encourages subscribing to these various groups to ensure that you receive regular security alerts, tips, and other updates. Secret Service Electronic Crimes Task Force (ECTF). FBI InfraGard.

Fraud 88

Fraud Cyber Security ATM FDIC 88

NCR

AUGUST 31, 2016

What they choose to outsource depends primarily on a particular bank’s size and the amount of resources it has at its disposal. Most banks have at least one compliance officer who possesses a cursory knowledge of the mortgage finance arena. Mortgage compliance does not come cheap.

Community Bank 49

Community Bank Community Guidelines Compliance 49

CFPB Monitor

JUNE 15, 2020

The OCC acted alone in issuing the final CRA rule without waiting to achieve consensus with the FDIC, the agency with which the OCC had jointly issued the proposed rule. Until the compliance date is reached, banks must continue to comply with parts 25 and 195 of the OCC’s regulations (12 C.F.R.

Community 60

Community FDIC Lending Examples 60

NCR

DECEMBER 18, 2015

The FDIC estimates that some 10 million households have no contact with a banking institution of any kind. Additionally, Wal-Mart has the clout and resources to move to its own beat in many disciplines. For the record, this is a massive market.

Apple 40

Apple Retail FDIC Mobile 40