CFPB Monitor

NOVEMBER 9, 2022

On November 9, 2022, New York Department of Financial Services (NYDFS) Superintendent Adrienne Harris announced that the NYDFS formally proposed an updated cybersecurity regulation. The proposed regulations would create three different tiers of companies based on their size, operations, and nature of their businesses.

Regulation 78

Regulation Compliance New York Training 78

Perficient

APRIL 2, 2021

Finally, views are sought for compliance with applicable laws and regulations, including those related to consumer protection. Applications include analysis of regulations, news flow, earnings reports, consumer complaints, analyst ratings changes, and legal documents. Cybersecurity.

Regulation 309

Regulation Industry Risk Management Analysis 309

PYMNTS

JANUARY 27, 2020

Finally, court documents show that some big-name investors have participated in Telegram’s token sale, according to a report by Coindesk. million will go into the counterfeit tracking system for pharmaceuticals. To implement blockchain into housing and utility services, Rostec will spend $7.5

Bitcoin 145

Bitcoin blockchain Regulation cryptocurrency 145

PYMNTS

DECEMBER 2, 2019

1), citing leaked documents. . Standards offer companies a market advantage since the regulations are developed to complement their own proprietary technology. Technology firms in China are framing facial recognition policies at the United Nations (UN), The Financial Times (FT) reported on Sunday (Dec.

National 144

National Technology Resources America 144

CFPB Monitor

JULY 29, 2021

A new Nevada law that becomes effective on October 1, 2021 requires translated documents to be provided to consumers by businesses that advertise and negotiate transactions covered by the law in a language other than English (or allow their agents or employees to advertise and negotiate in a language other than English).

Nevada 78

Nevada Cards Regulation Compliance 78

PYMNTS

NOVEMBER 28, 2018

Facebook could face coordinated regulation by nine countries after chief executive Mark Zuckerberg refused to be questioned by an international committee on fake news. Parliament could release confidential documents on Facebook that it seized, as soon as this week. The hearing comes in the same week that the U.K.

Regulation 145

Regulation Policies US System 145

PYMNTS

JULY 2, 2020

The president of the Federal Financial Supervisory Authority (BaFin), Germany’s financial regulator, said the $2.1 But EY, Hufeld and regulators are facing scrutiny over how the once high-flying company managed to escape the industry’s standard accounting rules. It is plain vanilla, old-fashioned criminal behaviour,” Felix Hufeld said.

Regulation 142

Regulation Fraud Report Community 142

Perficient

DECEMBER 1, 2023

Immediately following the Silicon Valley Bank (SVB) failure, Perficient’s Financial Services Risk Management and Regulatory Capabilities Center of Excellence (CoE) swiftly analyzed publicly available documents, providing readers with a comprehensive breakdown of the bank’s failure.

FDIC 221

FDIC Risk Management Regulation Leadership 221

Perficient

SEPTEMBER 11, 2023

Already reviewed by Perficient, BES provides a secure and efficient portal to exchange documents, information, and communications for consumer compliance and Community Reinvestment Act (CRA) examinations. By the time people started speaking of Y2K , regulators were accepting documents from the bank prior to starting the onsite examination.

Compliance 221

Compliance FDIC Tools Leadership 221

CFPB Monitor

NOVEMBER 3, 2021

On October 29, the CFPB published additional frequently asked questions on Regulation F, its final debt collection rule, as well as a guidance document. Regulation F is effective November 30, 2021. (Last month, the CFPB published FAQs on the rule’s limited-content message and call frequency provisions.). c) and (d)(1).

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Regulation Compliance Examples Cards 78

PYMNTS

AUGUST 4, 2020

regulator over concerns the deal might hurt competition in the restaurant delivery sector. regulators gave preliminary permission for the deal to move forward, citing documents produced by Deliveroo that indicated the firm was likely to go under without the injection of cash from Amazon. regulator, in a press release. “We

Regulation 130

Regulation Course Marketing Online 130

CFPB Monitor

SEPTEMBER 22, 2022

The public comment period for the notice of proposed rulemaking (“NPRM”) regarding the Motor Vehicle Dealers Trade Regulation Rule (the “Rule”) closed on September 15, 2022 after the FTC declined in August to extend it. The comments from AFSA, CBA, and NADA were among the close to 27,000 comments on the proposed Rule received by the FTC.

Regulation 148

Regulation Groups Customer Experience Retail 148

Bobsguide

APRIL 13, 2021

Action must be taken following the European Securities and Markets Authority (Esma)’s review into Ucits liquidity risk management and market practices which identified shortcomings in documentation, procedures and how methodologies are compiled. “Without effective regulation in the.

Regulation 88

Regulation Risk Management Security Marketing 88

Perficient

FEBRUARY 15, 2024

This blog was co-authored by Perficient Risk and Regulatory CoE Member: Alicia Lawrence The announcement of significant amendments to the New York State Department of Financial Services (NYSDFS) regulations on December 1, 2023, represents a pivotal moment for entities operating within New York’s financial sector.

New York 221

New York Compliance Regulation Analysis 221

Perficient

FEBRUARY 15, 2024

This blog was co-authored by Perficient Risk and Regulatory CoE Member: Alicia Lawrence Perficient’s Risk and Regulatory Center of Excellence (CoE) remains at the forefront of evolving financial rules and regulations, ensuring readiness to tackle emerging challenges and safeguard financial institutions and its customers.

Compliance 221

Compliance New York Regulation Analysis 221

PYMNTS

JULY 1, 2020

In today’s top news, the Senate extended the PPP application deadline by five weeks, and an internal document reveals a small client base brought in over 50 percent of Wirecard’s sales. Plus, Brazil’s antitrust regulator said it will reverse its decision to suspend the WhatsApp-Cielo partnership.

Payments 130

Payments Compliance System Regulation 130

Abrigo

APRIL 27, 2020

Retain all documentation used in developing your risk assessment, including all reasoning in elevating, or decreasing a particular risk category. If you find yourself is a discussion of whether an exam seems risk-focused, let your documented data speak and take much of the subjectivity away. Artificial Intelligence. Learn More.

Regulation 195

Regulation Compliance Software Analytics 195

PYMNTS

FEBRUARY 17, 2020

increased regulation over content delivered online through platforms may be on the horizon. This past week, Britain’s federal government said its media regulator, known as Ofcom, would be given new oversight to monitor and regulate material posted on the web by companies such as Facebook, Google and Twitter. In the U.K.,

Regulation 140

Regulation Google Operations Company 140

CFPB Monitor

SEPTEMBER 21, 2020

The New York Department of Financial Services (DFS) announced on September 16 that it has filed a Statement of Charges against debt collector Forster & Garbus LLP (Forster) for alleged violations of the state’s Debt Collection Regulation, Part 1 of Title 23 of the New York Codes, Rules, and Regulations, promulgated in 2015.

Regulation 78

Regulation New York Policies Examples 78

PYMNTS

DECEMBER 11, 2019

The United Kingdom’s regulator on competition and antitrust concerns has signaled that eCommerce giant Amazon’s stake in food delivery service Deliveroo may need additional examination. Deliveroo, for its part, stated that it has been working with regulators on these issues. Reports came from CNBC Wednesday (Dec.

Regulation 131

Regulation Innovation Operations Report 131

PYMNTS

DECEMBER 9, 2020

And new regulations are taking root or are on the horizon to help protect consumers, their data and how that data might be used. The confluence of the great digital shift, closed offices and the need for robust ID efforts can be seen in a microcosm of sorts, where Mitek is conducting selfie and document verification to help Gov.UK

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Regulation Security Data Course 234

PYMNTS

SEPTEMBER 2, 2020

Hufeld’s comments come one day after the Bundestag announced it plans to hold an inquiry into regulators’ failure to prevent the biggest corporate fraud since World War II. But EY has said it was provided with false documentation and suggested Wirecard may be involved in large-scale international fraud.

Regulation 175

Regulation Fraud Report Examples 175

PYMNTS

JUNE 7, 2018

As financial institutions grapple with compliance costs, a finance industry organization in Asia wants regulators to allow new technologies that could help them fight money laundering. It was the second major case new CEO Matt Comyn settled with regulators in a month, following an admission of rate manipulation.

Regulation 162

Regulation Fintech Examples Industry 162

PYMNTS

FEBRUARY 12, 2020

The DPC — which acts as the regulator for all of Europe — searched the social media giant’s offices in Dublin. Privacy regulators raised concerns that the new feature wasn’t compliant with the new General Data Protection Regulation (GDPR). “We

Regulation 140

Regulation Compliance social media Data 140

CFPB Monitor

NOVEMBER 10, 2021

On October 29, the New York Department of Financial Services issued proposed amendments to 23 NYCRR 1, its regulation titled “ Debt Collection by Third-Party Debt Collectors and Debt Buyers.” They would also align the DFS regulation with several of the CFPB’s requirements in Regulation F, set to become effective on November 30, 2021.

Regulation 78

Regulation New York Branding Payments 78

CFPB Monitor

MAY 5, 2020

Perez that demands by the Connecticut Department of Banking (DOB) to the Pennsylvania Higher Education Assistance Agency (PHEAA) for federal student loan documents are preempted by federal law. Later in 2017, in connection with the DOB’s examination of PHEAA, the DOB requested certain documents concerning Direct Loans serviced by PHEAA.

Connecticut 78

Connecticut Pennsylvania Compliance Regulation 78

PYMNTS

AUGUST 1, 2019

Investigators from the Federal Reserve carried out an inspection of Amazon ’s cloud in April as Washington looks into ways to regulate companies that provide the service. People familiar with the matter said the regulators were most interested in looking at Amazon’s resiliency and backup systems.

Regulation 108

Regulation Washington Virginia Seattle 108

Perficient

JUNE 1, 2023

We also enable clients to use Writer’s snippets to follow strict compliance regulations and efficiently include disclosures in their Sales and Marketing. Boost operational efficiency and rapid scalability by effortlessly generating new documents using existing data and content with the help of AI-powered document creation.

Compliance 251

Compliance Industry Regulation Data 251

PYMNTS

JANUARY 17, 2020

Facial recognition is among the things the EU might look at regulating. The documents obtained by Bloomberg state that the EU wants to urge its member states to apply stricter and more detailed rules around facial recognition technology, especially on its use in public spaces.

Regulation 131

Regulation Regional Technology Innovation 131

Abrigo

MAY 10, 2022

Takeaway 3 Follow your regulator's instructions and reference the most recent regulatory SAR guidance. A SAR is a detailed, factual document, not a creative writing essay. Your closing paragraph should state that an attachment is available with other supporting documentation. BSA Rules and Regulation. Making an Impact.

Regulation 370

Regulation Fraud Resources Software 370

Abrigo

JANUARY 17, 2023

A lot of us used a customer portal for PPP Lending due to the mere volumes of customer loan requests and documents flowing to/from the bank and the customer. Second, as documents arrive from the customer, the system has the capability to file these documents within the system in the proper place, automatically.

Lending 195

Lending System Customer Experience Case Study 195

CFPB Monitor

FEBRUARY 23, 2024

We have created a separate document which more clearly sets forth the proposed regulations themselves, at 31 C.F.R. On February 16, the Financial Crimes Enforcement Center (“FinCEN”) published a Notice of Proposed Rulemaking (“NPRM”) regarding residential real estate. Continue Reading

Report 78

Report Regulation 78

South State Correspondent

JANUARY 16, 2024

BSBY was not well received by US regulators from its inception, but the market eventually embraced SOFR over BSBY. The documentation was lengthy and complex, the regulatory compliance and reporting was cumbersome, the accounting was tricky, and the overhead cost of launching a hedging program was challenging. No ISDA documents.

Community Bank 195

Community Bank Community Compliance CA 195

PYMNTS

FEBRUARY 26, 2018

According to a report in Reuters , citing a statement made by state media agency Xinhua, the CBRC overhauled regulations for foreign banks, eliminating the steps a foreign investor must take in overseas wealth management products and portfolio investment funds.

Regulation 116

Regulation Policies Management Report 116

Abrigo

JUNE 10, 2020

Adequately staffed and risk-focused AML resources with good documentation are critical. LaFontaine failed to take sufficient action when presented with significant AML program deficiencies in the Bank’s SAR-monitoring system and the number of staff to fulfill the AML compliance role by his AMLO [AML Officer],” the document said.

Resources 195

Resources Regulation Compliance Policies 195

Abrigo

MAY 9, 2022

A recent and notable consent order shows the dangers of turning to an unqualified or inept third-party institution to perform some or all BSA/AML duties to meet regulations. Once a staffing assessment is complete, the results should be shared with senior management, documenting the process and the need for additional staff if identified.

Compliance 195

Compliance Fraud Regulation Resources 195

Abrigo

OCTOBER 14, 2022

Takeaway 3 Utilize regulatory guidance to understand regulators' expectations, which are likely to include consistent stress testing. The document provides a baseline and severely adverse scenario that banks can use as a defensible starting point for stress testing worst-case scenarios. Have a playbook. Adapt and adjust.

Risk Management 195

Risk Management Management Policies Lending 195