Compliance Briefing for Tuesday, November 25, 2014

To access specific issuances, go to our Top Stories section, where you'll find links to all the relevant documents.
Risk Scoring — The Essential Element of BSA/AML Compliance

PATRIOT OFFICER automatically calculates risk scores for each customer to identify higher-risk customers and monitors them more closely as the regulations mandate. The solution automatically detects check fraud, check kiting, deposit fraud, ACH fraud, wire fraud, Internet banking fraud, credit/debit card fraud, ATM fraud, employee fraud, and financial fraud to prevent losses. PATRIOT OFFICER is the only BSA/AML/FRAUD solution endorsed by American Bankers Association.
— GlobalVision Systems, Inc.

Final Assessments rule
FDIC FIL-57-2014 has been issued to remind FDIC-supervised financial institutions of the recent revision to the Corporation's risk-based deposit insurance assessment system to reflect changes in the regulatory capital rules that go into effect in 2015 and 2018. The Final Rule will:
  1. revise the ratios and ratio thresholds relating to capital evaluations,
  2. revise the assessment base calculation for custodial banks, and
  3. require that all highly complex institutions measure counterparty exposure for assessment purposes using the Basel III standardized approach in the regulatory capital rules.
There are two effective dates for item (1): January 1, 2015, and January 1, 2018. The effective date for items (2) and (3) is January 1, 2015.

Infographic: How Do Criminals Get Debit Card Data?
Global criminal enterprises execute large-scale attacks that involve thousands of cards and expose massive amounts of card data. This infographic highlights how POS malware affects business, how inexpensive debit card data is to purchase online, and how illegal skimming devices have evolved over time.
— Verafin

FDIC proposes revised filing requirements
The FDIC has published [79 FR 70121] a proposed rule to amend its filing requirements and processing procedures for notices filed under the Change in Bank Control Act. The proposal would consolidate current requirements for those filings for State nonmember banks and State savings associations and certain of their parent companies, incorporate best practices of related regulations of the OCC and the Federal Reserve Board, and include existing FDIC interpretations and procedures into the regulations. Comments on the proposal will be accepted through January 26, 2015.

Free eBrief: 2 Free Compliance Essentials for 2015
Prepare for compliance success in 2015 with this free eBrief! We'll share the two things that are essential to achieving your compliance goals, and you'll also get two free worksheets to empower your team. Get your free eBrief today!
— TRUPOINT Partners

FRB reports on banking applications
The Board of Governors of the Federal Reserve System has released its first Semiannual Report on Banking Applications Activity, which provides aggregate information on proposals filed by banking organizations and reviewed by the Board. The report includes statistics on the number of proposals that have been approved, denied, and withdrawn, as well as general information about the length of time taken to process proposals. It also discusses common reasons that proposals have been withdrawn from consideration. The report will be released twice each year for reporting periods ending June 30 and December 31.

OCC & CFPB New Third-Party Oversight Requirements:
Using Multiple AMCs?
If you're using multiple AMCs, compliance with new oversight requirements can be difficult or impossible without this framework. Download this free white paper with fourteen recommendations and step-by-step guidelines.
— Mercury Network

CFPB Ombudsman issues annual report
CFPB Ombudsman Wendy Kamenshine has delivered the third annual report of her office to Director Cordray. A new quick reference sheet for contacting the Ombudsman's office was also provided.

30 Day Free Trial: Continuous Tracking of IT Assets and Sensitive Data
6 out of 10 financial institutions are unable to find the information they are charged to protect. Do not be the next Chase. You cannot maintain a compliant Information GLBA or Security Program without first knowing where all of your assets are located.
— InfoGPSNetworks

SCOTUS sets date for Disparate Impact arguments
The U.S. Supreme Court has set Wednesday, January 21, 2015, as the date for oral argument in Texas Department of Housing and Community Affairs v. The Inclusive Communities Project, Inc., the case presenting the issuer whether disparate impact claims are cognizable under the Fair Housing Act. Observers have suggested that the fact that oral argument has been scheduled so soon after the Court granted the certiorari petition signals the Court's desire to resolve the issue presented, rather than have the case settled before oral argument before the Court, like two prior cases presenting the same issue.

FREE Customized Fair Lending Desk Audit Using the Latest 2013 HMDA Data
The best way to understand your fair lending risk is a comprehensive peer analysis using the latest 2013 HMDA data. ComplianceTech industry experts will utilize LendingPatterns™, an easy-to-use web-based tool that makes understanding fair lending easy. Click here to request a FREE Fair Lending Desk Audit using the latest 2013 HMDA data.
— Compliance Technologies, Inc.

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