Compliance Briefing for Wednesday, October 22, 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.

Agencies adopting final rule on credit risk retention
The OCC, FRB, FDIC, SEC, FHFA, and HUD (the Agencies) are in the process of adopting a joint final rule to implement the credit risk retention requirements of section 15G of the Securities Exchange Act (added by the Dodd-Frank Act). Section 15G generally requires the securitizer of asset-backed securities to retain not less than 5 percent of the credit risk of the assets collateralizing the asset-backed securities. Section 15G also includes a variety of exemptions from these requirements. The final rule is effective one year after the date of publication in the Federal Register with respect to asset-backed securities collateralized by residential mortgages and two years with respect to all other classes of asset-backed securities. Comptroller Curry, FDIC Chairman Gruenberg, and FHFA Director Watt have each issued statements on the final rule. The FDIC and the OCC adopted the rule on October 21, and the Federal Reserve Board votes on it today.

Verafin Case Study: Finding a Solution for the Future
In this recent case study, Tom Ammerman at CNB Bank discusses the process of finding the right solution that can grow with the bank, and the benefits of utilizing Verafin's FRaud detection and Anti-Money Laundering (FRAML) software.
— Verafin

OFAC SDN List changes
OFAC has announced two new counter terrorism designations, 13 counter terrorism designation removals, 12 counter narcotics removals and three counter narcotics updates. Information regarding the designations, removals and updates can be found in a BankersOnline OFAC Update.

UDAAP Compliance Made Easy
The best way to navigate UDAAP compliance is understand your risk. TRUPOINT's UDAAP RiskCheck™ is an easy-to-use web-based tool that makes UDAAP compliance easy. It will provide the answers you need quickly and at a price that makes sense.
— TRUPOINT Partners

FRB term deposit offering results
The results of yet another (October 20, 2014) fixed-rate offering of term deposits by the Federal Reserve through its Term Deposit Facility have been released. The awarded deposits will settle on October 23, and will mature on October 30, 2014.

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.
— a la mode

NCUA Report
The NCUA has posted the October 2014 NCUA Report.

GLBA Privacy Compliance Inspires Customer Trust
Your customers trust you to protect their personal financial information. However, 6 out of 10 financial institutions are unable to find the information they are charged to protect. Improve your GLBA Privacy compliance and show your customers they are right to trust you, all with one solution.
— InfoGPSNetworks

Today only — a quick 33 questions
We need your input. We are deploying a survey today that asks 33 questions about how your institution is dealing with the impact of the lending compliance regulations that took effect in January, 2014. We're taking a snapshot in time. The survey, which is anonymous, will only be available for 24 hours. We are asking for the participation of every financial institution that uses BankersOnline. [One survey per institution, please.] Help us capture an accurate picture of where we are with lending compliance right now. We estimate you should be able to complete the survey in about 10 minutes depending on how familiar you are with your bank's products and history. Most questions are multiple choice with the last two asking for a short narrative. We appreciate your feedback.
— BankersOnline

Comment deadline approaching
There's one week left to comment on the Bureau's proposed HMDA (Regulation C) amendments (see Top Stories for July 25 and July 29, 2014). Comments close on Wednesday, October 29, 2014.

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