Compliance Briefing for Friday, November 21, 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.

Expanded foreclosure protections proposed by CFPB
The CFPB has proposed additional measures to ensure that homeowners and struggling borrowers are treated fairly by mortgage servicers. The proposals would:
  • Require servicers to provide certain borrowers with foreclosure protections more than once over the life of the loan
  • Expand consumer protections to surviving family members and other homeowners
  • Require servicers to notify borrowers when loss mitigation applications are complete
  • Protect struggling borrowers during servicing transfers
  • Clarify servicers' obligations to avoid dual-tracking and prevent wrongful foreclosures
  • Clarify when a borrower becomes delinquent and application of the 120-day rule
  • Provide more information to borrowers in bankruptcy
  • Make several other changes to clarify current servicing requirements
A summary of the proposals was also released. Comments will be accepted until 90 days after its publication in the Federal Register.

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 revises Stress Test rule
The FDIC has published in today's Federal Register a final rule revising its regulations covering annual stress testing requirements for state nonmember banks and state savings associations with total consolidated assets of more than $10 billion (covered banks). The final rule revises the 2016 and subsequent stress test cycle to begin on January 1 of each year rather than October 1, and modifies the "as of" dates for financial data, as well as the reporting and public disclosure dates. This rule is effective January 1, 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

Treasury changes check stock
Treasury has announced two changes to U.S. Treasury check stock. The inscription on the Treasury seal has been changed from "Financial Management Service" to "Bureau of the Fiscal Service," and a similar change has been made to the security overprinting embedded on Treasury checks (viewable under ultraviolet light).

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

Q&A guidance on deposit insurance applications
FIL-56-2014 has been issued by the FDIC announcing a "Statement of Policy on Applications for Deposit Insurance" and guidance in the form of a Q&A to aid applicants in developing proposals for deposit insurance and to provide transparency to the application process.

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

GAO on effects of Basel III
The Government Accountability Office (GAO) has issued a report of the initial effects of Basel III on capital, credit, and international competitiveness. The report examines how (1) the U.S. Basel III regulations may affect U.S. banks, including smaller ones, and (2) implementation of Basel III by different countries and other jurisdictions may affect U.S. banking organizations' international competitiveness.

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.

Review of FRB exam programs
The Federal Reserve Board has announced that two separate reviews are underway at the Federal Reserve System to ensure that the examinations of large banking organizations are consistent, sound, and supported by all relevant information. The Inspector General has been requested to examine two aspects of the Federal Reserve System's examination program for large banking organizations. In addition, the Board is conducting its own review of the supervision of the largest, most systemically important U.S. financial institutions.

Support the vendors who support BOL!  
Through their advertising and sponsorships on BankersOnline, the companies offering banking products and services help to make this site possible. When you're looking for a supplier, give your business to companies who support Learn more now on our Sponsors page.

You are subscribed to BankersOnline Daily Compliance Briefing, 2541 Flint Ridge Rd, Edmond, OK 73003 (888)-229-8872 (ext. 87)