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How to add predictive analytics into your risk program. Risk reports are often limited to historical insights and issues and do not provide guidance and insights into the future of the organization. Adding predictive analytics can allow your organization to detect emerging risks and create mitigation plans. This can be achieved by combining internal and external key risk indicators (KRIs) and key performance indicators (KPIs) with regulatory intelligence. This ensures that risk reports can detect more issues and highlight areas of concern. Click here to learn more.


Top Story Compliance Related

01/14/2007

FHA issues reverse mortgage guidance

A HUD press release has been issued announcing Federal Housing Agency (FHA) Mortgage Letter 2014-10, which reminds lenders participating in the agency's Home Equity Conversion Mortgage (HECM) Program to make certain senior borrowers are fully informed of all their options when applying for reverse mortgages. The advisory states that the FHA prohibits the utilization of misleading or deceptive advertising, and that the prohibition extends to misleading or deceptive descriptions of the HECM program.

01/14/2007

FRB term deposit auction

The Federal Reserve has announced a June 23, 2014, fixed-rate offering of term deposits through its Term Deposit Facility (TDF). Seven-day term deposits with an interest rate of 0.28000 percent and a maximum tender amount of $10 billion will be offered.

01/14/2007

French bank to pay over $8.9 billion for OFAC violations

The Treasury Department's Office of Foreign Assets Control (OFAC) has announced a $963 million agreement with BNP Paribas SA (BNPP), a French bank and financial services company, to settle potential liability for apparent violations of U.S. sanctions. An OFAC investigation indicated BNPP concealed, removed, omitted, or obscured references to information about U.S.-sanctioned parties in 3,897 financial and trade transactions routed to or through banks in the United States between 2005 and 2012 in apparent violation of the Sudanese Sanctions Regulations, the Iranian Transactions and Sanctions Regulations, the Cuban Assets Control Regulations; and the Burmese Sanctions Regulations. The settlement is the largest to date of any kind for OFAC. In addition, the Federal Reserve Board has announced a $508 million penalty against BNPP, the largest penalty ever assessed by that agency for violations of U.S. sanctions laws, plus a Cease and Desist order issued jointly with the Autorité de Contrôle et de Prudentiel et de Résolution (ACPR), the home country supervisor of BNPP.

These actions are taken in conjunction with actions by the Asset Forfeiture and Money Laundering Section of the Criminal Division of the Department of Justice, the Office of the U.S. Attorney for the Southern District of New York, the New York County District Attorney's Office, and the New York Department of Financial Services for violations of U.S. sanctions laws and various New York State laws. The assessments issued by the agencies total $8.9736 billion in a combination of a forfeiture of $8.8336 billion and various civil money penalties and fines. The forfeiture amount approximates the dollar value of the transactions involved in the allegations.

As part of the penalty extracted by the Department of Financial Services, the bank must suspend its U.S. dollar clearing operations through its New York branch for one year involving business lines on which the misconduct centered.

01/14/2007

NCUA Board Action Bulletin

An NCUA Board Action Bulletin has been issued on the actions taken at the June 19, 2014, meeting of the Board, including the approval of the following items:

  • a proposed rule expanding the powers of federal credit unions by allowing qualified institutions to securitize loans they have originated
  • a proposed rule creating safe-harbor protection for certain securitized assets and protecting investors in cases of conservatorship or liquidation
  • a proposed rule to assist underwater borrowers by allowing federally insured credit unions to refinance or modify real estate loans without obtaining an additional appraisal
  • a final rule reducing administrative burdens on solvent credit unions that voluntarily liquidate

01/14/2007

NCUA prohibition orders

The NCUA has issued six orders prohibiting designated individuals from participating in the affairs of any federally insured financial institution. One of the individuals had been separately ordered to pay $437,250 in restitution.

01/14/2007

Protecting assisted living residents from financial exploitation

The Consumer Financial Protection Bureau has announced its release of a CFPB guide for the staff of assisted living and nursing facilities on the protection of residents from financial exploitation. The guide gives staff the tools to:

  • prevent financial exploitation and scams by educating staff, residents, and family members about warning signs and precautions
  • recognize, record, and report financial abuse as early as possible using a model protocol and a team approach
  • get help from first responders in the community

The guide also has a list of warning signs that a resident is being financially exploited.

01/14/2007

Distressed or Underserved list

The Federal Reserve, FDIC and OCC have announced the availability of the 2014 list of distressed or underserved nonmetropolitan middle-income geographies where revitalization or stabilization activities will receive Community Reinvestment Act (CRA) consideration as "community development."

01/14/2007

FHA issues reverse mortgage guidance

A HUD press release has been issued announcing Federal Housing Agency (FHA) Mortgage Letter 2014-10, which reminds lenders participating in the agency's Home Equity Conversion Mortgage (HECM) Program to make certain senior borrowers are fully informed of all their options when applying for reverse mortgages. The advisory states that the FHA prohibits the utilization of misleading or deceptive advertising, and that the prohibition extends to misleading or deceptive descriptions of the HECM program.

01/14/2007

FRB term deposit auction

The Federal Reserve has announced a June 23, 2014, fixed-rate offering of term deposits through its Term Deposit Facility (TDF). Seven-day term deposits with an interest rate of 0.28000 percent and a maximum tender amount of $10 billion will be offered.

01/14/2007

French bank to pay over $8.9 billion for OFAC violations

The Treasury Department's Office of Foreign Assets Control (OFAC) has announced a $963 million agreement with BNP Paribas SA (BNPP), a French bank and financial services company, to settle potential liability for apparent violations of U.S. sanctions. An OFAC investigation indicated BNPP concealed, removed, omitted, or obscured references to information about U.S.-sanctioned parties in 3,897 financial and trade transactions routed to or through banks in the United States between 2005 and 2012 in apparent violation of the Sudanese Sanctions Regulations, the Iranian Transactions and Sanctions Regulations, the Cuban Assets Control Regulations; and the Burmese Sanctions Regulations. The settlement is the largest to date of any kind for OFAC. In addition, the Federal Reserve Board has announced a $508 million penalty against BNPP, the largest penalty ever assessed by that agency for violations of U.S. sanctions laws, plus a Cease and Desist order issued jointly with the Autorité de Contrôle et de Prudentiel et de Résolution (ACPR), the home country supervisor of BNPP.

These actions are taken in conjunction with actions by the Asset Forfeiture and Money Laundering Section of the Criminal Division of the Department of Justice, the Office of the U.S. Attorney for the Southern District of New York, the New York County District Attorney's Office, and the New York Department of Financial Services for violations of U.S. sanctions laws and various New York State laws. The assessments issued by the agencies total $8.9736 billion in a combination of a forfeiture of $8.8336 billion and various civil money penalties and fines. The forfeiture amount approximates the dollar value of the transactions involved in the allegations.

As part of the penalty extracted by the Department of Financial Services, the bank must suspend its U.S. dollar clearing operations through its New York branch for one year involving business lines on which the misconduct centered.

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