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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

10/18/2019

2019 Do Not Call Registry Data Book

The FTC has issued the National Do Not Call Registry Data Book for Fiscal Year 2019. At the end of FY 2019, the DNC Registry contained 239.5 million actively registered phone numbers, up from 235.3 million at the end of FY 2018. The number of consumer complaints about unwanted telemarketing calls decreased, from 5.8 million in FY 2018 to 5.4 million in FY 2019. Consumers most frequently reported robocalls about imposter scams, with more than 574,000 complaints received.

10/18/2019

FTC extends COPPA comment deadline

The Federal Trade Commission is extending the deadline to submit comments on the effectiveness of the amendments the agency made to the Children’s Online Privacy Protection Rule (COPPA Rule) in 2013 and whether additional changes are needed. The deadline was originally October 23, 2019; it is now December 9, 2019.

10/18/2019

Survey on bank reserve balances strategies and practices

The Federal Reserve Board has released results of an August 2019 survey of senior financial officers (SFOS) at banks about their strategies and practices for managing reserve balances.

10/18/2019

OFAC amends Venezuela-related general license

OFAC has posted a notice that it has issued amended General License 13D, "Authorizing Certain Activities Involving Nynas AB," with regard to Venezuela-related Executive Orders 13850 and 13884.

10/18/2019

Fed Board issues prohibition order

The Federal Reserve Board has announced the execution of a consent order of prohibition against a former employee of Southern Bancorp Bank, Arkadelphia, Arkansas, for embezzling bank funds for his own benefit.

10/17/2019

Kraninger submits report to House committee

The CFPB has released written testimony of CFPB Director Kathleen Kraninger before the House Committee on Financial Services, presented with the Bureau's Spring 2019 Semi-Annual Report to Congress.

10/17/2019

Proposed policy statement on allowances for credit losses

The OCC, Federal Reserve, FDIC, and NCUA have published [84 FR 55510] in today's Federal Register a proposed interagency policy statement and request for comment on Allowances for Credit Losses. The statement describes the measurement of expected credit losses under the current expected credit losses (CECL) methodology and the accounting for impairment on available-for-sale (AFS) debt securities in accordance with FASB ASC Topic 326; supervisory expectations for designing, documenting, and validating expected credit loss estimation processes, including the internal controls over these processes; maintaining appropriate ACLs; the responsibilities of boards of directors and management; and examiner reviews of ACLs.

Comments on the proposed policy statement must be received by December 16, 2019.

10/16/2019

Brokerage firm supervisor charged for mishandling of ADRs

The Securities and Exchange Commission has announced that Domenick Migliorato, a former supervisor of the securities lending desk at Industrial and Commercial Bank of China Financial Services LLC (ICBCFS), has agreed to settle charges for his supervisory failures involving the improper handling of transactions involving American Depositary Receipts (ADRs). Earlier this year, ICBCFS agreed to pay more than $42 million to settle SEC charges. Migliorato has agreed to settle without admitting or denying the charges and to pay a $150,000 penalty. He also is prohibited from acting in a supervisory capacity for at least three years.

10/16/2019

Federal Reserve Section 19 letters

The Federal Reserve Board indicates it issued four “Section 19" letters during the third quarter of 2019. The letters notified individuals who have pleaded guilty to or been found guilty of a crime involving dishonesty or breach of trust that they are legally prohibited under section 19 of the Federal Deposit Insurance Act and section 205 of the National Credit Union Act from becoming or continuing as an institution-affiliated party with respect to any federally-insured financial organization (and certain other organizations) without permission.

The letters were issued to former institution-affiliated parties of:

  • American State Bank and Trust Company, Great Bend, Kansas (conviction for theft of property worth at least worth $1,500, but less than $24,999)
  • Regions Bank, Boca Raton, Florida (entered into a pretrial diversion or similar program in connection with the resolution of an indictment that charged her in connection with an “organized scheme to defraud”)
  • Alamerica Bancorp. Inc, Birmingham, Alabama (father and son who were convicted of conspiracy to commit wire fraud and of wire fraud)

10/15/2019

CFPB financial law task force announced

The Consumer Financial Protection Bureau has announced that it will establish a task force to examine ways to harmonize and modernize federal consumer financial laws. The Task Force on Federal Consumer Financial Law will examine the existing legal and regulatory environment facing consumers and financial services providers and report to Director Kraninger its recommendations for ways to improve and strengthen consumer financial laws and regulations.

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