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Top Story Compliance Related


Extension of comment period on use of CAMELS ratings

On October 31, the FDIC and the Federal Reserve Board published [84 FR 58383] a Request for Information seeking information and comments from interested parties regarding the consistency of ratings assigned by the agencies under the Uniform Financial Institutions Rating System UFIRS (commonly known as CAMELS ratings). The agencies also sought feedback concerning the current use of CAMELS ratings by the agencies in their bank application and enforcement action processes. The RFI stated that the comment period would close on December 30, 2019. The agencies have received requests to extend the comment period. An extension of the comment period will provide additional opportunity for the public to prepare comments to address the questions posed by the agencies. Therefore, the agencies are extending the end of the comment period for the proposal from December 30, 2019, to February 28, 2020. The notice of that extension was published in today's Federal Register.


SECURE Act changing the IRA rules

With the signing of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), many of the longstanding rules for IRAs and other retirement accounts have been radically changed. Starting with tax year 2020—

  • The maximum age (70½) for IRA contributions has been eliminated.
  • The age at which required minimum distributions must begin has been pushed up from 70½ to 72.
  • Inherited IRAs (except those inherited by the decedent's spouse and certain other individuals) will have to be distributed within 10 years.

Those are just the changes you have probably already heard about. Deborah Crawford will present a special ONE-HOUR BOL Learning Connect webinar on January 24 that will cover the SECURE Act changes that will affect your bank's IRA program starting with the 2020 tax year.


CFPB annual report on financial literacy

The CFPB has issued its Financial Literacy Annual Report for fiscal year 2019. The Dodd-Frank Act requires the Bureau to report on its work to provide consumers with information to make informed decisions about financial products.


FBAR deadline pushed back yet again

FinCEN has announced a further extension of time for certain Report of Foreign Bank and Financial Accounts (FBAR) filings in light of the notice of proposed rulemaking FinCEN issued on March 10, 2016, which proposes to revise the regulations implementing the Bank Secrecy Act regarding FBARs. It addresses only those with signature authority over but no financial interest in foreign financial accounts. Other persons required to file FinCEN Form 114 - FBAR must meet the April 15, 2020, deadline. [Editorial Comment: This one has been kicked down the road every year since 2011.]


FinCEN updated SAR data maps available

FinCEN has made available a new tool that is useful for visualizing aggregate Suspicious Activity Reports (SAR) filed by financial institutions in the United States. The new interactive maps will be accompanied by downloadable SAR data in the near future. The maps are available on FinCEN's SAR Stats web page.


Treasury and IRS propose rule on misdirected refunds

The IRS has published [84 FR 70462] proposed regulations concerning the procedures for identification and recovery of a misdirected direct deposit refund. The regulations reflect changes to the law made by the Taxpayer First Act. The proposed regulations affect taxpayers who have made a claim for refund, requested the refund be issued as a direct deposit, but did not receive a refund in the account designated on the claim for refund. Comments and requests for a public hearing must be received by February 21, 2020.


FDIC grants Part 370 exceptions

The FDIC has published [84 FR 70527] a notice, in accordance with its rule regarding recordkeeping for timely deposit insurance determination (12 CFR Part 370), it is providing notice to covered institutions that it has granted a time-limited exception concerning the requirement to maintain official custodian information in deposit account records for government deposit accounts, a time-limited exception concerning the requirement to maintain accurate beneficiary information in deposit account records for informal revocable trust accounts, and an indefinite exception concerning the requirement to maintain certain identifying information for beneficial owners of deposits in low balance, short-term prepaid card accounts. The grants of exception relief were made to specific institutions, and were effective November 26, 2019.


Extension for comments on consumer reporting accuracy

The FTC and the CFPB have extended the deadline to submit comments on issues affecting the accuracy of consumer reports until January 31, 2020. Comments are requested on issues affecting the accuracy of both traditional credit reports and employment and tenant background screening reports. Comments were originally due by January 10, 2020.


FDIC updates manual

FDIC FIL-84-2019 announces that the FDIC Division of Risk Management Supervision has updated the Risk Management Manual of Examination Policies (Manual) by inserting as new section 22.1 in Part VI, Appendix: Examination Processes and Tools, Examination Documentation Modules. The Examination Documentation Modules were developed in 1997 to provide examiners with tools to identify and assess the range of matters considered during examination activities, and they are updated periodically. The Modules direct examiners to use a risk-focused approach in conducting examination activities, thereby facilitating an efficient and effective supervisory program.


CAMELS comments request deadline extended

The FDIC and Fed have announced an extension until February 28, 2020, of the deadline for comments on a request for information on their use of the Uniform Financial Institutions Rating System, also known as the CAMELS rating system. The agencies extended the comment period to allow interested persons more time to analyze the issues and prepare their comments, which were originally due by December 30, 2019.


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