Skip to content

How to gain more from operational risk management practices. Modern risk management technology solutions improve efficiency and provide greater visibility into risks. Today’s tools provide real-time visibility, action plans, enhanced reporting and business intelligence, and proactive notifications for operational risk. Real-time data empowers banks and financial services organizations to proactively manage risks and instantly detect and mitigate emerging issues. Click here to learn more.


Top Story Compliance Related

12/24/2019

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.

12/24/2019

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.]

12/24/2019

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.

12/23/2019

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.

12/23/2019

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.

12/23/2019

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.

12/23/2019

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.

12/23/2019

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.

12/23/2019

Comment period reopened for proposed Swap Margin Rule

The Fed, FDIC, OCC, Farm Credit Administration, and the Federal Housing Finance Agency have announced they will reopen and extend until January 23, 2020, the comment period on a proposal to change the swap margin rules to facilitate the implementation of prudent risk management strategies at certain banks and swap entities. 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 9, 2019.

12/23/2019

New Ukraine-/Russia related FAQ

OFAC has issued a new Ukraine-/Russia-related FAQ concerning implementation of section 7503(d) of the National Defense Authorization Act of 2020, also known as the Protecting Europe's Energy Security Act of 2019. "Parties that have knowingly sold, leased, or provided vessels that are engaged in pipe laying at depths of 100 feet or more below sea level for the construction of Nord Stream 2 or Turkstream must ensure that such vessels immediately cease construction-related activity. Notwithstanding the above, good-faith wind-down exceptions may be made for the safety of the pipeline or safety and care of the crew aboard the vessel, the protection of human life, or maintenance to avoid any environmental or other significant damage, as further described in Section 7503(e)."

Pages

Training View All

Penalties View All

Search Top Stories