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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

11/04/2019

GE pays $2.7M for violations of Cuban Control Regs

The General Electric Company of Boston, Massachusetts, on behalf of three current and former GE subsidiaries, Getsco Technical Services Inc., Bentley Nevada, and GE Betz, has agreed to pay $2,718,581 to settle its potential civil liability for 289 alleged violations of the Cuban Assets Control Regulations. Between December 2010 and February 2014, the GE Companies appear to have violated the CACR on 289 occasions by accepting payment from The Cobalt Refinery Company for goods and services provided to a Canadian customer of GE.

11/04/2019

OFAC extends General Licenses

OFAC has extended the expiration dates of two general licenses related to GAZ Group by issuing Ukraine-related General License No. 13M, "Authorizing Certain Transactions Necessary to Divest or Transfer Debt, Equity, or Other Holdings in Certain Blocked Persons," and Ukraine-related General License No. 15G, "Authorizing Certain Activities Necessary to Maintenance or Wind Down of Operations or Existing Contracts with GAZ Group, and Certain Automotive Safety and Environmental Activities."

11/01/2019

OCC Final Rule for Banks over $100B assets

The OCC has announced and published a final rule to tailor capital and liquidity requirements for certain banking organizations with more than $100 billion in total consolidated assets to more closely match their risk profiles. The final rule builds on the OCC’s existing practice of tailoring capital and liquidity requirements based on the size, complexity, and overall risk profile of banking organizations.

11/01/2019

FATF developing digital identity systems guidance

The Financial Action Task Force (FATF) is developing guidance to clarify how digital identity systems can be used for customer due diligence. A draft guidance document [Word format, 1.5 MB] intends to help governments, financial institutions and other relevant entities apply a risk-based approach to the use of digital ID for CDD.

11/01/2019

Swiss security dealer faces SEC charges

The Securities and Exchange Commission today charged XBT Corp. SARL d/b/a First Global Credit, a Switzerland-based securities dealer, for offering and selling unregistered security-based swaps to U.S. investors using bitcoins and for failing to transact its swaps on a registered national exchange. An SEC order found that First Global Credit failed to register these security-based swap transactions and transacted with investors who did not meet the discretionary investment thresholds required by the federal securities laws. It also finds that First Global Credit failed to transact its security-based swaps on a registered national exchange, and failed to properly register as a security-based swaps dealer.

11/01/2019

Free credit monitoring for some members of the military

The FTC has reported that, starting October 31, many members of the military will have access to free electronic credit monitoring to help them spot identify theft. The nationwide credit reporting agencies—Equifax, Experian, and TransUnion—are providing free electronic credit monitoring services to some active duty service members who are assigned to service away from their usual duty station and all active duty National Guard members. Credit monitoring services can alert consumers to mistakes or problems with their credit reports that might stem from the unauthorized use of their personal information to obtain credit.

There is a limitation on coverage for active duty service members to those assigned to service away from their usual duty stations, due to the wording of the Fair Credit Reporting Act amendments made by the 2018 Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). That limitation was not applied in the EGRRCPA amendments to National Guard members.

11/01/2019

Guidance to reduce taxpayer regulatory burden issued

Treasury and the IRS have issued guidance to taxpayers (due to be published in the Federal Register on Monday, November 4) to eliminate costly documentation requirements, and have provided advance notice of their intent to streamline other regulations under section 385 of the Internal Revenue Code.

10/31/2019

NCUA webinar registration open

The NCUA has announced that registration for its “Fair Lending and Consumer Compliance Regulatory Update” on November 19 is now open. The webinar is scheduled to begin at 2 p.m. EST and run approximately 90 minutes. Participants will be able to log into the webinar and view it on their computers or mobile devices using the registration link. Subjects to be covered include:

  • The agency’s new payday alternative loan (PALs II) rule
  • Findings from reviews of Home Mortgage Disclosure Act loan and application registers;
  • Regulation B adverse action notices; and
  • Elder financial abuse.

10/31/2019

TFTC adds 25 Iranian targets

The Treasury Department has announced that the seven member nations of the Terrorist Financing Targeting Center (TFTC) jointly designated 25 targets affiliated with the Iranian regime’s terror-support networks in the region. Twenty-one of these targets comprised a vast network of businesses providing financial support to the Basij Resistance Force (Basij), a paramilitary force subordinate to Iran’s Islamic Revolutionary Guard Corps (IRGC).The four other targets were Hizballah-affiliated individuals who lead and coordinate the group’s operational, intelligence, and financial activities in Iraq. A chart describing the designated entities was also released.

For identity information on the designated parties, see BankersOnline's OFAC Update.

10/31/2019

NCUA amends public unit and nonmember share rule

The NCUA Board has published [84 FR 58305] in today's Federal Register a final rule amending the NCUA’s public unit and nonmember share rule to allow federal credit unions (FCU) to receive public unit and nonmember shares up to 50 percent of the credit union’s net amount of paid-in and unimpaired capital and surplus less any public unit and nonmember shares. The rule also makes a conforming change to the NCUA’s regulations that apply the public unit and nonmember share limit to all federally insured credit unions (FICUs). The amendments will be effective January 29, 2020.

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