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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

10/22/2019

OFAC amends Venezuela-related license

​OFAC) has issued an amended General License 8D, “Authorizing Transactions Involving Petróleos de Venezuela, S.A. (PdVSA) Necessary for Maintenance of Operations for Certain Entities in Venezuela.”

10/22/2019

OCC streamlines OREO regs

The Office of the Comptroller of the Currency has published a final rule to clarify and streamline its regulation on other real estate owned (OREO) for national banks and update the regulatory framework for OREO activities at Federal savings associations.

The OCC is also removing outdated capital rules for national banks and Federal savings associations, which include provisions related to OREO, and making conforming edits to other rules that reference those capital rules.

The rule, which will amend OCC regulations at 12 CFR Parts 3, 6, 34, 46, 160, 161, 163, and 167, will be effective December 1, 2019.

10/21/2019

Comments requested on use of CAMELS ratings

The FDIC and the Federal Reserve Board are inviting public comment on their use of the Uniform Financial Institutions Rating System, also known as the CAMELS rating system. Comments are requested on the consistency of the assigned ratings and how the agencies use CAMELS ratings in enforcement actions and in reviewing bank applications. There will be a 60-day comment period following publication of the request in the Federal Register.

UPDATE: Published 10/31/2019, with a comment period ending 12/30/2019

10/21/2019

OCC announces enforcement actions

The OCC has released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations.

  • Bank civil money penalty orders were issued to:
    • Midsouth Bank, N.A., Lafayette, Louisiana, for payment of $108,796, for a pattern or practice of violations of the Flood Disaster Protection Act
    • Citibank, N.A. Sioux Falls, South Dakota (previously announced), for payment of $30 million, for engaging in repeated violations of the statutory holding period for OREO
  • A removal/prohibition order was issued to a former teller at U.S. Bank, N.A., Cincinnati, Ohio, after finding that she misappropriated $5,000 in cash while balancing ATMs at two Las Vegas, Nevada, branches.

10/21/2019

FATF meeting concluded

The Treasury Department has reported that the Financial Action Task Force (FAFT) has concluded its 31st plenary meeting and issued a public statement that, among other things, reiterates terrorist financing risks emanating from Iran. The FATF also clarified guidance on “stablecoins” and adopted virtual assets changes, among other reports related to anti-money laundering/countering the financing of terrorism (AML/CFT).

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.

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