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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

10/23/2019

Proposal for default e-disclosure of plans under ERISA

The Department of Labor's Employee Benefits Security Administration has published [84 FR 56894] a proposed rule that would provide a new, additional safe harbor for the use of electronic media by employee benefit plans to furnish information to participants and beneficiaries of plans subject to the Employee Retirement Income Security Act of 1974 (ERISA). The proposal, if adopted, would allow plan administrators who satisfy specified conditions to provide participants and beneficiaries with a notice that certain disclosures will be made available on a website. Individuals who prefer to receive these disclosures on paper will be able to request paper copies and to opt out of electronic delivery entirely. The Department expects that the proposal, if adopted, would improve the effectiveness of the disclosures and significantly reduce the costs and burden associated with furnishing many of the recurring and most costly ERISA disclosures.

Comments are due by November 22, 2019.

10/22/2019

FinCEN to host Innovation Hours in New York

The Financial Crimes Enforcement Network has announced that it will host "Innovation Hours" in New York City on November 13-14, 2019. Financial technology (FinTech), and Regulatory technology (RegTech) companies, and financial institutions will have the opportunity to present their innovative products, services, and approaches designed to enhance anti-money laundering and countering the financing of terrorism (AML/CFT) efforts. Companies interested in meeting with FinCEN in New York should submit a web request no later than November 1, 2019, and provide applicable background information about their firm’s business and innovative products. Primary consideration for requests will be given to entities that are at the operational stage. Preference will be given to companies located within the greater New York City metropolitan area and the number of individual sessions will be limited.

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.

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