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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

10/21/2019

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.

10/17/2019

Kraninger submits report to House committee

The CFPB has released written testimony of CFPB Director Kathleen Kraninger before the House Committee on Financial Services, presented with the Bureau's Spring 2019 Semi-Annual Report to Congress.

10/17/2019

Proposed policy statement on allowances for credit losses

The OCC, Federal Reserve, FDIC, and NCUA have published [84 FR 55510] in today's Federal Register a proposed interagency policy statement and request for comment on Allowances for Credit Losses. The statement describes the measurement of expected credit losses under the current expected credit losses (CECL) methodology and the accounting for impairment on available-for-sale (AFS) debt securities in accordance with FASB ASC Topic 326; supervisory expectations for designing, documenting, and validating expected credit loss estimation processes, including the internal controls over these processes; maintaining appropriate ACLs; the responsibilities of boards of directors and management; and examiner reviews of ACLs.

Comments on the proposed policy statement must be received by December 16, 2019.

10/16/2019

Brokerage firm supervisor charged for mishandling of ADRs

The Securities and Exchange Commission has announced that Domenick Migliorato, a former supervisor of the securities lending desk at Industrial and Commercial Bank of China Financial Services LLC (ICBCFS), has agreed to settle charges for his supervisory failures involving the improper handling of transactions involving American Depositary Receipts (ADRs). Earlier this year, ICBCFS agreed to pay more than $42 million to settle SEC charges. Migliorato has agreed to settle without admitting or denying the charges and to pay a $150,000 penalty. He also is prohibited from acting in a supervisory capacity for at least three years.

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