Skip to content

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

10/10/2019

FinCEN adjusts penalty caps

FinCEN has published a final rule [84 FR 54495] in the October 10, 2019, Federal Register making inflation adjustments of civil money penalties, as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended. The rule adjusts certain penalties within the jurisdiction of FinCEN to the maximum amount required by the Act. The amendments are effective on publication, and have been posted to 31 CFR 1010.821 (Penalty adjustment and table) in BankersOnline's Regulations pages.

10/09/2019

$31M in LifeLock refund checks to be sent by FTC

The Federal Trade Commission has reported it will begin sending refund checks totaling more than $31 million as part of a previously announced settlement with LifeLock, Inc. related to allegations that the identity theft protection provider violated a 2010 Commission data security order. The FTC is mailing more than one million checks averaging about $29. Recipients should deposit or cash checks within 60 days.

10/09/2019

FTC stops bogus job placement and resume repair scheme

The operator of a job placement company that deceived consumers with false promises of access to high-paying finance jobs and resume repair services for non-existent jobs will be permanently banned from providing employment services under the terms of a settlement with the Federal Trade Commission. The complaint alleged that the defendants charged recruiting fees of up to $2,500 to set up bogus interviews. Under the terms of the settlement, the defendants will be permanently banned from selling employment-related services to consumers, including job placement, resume repair, or arranging interviews. The defendants will also be prohibited from making material misrepresentations about any product or service, from actions that limit a consumer’s ability to submit reviews of a company online in violation of the Consumer Review Fairness Act, and further violations of the Telemarketing Sales Rule. The settlement also imposes a judgment of $1,744,422, of which all but $18,000 is suspended due to the defendants’ inability to pay. Should the defendants fail to pay the $18,000 judgment or be found to have misrepresented their financial status, the judgment would become payable in full.

10/09/2019

IRS proposes tax relief for shifts from IBORs

Treasury has announced that the IRS is publishing proposed regulations [84 FR 54068] allowing taxpayers to avoid adverse tax consequences from changing the terms of debt, derivatives, and other financial contracts to replace reference rates based on interbank offered rates (IBORs) with certain alternative reference rates. The proposed rules respond to a request for guidance from the Alternative Reference Rates Committee, a broad-based committee of private sector and ex-officio government stakeholders convened by the Board of Governors of the Federal Reserve System in advance of the expected market transition from IBORs to alternative reference rates, such as the Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York.

10/09/2019

Volcker Rule simplified

The FRB, FDIC, OCC, SEC and the Commodity Futures Trading Commission (CFTC) issued a joint press release yesterday announcing that they have finalized revisions to simplify compliance requirements relating to the "Volcker Rule." By statute, the Volcker Rule generally prohibits banking entities from engaging in proprietary trading or investing in or sponsoring hedge funds or private equity funds. Under the revised rule, firms that do not have significant trading activities will have simplified and streamlined compliance requirements, while firms with significant trading activity will have more stringent compliance requirements. Community banks generally are exempt from the Volcker rule by statute. The rules will be effective on January 1, 2020, with a compliance date of January 1, 2021.

UPDATE: Published 11/14/2019 at 84 FR 61974 with effective dates of 1/1/2020, 1/13/2020, and certain transitional provisions effective from 1//1/2020 through 12/31/2020 or 1/13/2020 through 12/31/2020. Banking entities must comply with the final amendments by January 1, 2021. Until the compliance date, banking entities must continue to comply with the 2013 rule (as set forth in appendices Z to 12 CFR parts 44, 248, and 351 and 17 CFR parts 75 and 255). Alternatively, a banking entity may voluntarily comply, in whole or in part, with the amendments adopted in this release prior to the compliance date, subject to the agencies' completion of necessary technological changes.

10/08/2019

OCC Innovation Office Hours in Las Vegas

The OCC has announced it will hold Innovation Office Hours on October 28 in Las Vegas to promote responsible innovation in the federal banking system.

Office Hours are one-on-one meetings with Office of Innovation staff to discuss financial technology (fintech), new products or services, partnering with a bank or fintech company, or other matters related to responsible innovation in the federal banking system. OCC staff will provide feedback and respond to questions. Each meeting will last no longer than one hour. Requests for Office Hours sessions must be submitted by October 18.

10/08/2019

Otting discusses community reinvestment and service

The OCC reported yesterday that Comptroller Joseph Otting discussed reinvestment and service in remarks at the National Asian American Coalition's 16th Annual Economic Development Conference. Otting highlighted the importance of modernizing the regulatory framework implementing the Community Reinvestment Act.

10/08/2019

$400,000 residential appraisal threshold effective October 9

The OCC, FDIC and Federal Reserve have published [84 FR 53579] in today's Federal Register the previously announced final rule increasing to $400,000 the threshold for requiring an appraisal by a state certified or licensed appraiser for residential real estate transactions. The portions of the rule increasing the appraisal threshold become effective on October 9, 2019.

10/07/2019

FTC order halts bogus real estate seminars

The Federal Trade Commission has announced that a federal temporary restraining order has been issued against Utah-based Zurixx, LLC and affiliated companies, which the Commission and the Utah Division of Consumer Protection allege have used deceptive promises of big profits to lure consumers into real estate seminars costing thousands of dollars. The order prohibits Zurixx from making unsupported marketing claims and from interfering with consumers’ ability to review Zurixx and its products. The court has appointed a temporary monitor over Zurixx and instructed the companies to preserve their assets.

10/07/2019

FDIC issues 5 outstanding CRA ratings

The FDIC has released a list of banks recently evaluated for compliance with the Community Reinvestment Act. Of the 77 banks listed, 71 received Satisfactory ratings, and one bank was rated Needs to Improve. We congratulate five banks that received Outstanding ratings (links are to their evaluations):

Pages

Training View All

Penalties View All

Search Top Stories