Skip to content

How to gain more from operational risk management practices. Modern risk management technology solutions improve efficiency and provide greater visibility into risks. Today’s tools provide real-time visibility, action plans, enhanced reporting and business intelligence, and proactive notifications for operational risk. Real-time data empowers banks and financial services organizations to proactively manage risks and instantly detect and mitigate emerging issues. Click here to learn more.


Top Story Operations Related

11/12/2019

Fed proposes changes to assessments rule

The Federal Reserve Board has published [84 FR 60944] a notice of proposed rulemaking inviting public comment on a proposal to amend the Board's assessment rule (Regulation TT -- 12 CFR part 246) to address amendments made by the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The proposed amendments to Regulation TT raise the minimum threshold for being considered an assessed company from $50 billion to $100 billion in total consolidated assets for bank holding companies and savings and loan holding companies and adjust the amount charged to assessed companies with total consolidated assets between $100 billion and $250 billion to reflect changes in supervisory and regulatory responsibilities resulting from EGRRCPA.

Comments must be received on or before January 9, 2020.

UPDATE: the Board published a correction of the due date for comments at 84 FR 63820 on 1/19/2019.

11/08/2019

Nevada company sued by FTC

The Federal Trade Commission has sued a Nevada data storage services company over allegations that it misled consumers about its participation in the EU-U.S. Privacy Shield framework and failed to adhere to the program’s requirements before allowing its certification to lapse. The Complaint filed by the FTC alleges that, between January 2017 and October 2018, RagingWire Data Centers, Inc. claimed in its online privacy policy that the company participated in the Privacy Shield framework and complied with the program’s requirements, even though it had allowed its certification to lapse in January 2018. The Department of Commerce warned Raging Wire twice to either remove the claims or take steps to recertify its participation in the Privacy Shield program. The company, however, failed to recertify until it was contacted by the FTC in October 2018.

11/08/2019

NCUA diversity self-assessment for CUs

A letter to credit unions has been issued by the NCUA encouraging them to use its Voluntary Credit Union Diversity Self-Assessment as a tool for evaluating their diversity programs and practices and for determining how promoting greater diversity can lead to a stronger internal culture and better service. The Self-Assessment is available year-round, but the cutoff date for submitting this year’s information to the NCUA is January 15, 2020.

11/08/2019

Greenfield named Deputy Comptroller for Operational Risk

The OCC has announced Kevin Greenfield will become the agency’s Deputy Comptroller for Operational Risk. He will oversee development of policy and examination procedures addressing operational risk, bank information technology, cybersecurity, critical infrastructure resilience, payments systems, and corporate and risk governance. Greenfield previously served as the OCC’s Director for Bank Information Technology for the Operational Risk Division.

11/08/2019

Nicaraguan officials designated

The Treasury Department has reported that OFAC has designated three Nicaraguan government officials, Ramon Antonio Avellan Medal, Lumberto Ignacio Campbell Hooker, and Roberto Jose Lopez Gomez, who have had a role in directing entities engaged in human rights abuses, election fraud, and corruption in that country. Amadou Kouffa from Mali linked to JAMA'AT NUSRAT AL-ISLAM WAL-MUSLIMIN was also designated as a global terrorist. For identifying information on these four individuals, see BankersOnline's OFAC Update.

11/08/2019

Proposed changes to life expectancy and distribution tables

This morning, the Internal Revenue Service has published [84 FR 60812] proposed regulations providing guidance relating to the life expectancy and distribution period tables that are used to calculate required minimum distributions from qualified retirement plans, individual retirement accounts and annuities, and certain other tax-favored employer-provided retirement arrangements. These regulations affect participants, beneficiaries, and plan administrators of these qualified retirement plans and other tax-favored employer-provided retirement arrangements, as well as owners, beneficiaries, trustees and custodians of individual retirement accounts and annuities. The Federal Register document also provides a notice of a public hearing on the proposed regulations.

The revised life expectancy tables in the proposal reflect longer life expectancies than the tables in the existing regulations, and would reduce required minimum distributions, allowing participants to retain larger amounts in their retirement plans to account for the possibility they may live longer.

Comments on the proposal will be accepted through January 7, 2020.

11/07/2019

Retirement plan contribution limits increase

The Internal Revenue Service has announced that the contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased from $19,000 to $19,500. The catch-up contribution limit for employees aged 50 and over who participate in these plans is increased from $6,000 to $6,500.The limitation regarding SIMPLE retirement accounts for 2020 is increased to $13,500, up from $13,000 for 2019. The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs and to claim the Saver's Credit all increased for 2020. Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions. If during the year either the taxpayer or his or her spouse was covered by a retirement plan at work, the deduction may be reduced, or phased out, until it is eliminated, depending on filing status and income. (If neither the taxpayer nor his or her spouse is covered by a retirement plan at work, the phase-outs of the deduction do not apply.)

11/07/2019

Federal Reserve adjusts rates in Regs A and D

The Federal Reserve Board has published in this morning's Federal Register amendments to Regulation A and Regulation D to reduce, respectively, the rate for primary credit at each Federal Reserve Bank, and the rate paid on required reserves and excess reserves. The changes to both regulations are effective today, and affect rates charged or paid beginning October 31, 2019.

11/06/2019

Regulators propose revisions to Call Report

The Federal Deposit Insurance Corporation, the Federal Reserve Board, and the Office of the Comptroller of the Currency, under the auspices of the Federal Financial Institutions Examination Council (FFIEC), published proposed regulatory reporting changes in the Federal Register for public comment on October 4. The proposed changes apply to all three versions of the Call Report (FFIEC 031, FFIEC 041, and FFIEC 051) and to the Regulatory Capital Reporting for Institutions Subject to the Advanced Capital Adequacy Framework (FFIEC 101).

The proposed changes to the Call Report and the FFIEC 101 report, as described more fully in the Federal Register notice would implement various changes to the agencies' capital rule that the agencies have finalized or are considering finalizing. The proposed capital-related reporting changes would take effect the same quarters as the effective dates of the various currently final or potentially final capital rules.

Comments on the proposal are due by December 3, 2019.

11/06/2019

Five more Venezuelan officials identified by OFAC

Treasury has announced that OFAC has identified and added to the SDN List five current officials of the Government of Venezuela pursuant to Executive Order 13884, which blocks the property and interests in property of the Government of Venezuela and those who have acted or purported to have acted on its behalf and associated with the government’s rampant violence against peaceful opposition protesters, and those who continue to benefit from the corrupt former regime. Identification information for these five officials can be found in BankersOnline's OFAC Update.

OFAC also issued amended Venezuela-related General License 34A and new Venezuela-related General License 35, issued new and amended FAQs, and revoked Syrian-related General Licenses 2 and 3.

Pages

Training View All

Penalties View All

Search Top Stories