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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.


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05/28/2019

FinCEN Innovation Hours program

FinCEN has announced an Innovation Hours Program to better shape and inform its ongoing engagement with Anti-Money Laundering (AML)/Countering the Financing of Terrorism (CFT) innovators. The Innovation Hours Program will provide financial technology and regulatory technology companies and financial institutions the opportunity to present their new and emerging innovative products and services to FinCEN. Technology demonstrations should highlight how these innovations work and how financial institutions might use them. FinCEN expects to hold events in the Washington D.C. metro area, as well as some regional events that focus on financial services-related innovation.

UPDATE: FinCEN published [84 FR 25120] a notice that the program will become effective on May 30, 2019, inviting meeting requests, which can be submitted via the Innovation Initiative webpage.

05/28/2019

OCC to host workshops in Denver

The OCC will host two workshops at the Embassy Suites Denver - Stapleton in Denver, June 25-26, for directors of institutions supervised by the OCC.

  • The Risk Governance: Improving Director Effectiveness workshop on June 25 combines lectures, discussion, and exercises to provide practical information for directors to effectively measure and manage risks. The workshop also focuses on the OCC’s approach to risk-based supervision and major risks in the financial industry.
  • The Credit Risk: Directors Can Make a Difference workshop on June 26 focuses on credit risk within the loan portfolio, such as identifying trends and recognizing problems. The workshop also covers the roles of the board and management, how to stay informed of changes in credit risk, and how to effect change.

05/21/2019

OCC Spring 2019 Semiannual Risk Perspective

The OCC has posted its Semiannual Risk Perspective for Spring 2019. Highlights include:

  • Credit quality is strong when measured by traditional performance metrics, but successive years of growth, incremental easing in underwriting, risk layering, and building credit concentrations result in accumulated risk in loan portfolios.
  • Operational risk is elevated as banks adapt to a changing and increasingly complex operating environment. Key drivers for operational risk include persistent cybersecurity threats as well as innovation in financial products and services, and increasing use of third parties to provide and support operations that are not effectively understood, implemented, and controlled.
  • Compliance risk related to Bank Secrecy Act/Anti-Money Laundering (BSA/AML) is high as banks remain challenged to effectively manage money laundering risks.
  • Interest rate risk and the related liquidity risk implications pose potential challenges to earnings given the uncertain rate environment, competitive pressures, changes in technology, and untested depositor behavior.

05/20/2019

HUD receives IT award

HUD has received MicroStrategy’s 2019 Federal Information Technology Innovation Award for modernizing its Office of Community Planning and Development's (CPD) Grants Dashboard, which provides funding information for each city and state that receives CPD program funds, in a place-based format. Before modernizing the Grants Dashboard, HUD relied on manual reports that could not efficiently drive critical decisions or provide oversight into all grant programs.

05/10/2019

FinCEN virtual currencies guidance and advisory

FinCEN has issued guidance document FIN-2019-G001, Application of FinCEN’s Regulation to Certain Business Models Involving Convertible Virtual Currencies (CVCs). The guidance is in response to questions raised by financial institutions, law enforcement, and regulators concerning the regulatory treatment of multiple variations of businesses dealing in CVCs.

FinCEN also issued an Advisory on Illicit Activity Involving Convertible Virtual Currency (FIN-2019-A003), to assist financial institutions in identifying and reporting suspicious activity related to criminal exploitation of CVCs for money laundering, sanctions evasion, and other illicit financing purposes. The advisory highlights prominent typologies, associated “red flags,” and identifies information that would be most valuable to law enforcement if contained in suspicious activity reports.

05/08/2019

CFPB proposes debt collection rules

On Tuesday, the CFPB issued a proposed rule to implement the Fair Debt Collection Practices Act (FDCPA). The proposal would provide consumers with clear protections against harassment by debt collectors and straightforward options to address or dispute debts. Among other things, the NPRM would set clear, bright-line limits on the number of calls debt collectors may place to reach consumers on a weekly basis; clarify how collectors may communicate lawfully using newer technologies, such as voicemail, email and text messages, that have developed since the FDCPA's passage in 1977; and require collectors to provide additional information to consumers to help them identify debts and respond to collection attempts.

The proposal would amend Regulation F, which implements the FDCPA, to prescribe federal rules governing the activities of FDCPA-covered debt collectors. The proposal focuses on debt collection communications and disclosures and also addresses related practices by debt collectors. The Bureau also proposes that FDCPA-covered debt collectors comply with certain additional disclosure-related and record retention requirements. If a final rule is issued, the Bureau proposes that it would become effective one year after it has been published.

Comments on the Bureau's proposal will be accepted for 90 days following Federal Register publication.
UPDATE: Published at 84 FR 23274 on 5/21/2019, with comments due 8/19/2019.
UPDATE: The CFPB extended the comment period through 9/18/2019 in a notice published at 84 FR 37806 on 8/2/2019

05/02/2019

Treasury tech notice for users of OFAC site

The Treasury Department has posted an important Technical Notice for users of the OFAC website and sanctions lists data files. The existing certificate (expiring June 6, 2019) will be replaced on May 16, 2019 at 9 p.m. Please call this notice to the attention of your IT staff or your vendor if they download OFAC's sanctions list information.

05/01/2019

OCC seeks comments on proposed innovation program

The OCC has opened a 45-day public comment period on a proposed Innovation Pilot Program. The program would be voluntary and designed to provide eligible entities with regulatory input early in the testing of innovative activities that could present significant opportunities or benefits to consumers, businesses, financial institutions, and communities.

Entities eligible for the proposed program would be OCC-supervised financial institutions, including those engaging a third party to offer the innovative product, service, or process. Entities may propose a pilot individually or as a collaborative effort such as a consortium or utility. An FAQ regarding the Program was also posted.

Comments on the proposed program should be sent to pilotprogram@occ.treas.gov by June 14, 2019.

04/25/2019

SEC FinTech Forum agenda

The Securities and Exchange Commission has posted the agenda for its 2019 FinTech Forum. The forum, which will be hosted by the SEC's Strategic Hub for Innovation and Financial Technology (FinHub), will open at 9:30 a.m. ET, on May 31 at the SEC's headquarters in Washington, D.C., and is open to the public on a first-come, first-serve basis. No registration is required to attend the event.

04/25/2019

Payments improvement update

The Federal Reserve's FedPayments Improvement group has released its April 2019 progress report on Strategies for Improving the U.S. Payment System.

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