Skip to content

Banker's Toolbox Announces — ACQUISITION OF LOAN LOSS RESERVE POWERHOUSE, MAINSTREET TECHNOLOGIES
Banker's Toolbox, Inc., leaders in compliance solutions for financial institutions, announced the acquisition of Georgia-based MainStreet Technologies (MST). MST is an industry leader in the loan risk management space. This acquisition adds to a strong and growing portfolio of compliance-related solutions and will continue to enhance the value Banker's Toolbox brings to both their customers and the industry. (Read full press release here.)

Top Story Technology Related

08/16/2018

OCC workshops scheduled for Houston

The OCC has announced it will host two workshops at the Houston Marriott South at Hobby Airport, September 25 and 26, 2018, for directors of national community banks and federal savings associations supervised by the OCC.

  • The Compliance Risk workshop on September 25 focuses on the critical elements of an effective compliance risk management program. It also covers major compliance risks and critical regulations. Topics of discussion include the Bank Secrecy Act, Flood Disaster Protection Act, Fair Lending, Home Mortgage Disclosure Act, Community Reinvestment Act, and other compliance hot topics.
  • The Operational Risk workshop on September 26 focuses on the key components of operational risk—people, processes, and systems. The workshop also covers governance, third-party risk, vendor management, internal fraud, and cybersecurity.

08/09/2018

OCC Innovation Office hours in NYC

The OCC has announced it will hold Innovation Office Hours, September 25–27, 2018, in New York to promote responsible innovation in the federal banking system. Office Hours are one-on-one meetings with OCC officials to discuss financial technology, new products or services, partnering with a bank or fintech company, or other matters related to responsible innovation. OCC staff will provide feedback and respond to questions. Each meeting will last no longer than one hour.

Interested parties should request a session by August 17, 2018, and are asked to provide information on why they are interested in meeting with the OCC. Specific meeting times and arrangements will be determined after the OCC receives and accepts the request. For more information see the Responsible Innovation web page and a General Guide.

08/08/2018

Bureau joins global financial innovation network

The CFPB/BCFP announced yesterday it has joined 11 financial regulators and related organizations in an initiative to create the Global Financial Innovation Network (GFIN). The network will seek to provide a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale new ideas. It will also create a new framework for cooperation between financial services regulators on innovation-related topics. The GFIN is organized around a draft consultation document that sets out the three primary proposed functions of the organization:

  • act as a network of regulators to collaborate and share experience of innovation in respective markets, including emerging technologies and business models;
  • provide a forum for joint policy work and discussions; and
  • provide firms with an environment in which to trial cross-border solutions.

The Bureau and the other regulators are seeking views by October 14, 2018, on the mission statement for the GFIN, its proposed functions, and where it should prioritize activity.

08/01/2018

Treasury report on nonbank financials, fintech and innovation

The Treasury Department announced Tuesday it has issued a report identifying improvements to the regulatory landscape that will better support nonbank financial institutions, embrace financial technology, and foster innovation. This is the fourth in a series of reports in response to Executive Order 13772 (February 2017), which called on Treasury to identify laws and regulations that are inconsistent with the Core Principles for financial regulation it set forth.

08/01/2018

OCC to accept applications from fintech companies

As if coordinated with the Treasury Department's Tuesday release of a report that encourages the Office of the Comptroller of the Currency to "further develop its special purpose national bank charter, previously announced in December 2016" [see the Top Story], the OCC has announced [News Release 2018-74] it will begin accepting applications for special purpose national bank charters from nondepository financial technology (fintech) companies engaged in the business of banking. The decision was documented in a policy statement and supplement to the OCC’s Comptroller's Licensing Manual, both published Tuesday.

Qualifying fintech companies also may apply for federal charters under the OCC’s authority to charter full-service national banks and other special purpose banks, such as trust banks, banker’s banks, and credit card banks.

07/25/2018

G20 commitment to implement FATF standards and combat risks from crypto assets

G20 Finance Ministers and Central Bank Governors at their meeting in Buenos Aires on July 21–22 recognized the real and growing money laundering and terrorist financing risks from crypto-assets and the urgency of action to address these risks; they reiterated their determination to fight money laundering and terrorist financing, and they called on the FATF to take further action to counter proliferation financing.

07/19/2018

CFPB announces director of innovation office

Acting CFPB Director Mulvaney has announced the selection of Paul Watkins to lead its new Office of Innovation. The Office, created recently to focus on encouraging consumer-friendly innovation, is taking over work previously assigned to Project Catalyst.

07/05/2018

Proposed format change for Fedwire

The Federal Reserve Board has published [83 FR 31391] a request for comment on a proposal to adopt the ISO® 20022 message format for the Fedwire® Funds Service. ISO 20022 is an international standard that would replace the Fedwire Funds Service's current, proprietary message format. Transitioning to the new format would help to improve the efficiency of domestic and cross-border payments between the Fedwire Funds Service and other messaging systems, and could help enhance current anti-money laundering efforts. The migration to ISO 20022 would take place in three phases beginning in 2020 and ending in 2023. Comments are due by September 4, 2018.

UPDATE 7/6/18: Added comments on efficiency of payments and potential for enhancing AML efforts.

06/29/2018

How small business owners view online lenders

The Federal Reserve Board and the Federal Reserve Bank of Cleveland have announced the publication of Browsing to Borrow: "Mom & Pop" Small Business Perspectives on Online Lenders. The report examines small business owners' perceptions of online lenders and their understanding and interpretation of the information that online lenders use to describe their credit products.

06/25/2018

FTC to hold cryptocurrency scams workshop

The Federal Trade Commission has posted a reminder of its workshop to examine cryptocurrency scams at DePaul University in Chicago today, June 25, 2018, from 1-4 p.m. Central Time. A link to the webcast of the event will be added to the workshop page today.

Pages

Training View All

Penalties View All

Search Top Stories