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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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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.


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.


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.


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.


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.


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.


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.


FTC public hearings on competition and consumer protection

The Federal Trade Commission will hold a series of public hearings on whether broad-based changes in the economy, evolving business practices, new technologies, or international developments might require adjustments to competition and consumer protection enforcement law, enforcement priorities, and policy. The hearings will begin in September 2018 and are expected to continue through January 2019, and will include 15 to 20 public sessions.


Fintech, fair lending and UDAP risks webinar

The Federal Reserve System will host a one-hour Outlook Live webinar, "Keeping Fintech Fair: Thinking About Fair Lending and UDAP Risks," on Monday, June 25, at 2 p.m. EDT. Carol Evans and Katrina Blodgett of the Federal Reserve Board will discuss fair lending and unfair or deceptive acts or practices (UDAP) risks that may arise as financial institutions adopt new technologies to serve their customers, and offer some general guideposts for evaluating those risks, with a focus on alternative data. The presentation is a companion to the article "Keeping Fintech Fair: Thinking About Fair Lending and UDAP Risks," which was published in Consumer Compliance Outlook.

UPDATE: This webinar has been rescheduled to Monday, July 16, 2018.


OCC to host innovations office hours in Denver

The OCC has announced it will hold Innovation Office Hours, August 7 and August 9, in Denver. The 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 in the federal banking system. OCC staff will provide feedback and respond to questions. Interested parties should request an Office Hours session by June 18, 2018, and are asked to provide information on why they are interested in a meeting. Specific meeting times and arrangements will be determined after the OCC receives and accepts the request.


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