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 Technology Related

06/26/2019

New crackdown on illegal robocalls

The FTC and its law enforcement partners have announced a major crackdown on illegal robocalls, including 94 actions targeting operations around the country that are responsible for more than one billion calls pitching a variety of products and services including credit card interest rate reduction services, money-making opportunities, and medical alert systems. The joint crackdown, “Operation Call it Quits,” is part of the Commission’s ongoing effort to help stem the tide of universally loathed pre-recorded telemarketing calls. It also includes new information to help educate consumers about illegal robocalls. In addition, the FTC continues to promote the development of technology-based solutions to block robocalls and combat caller ID spoofing.

06/26/2019

FDIC statement on 'Overseeing The Fintech Revolution'

In testimony before the House Task Force on Financial Technology of the Committee on Financial Services, the FDIC submitted a statement for the record entitled "Overseeing the Fintech Revolution: Domestic and International Perspectives on Fintech Regulation," which discussed using technology to meet consumers' needs and improving the supervisory process, technology and the business of banking, the FDIC’s role in fostering innovation, and the FDIC tech lab. It concluded by saying that often regulatory agencies play "catch up" with technological advancements and their impact on regulated entities and consumers. The FDIC's goal is to reverse that trend through increased collaboration and partnership with the industry. Working together, the FDIC can help increase the velocity of transformation, while ensuring that banks continue to operate in a safe and sound manner and consumers remain protected.

06/24/2019

OCC moving to electronic fingerprinting

OCC Bulletin 2019-29, issued Friday, announces that the OCC is moving to electronic fingerprinting to facilitate background checks performed in connection with applications and notices submitted to the OCC, including applications for charters, notices of acquisition of control, and notices to replace board members or senior management in certain institutions. The OCC will begin using the new process in July 2019.

In coordination with these changes, the OCC has issued revisions to the “Background Investigations” and “Changes in Directors and Senior Executive Officers” booklets of the Comptroller’s Licensing Manual to incorporate updated procedures and requirements for electronic fingerprinting.

06/21/2019

EU-US statement on security threats

At the conclusion of the E.U.-U.S. Ministerial Meeting on Justice and Home Affairs in Bucharest, Romania, a joint statement was issued regarding E.U.-U.S. cooperation in addressing common security threats. E.U. and U.S. representatives affirmed that fighting terrorism is among their top priorities and committed to enhance their joint efforts, including by expanding the sharing of information gathered in zones of combat for use in investigations and prosecutions. The E.U. and the U.S. also discussed the priority area of security in cyberspace. Participants committed to further joint efforts to maintain a safe, open, and secure cyberspace, and exchanged views on how to best address growing cyber threats.

06/17/2019

OCC schedules two workshops in Boston

Two compliance and operational risk workshops will be hosted by the OCC at its Boston Field Office, on July 30 and 31, for directors of national community banks and federal savings associations it supervises.

  • The Compliance Risk workshop on July 30 focuses on the critical elements of an effective compliance risk management program and on 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 July 31 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.

06/13/2019

McWilliams addresses CATO Summit attendees

In remarks at the CATO Summit on Financial Regulation: “If You Build It, They Will Come” in Washington, D.C., FDIC Chairman McWilliams discussed:

  • The regulatory framework and innovation
  • Benefits of innovation
  • Benefits of banking
  • The FDIC and innovation
  • Small-dollar lending
  • Reducing regulatory burden
  • De novo banks

06/07/2019

FCC adopts robocall blocking by default

The Federal Communications Commission has approved a Declaratory Ruling to affirm that voice service providers may, as the default, block unwanted calls based on reasonable call analytics, as long as their customers are informed and have the opportunity to opt out of the blocking. This action empowers providers to protect their customers from unwanted robocalls before those calls even reach the customers’ phones. The ruling also clarifies that providers may offer their customers the choice to opt-in to tools that block calls from any number that does not appear on a customer’s contact list or other “white lists.”

The Commission also adopted a Notice of Proposed Rulemaking that proposes requiring voice service providers to implement the SHAKEN/STIR caller ID authentication framework, if major voice service providers fail to do so by the end of this year.

06/04/2019

FDIC requests input on tech assistance

In its Financial Institution Letter FIL-29-2019, the FDIC announced it has issued a Request for Information seeking feedback on the FDIC's methods and efforts to provide technical assistance. The request asks for information on additional steps the agency could take to support effective management and operation of FDIC-supervised institutions through technical assistance and collaboration on safety and soundness and consumer compliance matters. Comments on the Request for Information will be accepted for 60 days after publication in the Federal Register.

05/30/2019

US and UK establish FIP

the Treasury Department has announced the establishment of a Financial Innovation Partnership (FIP) between the United States and the United Kingdom to build on and deepen bilateral engagement on emerging trends in financial services innovation, which will include encouraging collaboration in the private sector, sharing information and expertise about regulatory practices, and promoting growth and innovation. The FIP will focus on two main areas:

  • Regulatory Engagement: Dialogue between authorities and with the private sector is critical to identify and address potential regulatory synergies, share lessons, and develop closer working relationships. The United States and United Kingdom will build on existing regulatory cooperation by discussing regulatory developments and sharing experiences on technical issues related to innovation in financial services.
  • Commercial Engagement: The FIP also seeks to promote a dynamic private sector that supports entrepreneurs and new business models – a necessary driver of financial innovation. It will provide enhanced and regular opportunities for the private sector in one country to engage with industry associations, and market participants in the other country. Through the FIP, the U.K. Department for International Trade (DIT) will bring U.K. firms to the United States and the U.S. Commerce Department will coordinate trade promotion missions to the United Kingdom..

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.

Pages

Training View All

Penalties View All

Search Top Stories