ABA Risk and Compliance
 
 
 
 
May 15, 2020
Features
Podcast: Answering Banker Questions on Post-COVID-19 ‘Return to Normal’
As states begin to relax stay-at-home orders, many banks are beginning to plan for the safe and efficient return to normal in-office operations. Here are some answers to banker questions on what they need to know.
The Big Brain in the Black Box
AI, machine learning and alternative data are helping banks and nonbanks alike make faster decisions and expand access to credit. While fair lending concerns about "black boxes" have impeded wider adoption of these technologies, the regulatory environment is shifting.
SilverTech Incorporated
McGuffin Creative Group
WHY YOUR BANK NEEDS A CMS
Ncontracts
Regulators have been emphasizing the importance of a strong and effective Compliance Management System. This whitepaper will walk you through the basics of a CMS while offering practical advice on how to ensure your CMS supports your strategic goals.Takeaways include:
·A primer on CMS requirements
·4 key elements to prioritize when designing or updating a CMS
·7 CMS features that should align with your bank’s goal and structure
·Examples of failed CMSs and compliance controls
CLICK HERE TO DOWNLOAD AND LEARN ABOUT OUR CMS SOFTWARE
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Risk and Compliance News
FinCEN: Fraud Schemes Pegged to Remote Environments, Pandemic News
Financial Crimes Enforcement Network Director Kenneth Blanco has outlined several coronavirus-related trends FinCEN is seeing in cyber crime.
CFPB to Offer Flexibility for Creditors Working to Resolve Billing Errors During Pandemic
The Consumer Financial Protection Bureau today said it would provide flexibility for creditors to resolve billing errors during the coronavirus pandemic.
McWilliams: Banks Should Rely on Borrower Certifications When Making PPP Loans
FDIC Chairman Jelena McWilliams confirmed that banks should rely on borrowers’ statements certifying that their economic need is legitimate when making Paycheck Protection Program loans, referencing a recent interim final rule issued by the Small Business Administration.
Agencies Issue Policy Statement on Allowances for Credit Losses
The financial regulatory agencies today issued a final interagency policy statement on determining allowances for credit losses under the current expected credit loss methodology.
ABA Announces New Risk and Compliance Virtual Conference
To support bankers as they continue to manage and plan for new challenges, ABA will hold a national Risk and Compliance Virtual Conference on July 28-30.
Naylor Association Solutions
Naylor Association Solutions
Fed: Banks Entered Coronavirus Pandemic in Strong Condition
The nation’s banks "entered the current crisis well positioned to support continued lending" during the pandemic, the Federal Reserve said in its supervision and regulation report released today.
ABA Supports OCC Guidance for Short-Term Investment Funds
In a letter to the OCC, the ABA offered support for guidance issued by the agency in March aimed at providing additional flexibility to the rules governing short-term investment funds—bank-managed funds for fiduciary clients that are similar to money market mutual funds.
CFPB Finalizes ABA-Advocated Changes to Remittance Rule
The Consumer Financial Protection Bureau has finalized several ABA-advocated changes to the remittance rule, including one that will permanently allow depository institutions to estimate certain fees and exchange rates when making disclosures to their customer about the cost of remittance transfers.
Agencies Extend Resolution Plan Deadlines for Certain Firms
As banks continue to address the immediate challenges of the COVID-19 pandemic, the Federal Reserve and the FDIC announced that they would extend two upcoming deadlines for certain banks required to file resolution plans for orderly resolution in the event of material financial distress or failure.
Data Breach Response Ready
Experian Partner Solutions®
Your free go-to hub to help your business take those crucial first steps in preparing a customer first notification response. Data breach incidents unfortunately happen daily, across all businesses, all over the world. We created this hub especially for businesses to feel confident, secure, and prepared for a data breach. Whether your business is small, medium or large, we will partner to help you take proactive steps in all stages of a breach.
Be Response Ready®
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