ABA Risk and Compliance
 
 
 
 
July 10, 2020
Strategies for responding to COVID-19 regulatory pressures
Abrigo
In this complimentary whitepaper, Abrigo experts lay out five simple, proactive strategies that lenders can implement – even during a forbearance period — to ensure financial institutions survive the economic impact of COVID-19 and improve financial health.
Download Free Whitepaper
Advertisement
 
Features
Three Takeaways from CRA Modernization 
Provisions of OCC final rule will make CRA examination more consistent and predictable and have enjoyed widespread support. Other portions of the rule have been met with skepticism, and much work remains for all agencies. 
What Are the Biggest Challenges Facing the AML and Financial Crimes Communities?
The pandemic pointed out three major problems for risk professionals. Here is how to solve them.
Mailinglists.com
Naylor Association Solutions
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
Advertisement
 
Risk and Compliance News
CFPB Ratifies Previous Actions Following Supreme Court Decision
Following the recent Supreme Court decision in Seila Law v. CFPB—which held that the bureau may continue to operate but that its single powerful director must be able to be removed at will by the president—the CFPB has ratified most regulatory actions it has undertaken between Jan. 4, 2012, and June 30, 2020.
FinCEN Warns of Imposter, Money Mule Scams Connected with COVID-19
The Financial Crimes Enforcement Network has issued an advisory alerting financial institutions to imposter scams and money mule schemes connected to the coronavirus pandemic.
ABA Welcomes E-Sign Modernization Bill
The ABA welcomed a bill authored by Sens. John Thune (R-S.D.), Jerry Moran (R-Kan.) and Todd Young (R-Ind.) that would streamline how consumers consent to receiving electronic documents, such as bank statements, account information and contracts.
Communication Best Practices: Preparing for the Unexpected
Your communications in times of crisis—what you say and how you say it—are just as important as being able to deliver the message.
CFPB Removes Underwriting Provisions from 2017 Small-Dollar Lending Rule
The Consumer Financial Protection Bureau has issued a long-awaited final rule removing the prescriptive underwriting provisions from its 2017 small-dollar lending rule.
FFIEC: Examiners to Increase Focus on Libor Transition Preparedness
Federal financial regulators have said they will ramp up their supervisory focus on banks’ transitions away from the London Interbank Offered Rate in 2020 and 2021.
CFPB Updates Rulemaking Agenda
The Consumer Financial Protection Bureau announced updates to its rulemaking agenda. Items on the agenda and their associated timelines were submitted to the Office of Management and Budget in early March, prior to the outbreak of the coronavirus and the subsequent economic downturn.
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®
Advertisement