ABA Risk and Compliance
 
 
 
 
May 26, 2023
Creating a world of trust
Thomson Reuters®
Discover how advanced data technology can help you keep in step with change. Our network of industry experts shares insights on emerging stories in financial fraud and AML regulations, trends impacting commercial lending, and practical guidance on KYC compliance and workflows. The fraud detection and investigation process is being revolutionized by rapid technological advancements. To compete, the financial services industry needs to adopt AML technologies to identify and mitigate fraud.
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Features
The anatomy of a ransomware attack
Inside one community bank’s cybersecurity nightmare scenario.
Podcast: The anatomy of a community bank ransomware attack
The cover story of the May/June issue of the ABA Banking Journal features an unprecedentedly transparent look into what happens inside a financial institution during and after a ransomware attack.
SYSTRAN
Thomson Reuters
Enabling cybersecurity success through governance and risk management
By fostering collaborative communication, an engaged board and leadership team can ask the right questions and identify potential areas of undue exposure or control gaps.
ABA Regulatory Policy and Compliance Inbox
Must banks disclose all co-branding relationships? If a bank reports consumer deposit accounts to a "specialty" consumer reporting agency such as ChexSystems, is it required to follow the direct dispute provisions in the Fair Credit Reporting Act? Plus more questions from the latest edition of ABA Regulatory Policy and Compliance Inbox.
Ncontracts Launches Nstitute: An Online Training Program to Earn Nstitute Certified Vendor Management Professional (NCVMP) Certification
Ncontracts®
Ncontracts, launched an online training program “Nstitute Certified Vendor Management Professional (NCVMP)" certification based on the new interagency guidance on 3rd party risk management. Nstitute is a self-paced, training program that covers essential areas of third-party risk management to empower vendor managers and professionals tasked with overseeing third-party vendors, consultants, fintechs, and others. Ncontracts is currently offering an exclusive 30% discount. 
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ABA joins Texas lawsuit to block CFPB’s Section 1071 rule
ABA President and CEO Rob Nichols announced last week that ABA has joined a lawsuit filed by the Texas Bankers Association and McAllen, Texas-based Rio Bank challenging the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act.
Fed’s Bowman again urges targeted regulatory response to bank failures
Federal Reserve Governor Michelle Bowman once again called for a "targeted" regulatory response to the recent bank failures, pushing back against broader reforms that "appear to advocate a shift away from tailoring and risk-based supervision."
Senators criticize Fed for engaging in ‘climate activism’
Nine Republican senators urged the Federal Reserve to stop engaging in "climate activism," saying the institution’s "credibility hangs in the balance."
Fenergo
Winnow Solutions, LLC
FinCEN, Commerce Department issue joint alert on Russia sanctions
The Financial Crimes Enforcement Network and the Commerce Department’s Bureau of Industry and Security issued a supplemental joint alert urging continued vigilance on the part of U.S. financial institutions for potential attempts by Russia to evade export controls.
ABA, trade groups: CFPB research skirts legal requirements
In a joint letter, ABA, the U.S. Chamber of Commerce and three other banking and credit union trade associations criticized the Consumer Financial Protection Bureau’s proposed study of disclosures as circumventing Paperwork Reduction Act requirements intended to ensure agency research maximizes the utility of information collected.
EEOC guidance addresses algorithmic decision-making tools
The EEOC said, in many cases, that an employer is responsible for its use of algorithmic decision-making tools even if the tools are designed or administered by another entity.
Crisis Response Management: Decoded
Experian Partner Solutions®
In an age of infinite information where a company’s reputation can be destroyed in as little as 140 characters, it may seem difficult to bounce back from a crisis, but it is possible. Businesses that are prepared for natural disasters or other incidents can protect themselves from serious financial losses, and keep their reputation and customer loyalty intact, if they have the right tools.
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