August 4, 2023

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August 4, 2023

Features

Section 1071 requirements will bring major challenges and risks

Another indication of significant challenges ahead is the 888-page final rule’s frequent use of a version of the term "reasonably designed procedures"—175 times.

Banks wrap up Libor loose ends

After years of preparation, banks saw a smooth transition to SOFR and other alternative rates.

How privacy impacts innovation in banking

Bankers should familiarize themselves with privacy as well as the ways in which it manifests in the epicenter of AI and open finance.

More than one-third (35%) of banking customers reported experiencing at least one type of fraud in the past year, according to new data released by J.D. Power.

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.

Learn More

Risk and Compliance News

Federal judge delays Section 1071 compliance dates; temporary relief applies only to ABA, TBA members

A federal judge in Texas today issued an order blocking enforcement of the Consumer Financial Protection Bureau’s Section 1071 final rule while the Supreme Court hears a challenge to the constitutionality of the CFPB’s funding structure.

The Federal Reserve announced individual capital requirements for banks with more than $100 billion in total consolidated assets.

The Securities and Exchange Commission adopted a final rule requiring publicly traded companies to disclose material cybersecurity incidents they experience within four business days.

Banking agencies stress need for liquidity risk management

Federal banking agencies released updated guidance on liquidity risks and contingency planning, saying that the bank failures of the first half of the year underscore the importance of both.

The Federal Housing Administration proposed making permanent a pandemic-related rule that waives the Department of Housing and Urban Development’s requirement for mortgagees to meet in person with borrowers who are in default on their mortgage payments.

ABA and the Bank Policy Institute petitioned the Federal Reserve to open for public comment both the supervisory models and stress scenarios that the agency uses to calculate binding capital requirements through its annual stress tests.

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Training

August 17
Webinar: Techniques for Building a Powerful Fraud Network

August 29
Webinar: #BanksNeverAskThat – Everything You Need to Know

August 30
Webinar: ABA’s Guide to Section 1071 – A Quick Recap and a Deeper Dive

September 11 - October 27
Facilitated Training: Analyzing Bank Performance

October 8 - 10
Conference: Annual Convention
Music City Center, Nashville, TN

October 16 -20
School: Compliance School – Advanced
Emory Conference Center, Atlanta, GA

October 18
Webinar: Regulatory Updates and Compliance Challenges in 2023 — Part 4

October 19
Conference: MDI Partnership Summit
Washington, DC

October 25
Webinar: Exploring the Financial Crime Risks and Landscape in Cannabis Banking

October 30 - November 15
Virtual School: Compliance School – Foundational

October 30 - January 5, 2024
Facilitated Training: Managing Interest Rate Risk