ABA Risk and Compliance
 
 
 
 
April 12, 2024
Building a Robust Model Risk Program in the Age of AI
Protecht Group®
Artificial Intelligence (AI) is poised to shake up the traditional financial models used by banks, credit unions and financial institutions. Is your Model Risk Management program up to the task?As we navigate the twin challenges of technology innovation and risk management, the true magic lies in weaving enterprise risk and model risk into an agile strategy that not only protects but propels us forward.
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Features
Rethinking operational risk in the Basel III endgame
Proposed changes in operational risk capital requirements account for the vast majority of expected capital increases, with a predictable result of constrained credit and growth.
ABA: Bank economists grow more optimistic about credit conditions
Bank economists are growing more optimistic about the outlook for credit conditions over the next six months compared to the latter half of 2023, according to the ABA's latest Credit Conditions Index.
360factors, Inc
LemonadeLXP
Bank identification requirements for payable-on-death beneficiaries: Which rule applies?
Also: The Unlawful Internet Gambling Act and understanding guidance on account re-opening and more from the ABA Regulatory Policy and Compliance Inbox.
Survey: Community bankers remain concerned about economy, regulation
Community bankers are showing slightly more confidence in the future economic conditions but still have concerns, particularly about regulatory burden, according to the latest Community Bank Sentiment Index released by the Conference of State Bank Supervisors.
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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DOJ issues final rule on digital accessibility for state, local governments
The Justice Department has released its final rule to revise the regulation implementing Title II of the Americans with Disabilities Act to establish specific requirements for making state and local governments’ web content and mobile applications accessible.
ABA urges FinCEN to rethink currency transaction report requirements
A Financial Crimes Enforcement Network proposal to renew without change its information collection requirements for currency transaction reports, or CTRs, severely underestimates the time and money banks must expend to meet the nearly 80-year-old requirement, ABA said in a letter to the agency.
Proposed rule to require reporting of cyberattacks, ransomware payments
The Cybersecurity and Infrastructure Security Agency — part of the Department of Homeland Security — announced a notice of proposed rulemaking to implement a 2022 law requiring financial institutions and other "critical infrastructure" businesses to report cyber incidents and ransomware payments to the department and agency.
K2 Integrity
Protecht Group
ABA, state associations urge CFPB to withdraw overdraft proposal
Warning that "consumers will lose" if the CFPB’s overdraft proposal is finalized, ABA and 52 state bankers associations urged the CFPB to withdraw it. The proposal would re-classify overdraft as "credit," despite Congress’ determination 50 years ago to the contrary.
Fed’s Barr says liquidity pressures have eased since Silicon Valley Bank
Banking regulators are no longer seeing the liquidity pressures on banks that they saw following the failure of Silicon Valley Bank last year, Federal Reserve Vice Chairman for Supervision Michael Barr said during a recent Q&A at a Washington, D.C., economic conference.
FinCEN seeks comment on possible change to Customer Identification Data collection
The Financial Crimes Enforcement Network and federal banking agencies announced today they are seeking information regarding potentially allowing banks to collect only part of a Social Security number when customers open new accounts.
Unveiling the Future: The Data Breach Industry Forecast is Here!
Experian Partner Solutions®
Get ready to unlock exclusive insights into the ever-evolving world of cybersecurity! Our 11th annual "Experian 2024 Data Breach Industry Forecast" is here, offering a tantalizing glimpse into the future. With six pivotal predictions that will reshape the cybersecurity landscape, this report is a must-read for data breach professionals, cyber experts, and industry leaders.
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