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May 24, 2024 |
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 Features
in today’s highly competitive environment in which offerings from myriad firms can help their banks rival and even outperform big competitors, the necessary due diligence can slip. Several banks have recently been dinged by regulators for insufficient oversight of third parties, especially with respect to anti-money laundering and Bank Secrecy Act requirements.
ATMs have become lucrative targets for criminals, with the FBI reporting a significant increase in the number of bank ATM robberies beginning in 2020. As one banker noted during a panel discussion on ATM crime, it seems many would-be bank robbers have concluded there is less risk — and potentially more profit — in hitting an ATM than a teller window.
The banking industry demonstrated resilience after a period of stress in early 2023 as full-year net income remained high, overall asset quality metrics were favorable and liquidity stabilized, the FDIC said in its annual Risk Review of the banking sector.
The Consumer Financial Protection Bureau issued an interpretive rule to define lenders who provide buy now, pay later products as credit card providers under the Truth in Lending Act.
The Federal Reserve, FDIC and Office of the Comptroller of the Currency issued a joint notice stating that they are moving forward with a proposal to swap out references to troubled debt restructurings with "modifications to borrowers experiencing financial difficulty," or FDMs, in call report and FFIEC 002 forms.
The Financial Crimes Enforcement Network and IRS announced the launch of a series of educational sessions to help banks and other financial institutions flag financial activity that may be tied to illicit fentanyl trafficking.
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