ABA Risk and Compliance
 
 
 
 
June 7, 2024
Features
Economic Outlook: Have more small businesses truly turned their backs on loans?
Following the pandemic, there was a notable shift in the share of small businesses reporting they were not interested in credit. However, this is not the first time such a shift has been observed.
360factors, Inc
LemonadeLXP
Treasury Department: NFTs at high risk for fraud and scams
Non-fungible tokens are highly susceptible to use in fraud and scams, and the digital assets can be stolen from victims, the Treasury Department concluded in a new risk assessment on NFTs.
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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CFPB launches public inquiry into mortgage closing costs
The Consumer Financial Protection Bureau has launched a public inquiry into so-called "junk fees" associated with mortgage closing costs to "understand why closing costs are increasing, who is benefiting, and how costs for borrowers and lenders could be lowered."
OCC’s Hsu: Recovery planning guidelines should possibly apply to more banks
While the Office of the Comptroller’s recovery planning guidelines currently apply to banks with at least $250 billion in assets, expanding the guidelines to cover banks with at least $100 billion in assets should be on the table, Acting Comptroller of the Currency Michael Hsu said.
ABA urges technology-neutral regulation of tokenization
Regulations governing tokenization should be risk based and technology neutral, and they should allow banks to use distributed ledger technology in a safe and sound manner for more efficient, risk-reducing and cost-effective solutions, the ABA said.
K2 Integrity
Protecht Group
ABA shares banker input on banks’ use of Social Security numbers
In a letter last month, the ABA shared banker feedback on a Financial Crimes Enforcement Network request for information about the potential consequences of a possible change to the Customer Identification Program rule.
CFPB to require nonbanks to register consumer protection orders
The Consumer Financial Protection Bureau has finalized a rule requiring certain nonbanks to register information about their company with the bureau along with any agency or court orders concerning consumer protection violations, with that information to be kept by the bureau in a public registry.
ABA: FinCEN underestimates compliance burden of BOI collection
The ABA urged the Office of Management and Budget to condition renewal of a form that facilitates beneficial ownership information collection on the Financial Crimes Enforcement Agency first increasing its estimated compliance burden on banks.
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LexisNexis Risk Solutions FL Inc®
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