ABA Risk and Compliance
 
 
 
 
June 21, 2024
Features
Nichols warns about state efforts to undermine national bank preemption
ABA President and CEO Rob Nichols warned bankers that the ABA will remain vigilant about legislation at the state level that threatens to undermine national bank preemption. In his opening remarks at the ABA Risk and Compliance Conference in Seattle, he observed that "we’re seeing both blue states and red states pass laws that would interfere with national bank operations, violate preemption and tread squarely onto the OCC’s turf."
Building successful careers in bank risk and compliance (part 1)
In a time of heightened regulatory risk and business challenges, "that’s where the risk professionals become very important," says David Kelly, CERP, who recently retired as chief risk officer at Denver-based FirstBank. In part one, Kelly discusses the evolving role of technology in risk and compliance professionals and how soft skills contribute to risk and compliance career development.
Building successful careers in bank risk and compliance (part 2)
This episode of the ABA Banking Journal Podcast features part two of a conversation discussing the role of technology in the compliance and risk disciplines, how they hire and coach talent, and their involvement with ABA and other professional development providers over their careers.
360factors, Inc
LemonadeLXP
ABA experts: Regulators will be busy in second half of 2024
Banking agencies are likely to advance several potentially major regulations in the final six months of 2024, although the timing on some of the proposals under consideration remains uncertain, ABA policy experts said recently at the Risk and Compliance Conference in Seattle.
Survey: CEOs see AI as crucial to gain competitive edge
Two-thirds of banking and financial markets CEOs believe that the potential productivity gains from generative artificial intelligence outweigh the potential risks of the technology, according to a new survey by IBM.
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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Risk and Compliance News
ABA, trade groups ask CFPB to consider small firms’ needs as it finalizes Section 1033 rule
ABA, along with the American Fintech Council and the Community Development Bankers Association, sent a letter today to the CFPB urging the bureau to consider the unique position of small banks and fintech firms in complying with the requirements outlined in its proposed rule on personal financial data rights.
FinCEN releases FY 2023 Bank Secrecy Act data
The Financial Crimes Enforcement Network received approximately 4.6 million suspicious activity reports in fiscal year 2023, for an average of 12,600 reports a day, the agency said in its year-in-review report.
Shield Compliance
Protecht Group
ABA urges OFAC to ease compliance burden of updated reporting requirements
In recent comments, the ABA said that while it appreciates recent updates to Office of Foreign Assets Control reporting requirements related to blocked and rejected transactions, further revisions are needed to ease the compliance burden on banks.
CFPB warns against certain terms in financial service contracts
The Consumer Financial Protection Bureau released a circular that warns against unlawful or unenforceable terms and conditions in contracts for consumer financial products or services. In a statement, the bureau said that many contracts include terms and conditions claiming to limit consumer rights and protections.
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