ABA Risk and Compliance
 
 
 
 
July 5, 2024
Features
Lessons learned from the initiative to combat redlining
Fewer topics generate more conversation in bank consumer compliance today than redlining. It is never too early for banks to assess and take steps to mitigate their risk.
Podcast: What the C-suite needs to know about redlining enforcement
In this episode of the ABA Banking Journal Podcast, Andrea Mitchell, a top fair lending attorney, reviews the latest trends in redlining enforcement. She reviews cases brought by the Justice Department, the importance of screening programs, planning for entering new markets, the role of peer analyses in managing redlining risk and the effects of redlining enforcement on M&A activity.
360factors, Inc
LemonadeLXP
Regional banks eye synthetic credit-risk tools
U.S. regional banks facing increased investor and regulatory scrutiny regarding how they manage their balance sheets and capital are eyeing synthetic risk transfers. SRTs have been popular in Europe and enable banks to transfer credit risk to investors while retaining the loans on their books.
Don’t reward misleading data
The CFPB continues to mislead policymakers and the public about credit card rewards programs.
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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FinCEN proposes new requirements for financial institution AML/CFT programs
The Financial Crimes Enforcement Network has proposed a new rule to require financial institutions to establish and maintain "effective, risk-based and reasonably designed" anti-money laundering/countering the financing of terrorism programs with certain minimum components, including a mandatory risk assessment process.
ABA, associations: Proposed cyber reporting rule misses the mark
A proposed rule requiring financial institutions and other "critical infrastructure" businesses to report cyber incidents and ransomware payments to the Cybersecurity and Infrastructure Security Agency "departs significantly" from what Congress intended when it passed the reporting law, the ABA and three other associations said today.
Shield Compliance
Protecht Group
Fed: Large banks ‘well positioned’ to withstand severe recession
The results of the Federal Reserve’s annual bank stress test showed that while large banks would endure greater losses than last year’s test, they are well positioned to weather a severe recession and stay above minimum capital requirements, the Fed announced recently.
Banking agencies preview FinCEN’s proposed rulemaking
According to a draft proposal by banking regulators released on June 20, the Financial Crimes Enforcement Network is planning to publish a program rule notice of proposed rulemaking. If finalized, financial institutions would be required to amend their anti-money laundering and countering the financing of terrorism programs to incorporate AML/CFT national priorities, along with other changes.
How Do SMB Lenders Combat Fraud?
LexisNexis Risk Solutions FL Inc®
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