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August 30, 2024 |
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 Features
Third-party risk oversight is only getting more intense. It is no secret that the OCC has stepped up efforts around how banks oversee third-party risk and is cracking down on firms that cannot demonstrate cohesive and effective end-to-end management of their suppliers, especially around critical processing.
The ABA received two gold and one bronze Brandon Hall Group Excellence Awards for its redesigned Frontline Compliance Training courses for banks. Brandon Hall—a human management capital research and analyst firm—recognized ABA’s training courses in the categories of Best Compliance Training (bronze), Best Association Professional Development Program (gold) and Best Unique or Innovative Learning and Development Program (gold).
The Financial Crimes Enforcement Network has released two final rules requiring certain residential real estate professionals and investment advisers to report suspicious activity tied to illicit finance. The proposed rules were originally published in February.
The Consumer Financial Protection Bureau has opened its beta platform for filing small-business lending data, as required by Section 1071 of the Dodd-Frank Act. The beta is for testing purposes only and financial institutions should not upload actual customer data, the bureau said.
The Treasury Department recently issued its semiannual agenda to indicate that the Financial Crimes Enforcement Network intends to move forward on three notices of proposed rulemaking: the revised Bank Secrecy Act program rule, the revised customer due diligence rule (anticipated for October) and the investment adviser customer identification program requirements rule.
The Consumer Financial Protection Bureau has published filing instructions for its nonbank registry. The bureau in June 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.
The Office of Foreign Asset Control recently announced an initiative to update its list of frequently asked questions on sanctions enforcement. The changes are part of a broader modernization effort by the agency.
The FDIC has released a list of questions and answers regarding its final rule on the display of the official FDIC sign in banks and bank digital channels. The Q&As are a collection of the most frequently asked questions that the FDIC has received from stakeholders, including banks, trade associations, technology companies, vendors and other entities, according to the agency.
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