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December 20, 2024 |
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 Features
Some bank risks just never seem to go away, and that’s certainly been the case with fraud. In fact, the opportunities for fraud keep expanding. New and persistent bank risks’ interconnectedness elevate overall risk.
The Office of Cybersecurity and Critical Infrastructure Protection has released a consumer advisory on avoiding cyber and online scams during the holiday season, including a warning about suspicious texts or emails claiming to come from financial institutions.
"Fraud as a service" is a growing business in which criminals commit fraud by offering tools, services and infrastructure for a fee. Often found on the dark web, in recent years this model has become prominent on social media channels as well, turning unwitting as well as witting participants into "money mules" who help traffic money to criminals through bank accounts.
Chief compliance and chief risk officers often struggle with presenting the right information when drafting reports for their bank committees and boards. One solution that many settle on is to share a little of everything. But that approach often means that critical insights are lost amid the deluge of data, and it leaves boards in a poor place when making decisions that drive the fate of the bank.
The Office of Information and Regulatory Affairs, part of the White House’s Office of Management and Budget, has released the Fall 2024 Unified Agenda of Regulatory and Deregulatory Actions. This semi-annual report outlines each federal agency’s plans to propose, finalize or rescind regulations.
The federal banking sector remains sound, although banks’ operational risk remains elevated as evolving cyber threats target the financial services industry and their key service providers, the Office of the Comptroller of the Currency said in its semiannual risk perspective.
In a letter to the FDIC, the ABA said that the deposit data currently collected in the agency’s call reports is not a good indicator of risk and may encourage examiners, investors and other stakeholders to focus too narrowly on single data points when assessing a bank’s financial condition. Rather, "an enhanced view of a bank’s liquidity exposure may be beneficial to market participants," ABA said.
The Consumer Financial Protection Bureau has finalized a rule that applies the Truth in Lending Act’s ability-to-repay requirements and civil liability provisions to residential property assessed clean energy loans, or PACE loans.
The Federal Reserve today issued a technical clarification stating that its account access guidelines apply to excess balance accounts, or EBAs. An EBA is a limited-purpose account at a Federal Reserve Bank established for maintaining the reserve balances of eligible institutions, according to the Fed.
The Financial Crimes Enforcement Network is seeking nominations for membership in the Bank Secrecy Act Advisory Group, which reviews and discusses issues related to BSA reporting requirements. Membership is open to financial institutions subject to the BSA, trade associations, regulators and law enforcement agencies.
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