Compliance

GAO Report Finds Flaws in Fed’s Stress Test Frameworks

Inadequate transparency, flaws in scenario design and model risk management issues surrounding the Federal Reserve’s Dodd-Frank Act Stress Test and Comprehensive Capital Analysis and Review programs could be limiting their overall effectiveness, according to a report released today by the Government Accountability Office.

Read More »

FinCEN ‘Thinking More Creatively’ in Exercising Statutory Authority

As the Financial Crimes Enforcement Network works to ensure that the financial system that is resistant to abuse and able to share valuable information with law enforcement, Acting Director Jamal El-Hindi today said at the ABA/ABA Money Laundering Enforcement Conference in Washington, D.C., that FinCEN would “think more creatively” about how it exercises its statutory authority.

Read More »

ABA Hosts Meeting on MLA Amendments

ABA today hosted a meeting with representatives from the Department of Defense, trade associations and financial institutions to discuss ongoing issues related to the Military Lending Act amendments that took effect in October.

Read More »

FFIEC Finalizes New Consumer Compliance Rating System

The Federal Financial Institutions Examination Council yesterday finalized its new uniform interagency consumer compliance rating system, intended to reflect changes in consumer compliance supervision since the current system was introduced in 1980.

Read More »

Fed Q&A Interprets Durbin Amendment Routing on EMV

Under the Durbin Amendment, card networks cannot require merchants to allow debit cardholders to choose EMV chip application when one application routes to a single network, according to a Q&A added on Wednesday to the Federal Reserve’s Regulation II frequently asked questions page.

Read More »