Rethinking your risk assessment
Change is constant, so risk identification for banks should be an ongoing process.
Change is constant, so risk identification for banks should be an ongoing process.
While some banks might be well positioned to establish a dedicated role or even a team, others may prefer to have a cross-compliance collaboration approach.
The Government Accountability Office found significant room for improvement regarding the Department of Justice’s obligation under the Anti-Money Laundering Act of 2020 to provide the Financial Crimes Enforcement Network with information on their use of Bank Secrecy Act reports.
Chief credit officers discuss the importance of timely information to navigate volatility and risk.
Following a documented process should increase bank confidence when aiming to balance AML and consumer fairness risk.
Successful information sharing will reduce the time it takes to interdict, stop and report criminal activity, boost customer trust and protect a brand’s reputation.
As the CFPB continues work on its Dodd Frank Act Section 1071 rulemaking—which relates to the collection of small business lending data—the bureau will hold two events in the coming weeks to discuss technical implementation of the rule’s reporting requirements.
The voluntary information collection resource was created to assist financial institutions in assessing their inherent cyber risks.
The Basel Committee on Banking Supervision today issued a newsletter focusing on credit risk, which has risen in recent months due to inflation and the COVID-19 pandemic.
Late fees for financial products, when charged appropriately, incentivize timely payment and good financial management, ABA and three other financial trade groups told the CFPB in response to a recent request for information.