Appraisers and their state regulators are in the best position to limit bias in the appraisal process as banks are not well-positioned to detect such bias, ABA VP Sharon Whitaker told the federal Appraisal Subcommittee.
Browsing: Compliance and Risk
“Banks have long supported consumers accessing their own data, but believe it should be done in a safe and sound way that provides them with control,” says ABA VP Ryan Miller. With respect to Section 1033 of the Dodd-Frank Act, the CFPB “has attempted to put that into place here.”
To effectively protect the consumer and the organization, it’s paramount to delve into the human side of financial crime, says expert in risk, forensic accounting and white-collar crime research.
As ag and rural banks enter 2024, a host of legislative issues currently being debated stand ready to affect the course of their clients’ business for the foreseeable future.
Despite the pressing need to crack down on financial crimes more effectively, FINCEN has brought to fruition only part of the Corporate Transparency Act, which itself is just one of AMLA’s 12 parts.
Bad actors are continually tweaking their strategies in an effort to bypass defense systems.
As part of a broader Biden administration announcement on consumer fees, the CFPB will issue guidance interpreting a statutory requirement for large financial institutions to provide information when requested by consumers.
The value is high to banks of continually adapting their digital toolkits to remain competitive and deliver consistently positive customer experiences.
Federal agencies are tackling the broader cloud infrastructure and security issues impacting financial institutions, but banks will have to deal individually with many of the issues a recent Treasury report identifies.
All banks should conduct a gap analysis to identify opportunities to strengthen their TPRM programs and align them with the new guidance.