New study details costs, drivers of financial crime compliance
The cost of financial crime compliance in North America for 2022 is estimated at $56.7 billion, up 13.6% from 2021.
Tag: Compliance
CFPB to hold technical implementation meetings on 1071 reporting
As the CFPB continues work on its Dodd Frank Act Section 1071 rulemaking—which relates to the collection of small business ...
FSB Calls for Parity in Crypto Market Regulation
Crypto-assets and markets must be subject to effective regulation and oversight equal to the risks they pose domestically and internationally.
Agencies update spring rulemaking agendas
The federal regulatory agencies this week announced updates to their spring rulemaking agendas for 2022. Among the CFPB’s priorities are ...
Jackson recognized with Distinguished Service Award
Lawrence “L. Ray” Jackson, former FDIC deputy regional director for the division of depositor and consumer protection in the Chicago ...
CFPB moves to scrutinize banks’ overdraft programs
As part of a pilot supervision effort, the CFPB has requested information on overdraft and non-sufficient funds practices from “over ...
CFPB to lenders: Algorithms, AI used in credit decisions must be explainable
In a new circular, the CFPB said that under the Equal Credit Opportunity Act and Regulation B, creditors are not ...
CFPB blog post highlights resources for Spanish-language customers
In a new blog post, the CFPB highlighted its resources available to help financial institutions serve their Spanish-speaking customers.
Banking agencies issue updated flood insurance guidance
The banking agencies issued a set of reorganized, revised and expanded interagency questions and answers on flood insurance compliance.
CFPB affirms ECOA applies to existing borrowers
In an advisory opinion, the CFPB affirmed that the Equal Credit Opportunity Act and its implementing regulation, Regulation B, protect ...
