On-site bank examinations will happen, but regulators still do not know when.
Federal financial regulators today said they will ramp up their supervisory focus on banks’ transitions away from the London Interbank Offered Rate in 2020 and 2021.
Recognizing the significant and long-lasting effects of the coronavirus pandemic on financial institutions, federal and state financial regulators today issued joint guidance for how examiners should assess the effects of COVID-19 on the safety and soundness of banks and credit unions.
The Federal Reserve today announced that it will resume its normal bank examination activities
In bank examinations, the Federal Reserve Bank of Atlanta will not penalize banks for “emergency decisions” made in response to the pandemic, Atlanta Fed President and CEO Raphael Bostic said today, according to a report in the Wall Street Journal.
The Federal Reserve will “temporarily reduce” its bank examination activities as it pivots to focus on responding to the immediate challenges posed by the coronavirus, the agency said in a statement tonight.
Bank management does have capacity to make the examination experience a better one. Two financial services attorneys explain how.
As part of an ongoing effort to enhance the efficiency and effectiveness of the Bank Secrecy Act/anti-money laundering regime, the federal banking agencies and the Financial Crimes Enforcement Network today issued a joint statement emphasizing their risk focused approach to BSA/AML examinations.
A recent review by the Government Accountability Office found notable variations in how federal banking regulators communicate their supervisory concerns to the institutions they oversee.
To mitigate the risk of data breaches like the Equifax breach in 2017, the Federal Trade Commission should have civil penalty authority to enforce the consumer privacy requirements of the Gramm-Leach-Bliley Act, the Government Accountability Office said in a report today.