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.
As part of its ongoing exam modernization initiative, the Federal Financial Institutions Examination Council today issued a policy statement aimed at promoting clarity and consistency of reports of examination.