Regulators stress importance of third-party due diligence
The FDIC is “working diligently” to issue updated guidance to financial institutions on third-party risk management, the agency’s Associate Director Lisa Arquette said today.
Browsing: Risk and Compliance
OCC names Chen chief climate risk officer
The Office of the Comptroller of the Currency today announced the appointment of Yue Chen as chief climate risk officer.
CPMI, IOSCO issue guidance for systemically important stablecoin arrangements
The guidance is intended to provide more clarity to systemically important stablecoin arrangements, or SAs, and relevant authorities, but is not intended to create new standards.
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 consumers who are actively seeking credit as well as those who have sought and received credit.
Assistant AG: DOJ Considers Involving CCOs in Corporate Resolutions
In all of the Department of Justice’s corporate resolutions regarding AML compliance violations—including guilty pleas, deferred prosecution agreements or non-prosecution agreements—it will now consider requiring both chief executive officers and chief compliance officers to certify that a company has remedied the situation, Assistant Attorney General Kenneth Polite announced today.
ABA, Trade Groups: HMDA Compliance Costs, Burdens Remain High
As the CFPB undertakes its planned assessment of the 2015 Home Mortgage Disclosure Act regulations…
CFPB Signals Intention to Scrutinize Credit Card Fees, Practices
In a new blog post this week, the CFPB said it is “looking to use a long-dormant authority” under Dodd-Frank Act Section 1033, which relates to consumer access to financial records, “to help spur better credit card shopping and switching by proposing rules that give consumers more control of their financial data.”
Agencies Extend Reg O Relief for Certain Fund-Controlled Companies
The federal banking agencies on Friday extended no-action relief under Regulation O for banks lending to investment fund-controlled companies under specific conditions.
OCC Finalizes Rule to Rescind 2020 CRA Rulemaking
The OCC today issued a highly anticipated final rule officially rescinding its 2020 Community Reinvestment Act rule and replacing it with rules the agency adopted jointly with the Federal Reserve and FDIC in 1995.
OCC: Operational, Strategic Risk Elevated; Banks Remain Resilient
In its Semiannual Risk Perspective Report, the OCC flagged operational and strategic risk as being elevated, with banks continuing to face increasingly sophisticated cyberattacks and take strategic risks to improve earnings.