With many COVID-19-related accommodations for loans nearing their initial expiration dates, the Federal Financial Institutions Examination Council today issued a joint statement outlining prudent risk management and consumer protection principles for financial institutions to consider while working with affected borrowers.
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The coronavirus pandemic response has demonstrated the need for banks to take an “all-hazards approach” when designing a comprehensive operational resilience framework, said Kevin Greenfield, the OCC’s deputy comptroller for operational risk policy during the ABA Risk and Compliance Virtual Conference today.
The COVID-19 crisis has highlighted that our current risk models and third-party risk practices are no longer adequate. A proactive and permanent risk operations commitment can result in competitive advantages of business resilience, reliable regulatory compliance and brand enhancement.
In an email to member CEOs yesterday, ABA President and CEO Rob Nichols urged banks to adopt and publicly announce a policy requiring anyone entering a bank branch to wear a mask or face covering.
Prior to Dodd-Frank, federal law often preempted state law. Under the new analysis, that is generally no longer the case. As a result, banks of all sizes and charters have had to pay more attention to state law.
The pandemic pointed out three major problems for risk professionals. Here is how to solve them.
The OCC today cautioned banks to be vigilant about compliance risks that could arise as a result of their response to the coronavirus pandemic.
Five federal financial regulatory agencies today finalized a rule that removes the requirement for covered swap entities to collect initial margin from affiliates—an American Bankers Association-supported change that fosters systemic risk mitigation and allows swap entities to better manage liquidity.
Risk.net, a prominent digital publication focused on operational risk news and analysis, today awarded its 2020 Industry Initiative Award to the American Bankers Association and MSTAR, for their pilot program for operations risk modeling.
Consumer Financial Protection Bureau Director Kathy Kraninger will deliver a live keynote address during ABA’s Risk and Compliance Virtual Conference, to be held July 28-30.