Responding to several questions flagged by ABA, the OCC today issued a set of frequently asked questions to help bankers implement the agency’s 2013 guidance on managing risk associated with third-party relationships.
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The FDIC today announced that it is adopting the supervisory guidance on managing “model risk” that was previously issued by the Federal Reserve and the OCC in 2011.
With interest rates on the rise and new leadership in D.C., risk conditions on the ground are considerably different today from one year ago.
Regulatory staff from the Federal Reserve, the FDIC and the Office of the Comptroller of the Currency shared their observations and previewed forthcoming regulatory updates on third-party risk management during a meeting with ABA member bankers in Washington, D.C., this week.
Regulatory agencies are seeking targeted ways to relieve regulatory burden, according to senior officials speaking at ABA’s Government Relations Summit this morning.
Examiners at the Consumer Financial Protection Bureau and the OCC remain intensely focused on incentive compensation and sales practices, particularly at banks with more than $20 billion in assets, according to senior officials speaking at ABA’s Government Relations Summit this morning.
In a comment letter to the Consumer Financial Protection Bureau today, ABA offered several recommendations for protecting consumers’ financial information when it is being voluntarily shared with third party data aggregators.
Few banks’ contracts with technology service providers (TSPs) provide sufficient detail about the providers’ business continuity and incident response capabilities and duties, according to a report issued today by the FDIC’s independent inspector general.
In the wake of the scandal over fake accounts created at Wells Fargo, the OCC has added a strong emphasis on governance of sales practices to its risk supervision for large banks, according to the agency’s Semiannual Risk Perspective released today.