ABA Risk and Compliance
 
 
 
 
May 9, 2025
Features
Cyber threat actors are already harvesting encrypted data with the goal of decrypting it once quantum computers are more widely available.
Reported losses from suspected internet crimes exceeded $16 billion in 2024, representing a 33% increase from the year before, the FBI’s Internet Crime Complaint Center said in its annual report.
360factors, Inc
Orion
Digital growth is an essential consideration for banks looking to scale in today’s marketplace. Executives must consider the range of solutions to determine whether a fintech partnership is the right step, how to choose the right one and how to find ways to successfully implement these complex technologies.
This issue of ABA Regulatory Policy and Compliance Inbox addresses questions including discerning special exceptions under Regulation E and demographic information requirements under Regulation B.
Ncontracts Launches Nstitute: An Online Training Program to Earn Nstitute Certified Vendor Management Professional (NCVMP) Certification
Ncontracts®
Ncontracts, launched an online training program “Nstitute Certified Vendor Management Professional (NCVMP)" certification based on the new interagency guidance on 3rd party risk management. Nstitute is a self-paced, training program that covers essential areas of third-party risk management to empower vendor managers and professionals tasked with overseeing third-party vendors, consultants, fintechs, and others. Ncontracts is currently offering an exclusive 30% discount. 
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The Fifth Circuit Court of Appeals has granted a request by the Consumer Financial Protection Bureau and the American Bankers Association and other plaintiffs to end a lawsuit over changes to the bureau’s UDAAP exam manual.
The Consumer Financial Protection Bureau announced it will not prioritize enforcement of its Section 1071 small-business lending data collection rule for businesses not covered by a recent court-ordered stay.
The Federal Reserve and FDIC rescinded two joint statements issued under the Biden administration on the risk management obligations of financial institutions should they offer crypto-related services. The move was the latest by Trump administration officials to roll back regulatory roadblocks for banks that wish to engage with digital assets.
Shield Compliance
Protecht Group
The Financial Crimes Enforcement Network should take steps to improve the ability of inspectors general to determine companies’ beneficial owners, which would be useful in fraud detection efforts, the U.S. Government Accountability Office concluded in a recent report.
The Federal Communications Commission has voted to advance a proposal to create a new call authentication requirement designed to limit criminal access to the U.S. calling network.
Securities and Exchange Commission examiners are enforcing a rule governing transfer agent notifications in ways that unduly burden industry and undermine the SEC’s broader mission, the ABA said.
Every $1 of fraud loss cost organizations $3.91 on average+
LexisNexis Risk Solutions FL Inc®
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