ABA Risk and Compliance
 
 
 
 
May 14, 2021
Using Tech to Curb the Kingpins of Financial Crime
PWC®
It’s among a chief compliance officer’s worst nightmares: A bank’s financial crimes unit discovers that a commercial banking client is laundering money. The bank quickly cuts off the lawbreaker and notifies the U.S. Treasury. Case solved, right? Not so fast.
Click here to learn more
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Features
Recent legislative changes will keep banks’ Bank Secrecy Act officers busy for years to come. Here’s a CEO’s-eye view of AML/BSA changes on the horizon.
COVID-19 continues to pose significant compliance challenges for mortgage servicers.
Asurity Technologies
Western Union Business Solutions
WHY YOUR BANK NEEDS A CMS
Ncontracts
Regulators have been emphasizing the importance of a strong and effective Compliance Management System. This whitepaper will walk you through the basics of a CMS while offering practical advice on how to ensure your CMS supports your strategic goals.Takeaways include:
·A primer on CMS requirements
·4 key elements to prioritize when designing or updating a CMS
·7 CMS features that should align with your bank’s goal and structure
·Examples of failed CMSs and compliance controls
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Risk and Compliance News
ABA and nine other financial trade groups called for the OCC to formally withdraw or delay its June 2020 Community Reinvestment Act rule, following speculation that the OCC will likely pursue a different CRA modernization course under a new comptroller.
As the Financial Crimes Enforcement Network prepares to create a new beneficial ownership registry, ABA made several recommendations that should guide the agency as it develops the database—including that FinCEN ensure usability and ease of access for reporting companies, law enforcement and financial institutions.
The FDIC said this week that the banking industry remained resilient entering 2021, despite the extraordinary challenges of the pandemic. In its annual risk review publication, the agency said that the banking sector in 2020 was helped by strong capital and liquidity levels and "was a source of stability to the economy."
Questions and answers from the May/June 2021 ABA Regulatory Policy and Compliance Inbox.
Email, spreadsheets and manual searches slow down the loan process.
Abrigo
A10 Networks, Inc
A recent analysis of mortgages by the CFPB found that an estimated 4.7% of owner-occupied properties were in forbearance as of March 2021, while about 0.5% of mortgages were 60 or more days delinquent.
ABA offered several changes to a recent proposal by the Consumer Financial Protection Bureau to facilitate streamlined loan modification efforts and establish a temporary COVID-19 emergency pre-foreclosure period under Regulation X that would prohibit servicers from making the first notice or filing required to initiate foreclosure until Dec. 31.
ABA and a group of financial trade associations expressed opposition to the Non-Judicial Foreclosure Debt Collection Clarification Act (H.R. 2547), a bill that would reverse a Supreme Court decision clarifying that a business engaged in non-judicial foreclosure proceedings is not a debt collector.
Data Breach Response Ready
Experian Partner Solutions®
Your free go-to hub to help your business take those crucial first steps in preparing a customer first notification response. Data breach incidents unfortunately happen daily, across all businesses, all over the world. We created this hub especially for businesses to feel confident, secure, and prepared for a data breach. Whether your business is small, medium or large, we will partner to help you take proactive steps in all stages of a breach.
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