ABA Risk and Compliance
 
 
 
 
January 21, 2022
Features
Ensuring your compliance team is ready for what is ahead begins with confronting a set of challenges in these key areas.
Banks that embrace innovation and harness the power of data and new technology—while remaining focused on customer service basics—will be well-positioned for future growth and resilience.
Asurity Technologies
International Monetary Fund
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
CLICK HERE TO DOWNLOAD AND LEARN ABOUT OUR CMS SOFTWARE
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Risk and Compliance News
As FinCEN works to create a long-awaited database of beneficial ownership information—a key provision of the Anti-Money Laundering Act of 2020—regulators reminded banks that they must continue to adhere to existing beneficial ownership requirements.
The Financial Crimes Enforcement Network is exploring the creation of regulatory sandboxes to test new methods of transaction monitoring, FinCEN Acting Director Him Das said at the ABA/ABA Financial Crimes Enforcement Conference.
With regulatory scrutiny of climate change-related risks growing, Federal Reserve Governor Lael Brainard promised that the Fed’s climate risk supervision will not include directives for banks not to lend to specific industries like oil and gas.
Establishing a significantly higher standard for ongoing cybersecurity and resilience in the face of what are now persistent attacks is essential.
Community banks are keeping bank branches open, with 84% responding to a recent survey that they have not closed a single branch in the past 12 months.
Abrigo
A10 Networks, Inc
While expressing support for fair lending laws and regulations, ABA and the state bankers associations raised concerns about the CFPB’s long-awaited proposed rule to implement Section 1071 of the Dodd-Frank Act, which concerns the collection of credit application data for small businesses, including women-owned and minority-owned small businesses.
In a move that will significantly reduce the annual reporting burden on banks, the Federal Reserve finalized a rule to automate non-merger-related adjustments to member banks’ subscriptions to reserve bank capital stock.
Climate change stress tests will "be a key tool going forward," Federal Reserve Chairman Jerome Powell told members of the Senate Banking Committee.
Crisis Response Management: Decoded
Experian Partner Solutions®
In an age of infinite information where a company’s reputation can be destroyed in as little as 140 characters, it may seem difficult to bounce back from a crisis, but it is possible. Businesses that are prepared for natural disasters or other incidents can protect themselves from serious financial losses, and keep their reputation and customer loyalty intact, if they have the right tools.
Download this e-book to explore
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Training

January 24 - February 25
Facilitated Training: Managing Funding, Liquidity and Capital

February 9
Webinar: New Frontiers in Combating Redlining

February 23
Webinar: New Legal Frontiers in Whistleblowing

March 21 - April 22
Facilitated Training: Managing the Bank's Investment Portfolio

March 23 - April 6
Virtual School: Compliance School - Foundational

March 29 - 31
Virtual Conference: Risk 2022