ABA Risk and Compliance
 
 
 
 
February 18, 2022
Features
What Banks Need to Know About New Data Breach Notification Requirements
An interagency final rule is designed to improve the sharing of information about cyber incidents that may impact the nation’s banking system and requires banks to notify their primary federal regulator.
Why Banks Should Not Overlook Unclaimed Property During the M&A Process
The risk of unclaimed property is lurking in the shadows, and it can present significant financial exposure for the buyer.
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
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Risk and Compliance News
CFPB Allows Consumers to Directly Petition for Rulemakings
The CFPB announced a new process through which consumers may petition the bureau directly for rulemaking actions.
FSB: Crypto Assets Could be Threat to Global Financial Stability
The crypto-asset market could reach a point where it presents a threat to global financial stability, according to a new report released by the Basel, Switzerland-based Financial Stability Board.
ABA Makes Recommendations for Improving AML Rules
As the Financial Crimes Enforcement Network works to update its anti-money laundering framework, ABA urged FinCEN to continue working with regulators, law enforcement and the financial sector to keep up with evolving financial products, technologies and developments related to illicit finance.
How to Talk to Your Boss About Climate Change
Risk managers should be prepared to address three key climate questions for bank leadership.
Study: Small, Midsize Business Lending Fraud Rises
Small and midsize business lending fraud in the U.S. increased 6.9% in 2021 from a year earlier, according to a recent study from LexisNexis Risk Solutions.
Abrigo
A10 Networks, Inc
Republican Lawmakers Call for Changes to CFPB’s Section 1071 Proposal
Three GOP lawmakers have raised concerns about the CFPB’s pending rulemaking to implement Section 1071 of the Dodd-Frank Act.
CFPB Issues Compliance Bulletin on Use of Prepaid Cards for Government Benefits
The CFPB has released a compliance bulletin reiterating that the Electronic Fund Transfer Act and its implementing regulation, Regulation E, apply to government benefits accounts with the exception of state and local electronic benefit transfer programs.
Federal Reserve Issues 2022 Stress Test Scenarios
The Federal Reserve has released the hypothetical economic and financial market scenarios that it will use in the next round of stress tests for the nation’s largest financial institutions. This year’s stress tests will evaluate 34 large banks.
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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