February 17, 2023

Past Issues | Subscribe | ABA Bank Compliance magazine | ABA Banking Journal

February 17, 2023

Features

Fake people, real threat: Banks scramble to strengthen digital verification

Banks seeking to strengthen their digital identification verification processes face complex challenges.

Guarding the digital front door

Seven tips for preventing phishing scams and enhancing security when consumers engage with your bank online.

Head in the clouds

What’s next for ensuring the resilience of the critically important cloud service provider sector?

Check fraud is big problem that’s getting worse, ABA SVP Paul Benda told CNBC for a recent news segment on the crime.

The CFPB has released the final rule implementing Section 1071 of the Dodd-Frank Act. Ncontracts regulatory compliance experts have gone through all 800+ pages. Whether you're a commercial lender, compliance professional, or member of the C-suite, this webinar on Thursday, April 20, 2023 at 1pm CST will help you understand what the Section 1071 final rule means for your team and how to move forward with confidence.

Nichols: ABA won’t ‘sit idly by’ if regulators overstep their authority

While ABA is engaging with banking regulators in constructive ways, it is also pushing back against a range of rulemakings and regulatory changes that will do more harm than good if enacted, and it is willing to go to court to fight those proposals, ABA President and CEO Rob Nichols said at this week's Conference for Community Bankers in Orlando.

The Federal Reserve’s proposed guidelines to help large banks mitigate climate change risks need to be flexible to implement, and they should not be applied to community banks, ABA said in a letter to the agency.

In a recent letter, ABA and the 51 state bankers associations urged the Financial Crimes Enforcement Network to withdraw its proposal regarding access to the registry of beneficial ownership information, calling the proposal "fatally flawed."

ABA urges SEC to drop hard close requirement for mutual fund orders

In a comment letter this week, ABA urged the Securities and Exchange Commission to drop its proposed requirement of a hard close on mutual fund orders made through intermediaries such as banks.

A proposed rule to require certain federal contractors to disclose and reduce their greenhouse gas emissions could place impractical requirements on banks and other businesses, ABA said this week.

As banks become increasingly reliant on third-party service providers, Federal Reserve Governor Michelle Bowman said bank regulators should "consider the appropriateness of shifting the regulatory burden from community banks to more efficiently focus directly on service providers."

Crisis Response Management: Decoded

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

Training

February 21
Webinar: Compliance Discussion on Overdrafts and NSF Fees—What Should Banks Do Now?

February 22
Webinar: What’s Your Plan for an Armed Assailant?

March 20 - 23
School: Compliance School – Intermediate
Emory Conference Center, Atlanta, GA

March 20 - 24
School: Compliance School – Foundational
Emory Conference Center, Atlanta, GA

March 20 - April 21
Facilitated Training: Managing the Bank's Investment Portfolio

April 10 - June 2
Facilitated Training: Managing Interest Rate Risk

April 19
Webinar: Regulatory Updates and Compliance Challenges in 2023 — Part 2

April 25
Webinar: The Rise of Scams and Crimeware-as-a-Service