September 29, 2023

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

September 29, 2023

SPECIAL REPORT: Suspicious activity reports surge

Financial institutions operating in the United States are filing soaring numbers of Suspicious Activity Reports (SARs), with the total number of SARs filed in 2022 surpassing 3.6 million filings.
To delve into this development further, Thomson Reuters Regulatory Intelligence has compiled a special report based on analysis of public data released by the U.S. Treasury Department’s anti-money laundering (AML) unit, FinCEN, that provides a closer look at the trends.

Read the research

Features

Harnessing synthetic data: Advancing innovation with privacy-enhanced insights

Synthetic data has emerged as an innovative way to leverage high-quality data without compromising customer trust or causing any agency angst.

All banks should conduct a gap analysis to identify opportunities to strengthen their TPRM programs and align them with the new guidance.

Don’t underestimate regulatory scrutiny of overdraft programs

As regulatory attention to overdraft practices changes and intensifies, experts advise banks to dig deep in reassessing insufficient funds programs to improve and strengthen their processes and management.

The intent of the SCRA was to ensure service members are not disadvantaged by their service and do not suffer legal disadvantages because of their absence from home or their job — not to allow service members to mismanage debt obligations.

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.

Learn More

ABA, business groups seek more time for comment on proposed overtime rule

ABA and dozens of business organizations asked the Labor Department to extend by 60 days the comment period for its proposal to increase the number of employees who are subject to overtime and minimum wage requirements.

ABA recommended several revisions to a proposed Financial Accounting Standards Board update concerning accounting for acquired financial assets.

Federal bank agencies are "trying to do too much all at the same time" and need to better appreciate how the combined costs of all their proposals could play out for the economy, FDIC Vice Chairman Travis Hill said.

FinCEN proposes extending BOI reporting deadline for new companies

FinCEN proposed extending the deadline for certain companies to file their initial beneficial ownership information reports during the first year of the new requirement.

FHFA proposed to amend its regulation restricting Fannie Mae, Freddie Mac and the Federal Home Loan Banks from purchasing, investing in, accepting as collateral, or otherwise dealing in mortgages on properties encumbered by certain types of private transfer fee covenants, or PTFCs, and in related securities, subject to certain exceptions.

Nonbank financial institutions have become an integral part of the financial services landscape, and as a result, banks and nonbanks need to be viewed as "an interconnected whole and overseen accordingly," FDIC Chairman Martin Gruenberg said.

Get ready to unlock exclusive insights into the ever-evolving world of cybersecurity! Our 11th annual "Experian 2024 Data Breach Industry Forecast" is here, offering a tantalizing glimpse into the future. With six pivotal predictions that will reshape the cybersecurity landscape, this report is a must-read for data breach professionals, cyber experts, and industry leaders.

Download Now!

Training

October 5
Webinar: CISA Cyber Hygiene Vulnerability Scanning Service and Financial Services Vulnerability Snapshot

October 11
Webinar: The Cybersecurity & Identity Benefits of .BANK

October 16 -20
School: Compliance School – Advanced
Emory Conference Center, Atlanta, GA

October 17
Webinar: Assessing Cybersecurity Risk with the CRI Profile and Cloud Profile

October 18
Webinar: Regulatory Updates and Compliance Challenges in 2023 — Part 4

October 19
Webinar: A Deeper Dive: Applying the New TPRM Guidance and Recent Enforcement Actions

October 24
Webinar: 2023 Cyber Trends and Claims

October 25
Webinar: Exploring the Financial Crime Risks and Landscape in Cannabis Banking

October 30 - November 15
Virtual School: Compliance School – Foundational

October 30 - January 5, 2024
Facilitated Training: Managing Interest Rate Risk

November 7
Webinar: Tech Innovation and AI – Managing Risk in the Rapidly Evolving Landscape

November 9
Webinar: ESG-Conscious Capitalism: Implications and Strategies for Bankers