There was so much news this week, I don’t even know where to start – the massive Marriott data breach, the CFPB Ombudsman’s report, the political controversy swirling at the CFPB (as well as its name change) and the first GDPR enforcement action. Read for more details on each below.
Industry News for the Week of December 3
Top compliance concerns from November – the first two can have third party implications: Read here
2018 CFPB Ombudsman’s report is here – interesting commentary on the consumer complaint database: Read here
OCC discusses how to modernize the Bank Secrecy Act – remember there can be serious consequences for failing to file SAR’s and there can also be third party implications in meeting BSA/AML requirements: Read here
Massive Marriott data breach: Read here
CFPB disclosure sandbox could put consumers’ data at risk: Read here
NAFCU on exam clarifications: Read here
NYDFS and OCC duke it out over fintech charter – no surprise!: Read here
Ballard Spahr on Chief Compliance Officers: Read here
Regulation revolution in financial services: Read here
OCC semi annual report spends a lot of time thinking about third parties, so you know that will be an exam focus: Read here
OCC Fall 2018 Semiannual Risk Perspective
The OCC has issued its Fall 2018 Semiannual Risk Perspective. The report highlights include:
- Credit quality remains strong, but the OCC is monitoring the origination quality of new loans, the potential for increased lender complacency within credit risk identification and management, and the potential embedded risks from successive years of eased underwriting.
- Operational risk is elevated as banks respond to an evolving and increasingly complex operating environment.
- Compliance risk is elevated as banks manage money laundering risks and comply with amended consumer protection requirements.
- Rising interest rates and increased competition for deposits may result in changes in funding mix or costs.
The report presents information in five main areas: the operating environment, bank performance, special topics in emerging risk, trends in key risks, and supervisory actions. It focuses on issues that pose threats to those financial institutions regulated by the OCC and is intended as a resource to the industry, examiners, and the public. See the full report: Read here
Payment tech and fintech challenges as start up: Read here
What’s in a name? CFPB name change backfires: Read here
States’ AG’s becoming most feared regulator as CFPB re-trenches: Read here
Treasury Department asks the post office to stay out of banking: Read here
How to truncate account numbers properly: Read here
Third Parties help the big banks ride the faster payment rails: Read here
Regulators disagree with FBI on elements of AML reform: Read here
I try not to focus on politics but this is worth reading, amid the 80% drop in enforcement actions and the new Democratic leadership aiming focus on CFPB: Read here
A very interesting first GDPR enforcement action: Read here
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