This was an eventful news week in the world of regulatory risk. On our headlines, I’ve captured only two of the fines that were levied this week, but there were several others of smaller note. In addition, there are some really big stories on other issues as well. Read below.
Industry News for the Week of October 22
Industry collaboration: Read here
New FDIC FIL on cybersecurity: Read here
NCUA exams focus on cybersecurity: Read here
Treasury action could chill banks’ suspicious activity reporting: Read here
Odd that the CFPB has not made these complaints public: Read here
The basics of risk management: Read here
FATF asks for regulation over cryptocurrencies:
Regulator alters rules to cover virtual currency firms
The Financial Action Task Force (FATF), the Paris-based body that sets standards for anti-money laundering and counter-terrorism financing rules, has announced it is now to cover firms involved in virtual currencies, including exchanges, wallet providers, and the providers of financial services for initial coin offerings. The FATF said such firms should be licensed or registered and subject to monitoring by regulators. “There is an urgent need for all countries to take coordinated action to prevent the use of virtual assets for crime and terrorism,” the FATF said.
Wall Street Journal
Lessons learned about the use of social media: Read here
OCC hits Capital One with $100 million enforcement action – nothing really third party related, tied to deficiencies in BSA / AML program: Read here
Analysis of CFPB complaints by state – the largest ones aren’t surprising but the per capita numbers are: Read here
FDIC chair expresses concern over risks posed by mortgage servicers: Read here
FDIC joins earlier actions by other regulators to set up FinTech office to assist banks: Read here
The Yahoo breach fines keep on rolling in – this one $85 million: Read here
Tim Cook (full disclosure, fellow Duke grad but I don’t know him) pushes for US version of GDPR: Read here
Cloud vendors and SOC: Read here
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