Protiviti Compliance Insights

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09/2019
Federal Reserve to Develop Real-Time Payment and Settlement Service to Support Faster Payments On August 5, 2019, the Federal Reserve Board (FRB) announced plans to develop a new interbank round-the-clock and real-time gross settlement service called the FedNow Service to support faster payments. With integrated clearing functionality, FedNow will involve the settlement of interbank obligations through entries in banks’ master accounts at the Federal Reserve Banks. The planned service will support domestic transfers up to $25,000 with processing times expected to be seconds. Participation in...
08/2019
Disparate Impact Risk of AI Use in Underwriting On May 9, 2019, Maxine Waters (D-CA), chairwoman of the House Committee on Financial Services, announced the creation of a Task Force on Artificial Intelligence (Task Force). The Task Force, chaired by Congressman Bill Foster (D-IL), is responsible for informing Congress on the financial services industry’s use of artificial intelligence (“AI”) and its impact on consumers, investors, and small businesses. The Task Force held its first hearing, titled “Perspectives on Artificial Intelligence: Where We Are and the Next Frontier in Financial...
07/2019
Your monthly compliance news roundup SEC Adopts Regulation Best Interest to Enhance Protections for Retail Investors Recent OFAC Amendments Include New Obligations FDIC Releases Supervisory Highlights Outlining Consumer Compliance Issues CFPB Releases Spring 2019 Rulemaking Agenda SEC Adopts Regulation Best Interest to Enhance Protections for Retail Investors On June 5, 2019, the Securities and Exchange Commission (SEC) adopted rules designed to enhance the quality and transparency of retail investors’ relationships with investment advisors and broker-dealers. Of specific...
06/2019
Your monthly compliance news roundup A Framework for OFAC Compliance Commitments CFPB Issues Fair Debt Collections Practises Act (FDCPA) Proposal FINRA Issues Anti-Money Laundering Red Flag Guidance for Broker-Dealers DOJ Updates Compliance Programme Guidance A Framework for OFAC Compliance Commitments On May 2, 2019, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) published guidance to assist organisations in developing an appropriate risk-based sanctions compliance programme (SCP). The guidance, titled A Framework for OFAC Compliance Commitments, instructs...
05/2019
Your monthly compliance news roundup CFPB Releases Supervisory Highlights Outlining Recent Examination Findings The CFPB Prepaid Accounts Rule Takes Effect White House Issues Guidance on Compliance with the Congressional Review Act New York Passes Student Loan Servicing Law CFPB Releases Supervisory Highlights Outlining Recent Examination Findings In March 2019, the Consumer Financial Protection Bureau (CFPB) released its Winter 2019 Supervisory Highlights report. Supervisory Highlights is a periodic publication of the CFPB created to share key findings from CFPB examinations to help...
05/2019
Your monthly compliance news roundup An Overview of Proposed BSA/AML Legislative Reforms FTC Proposes Changes to Privacy Regulations Private Education Loan Borrowers Find Relief in the Economic Growth, Regulatory Relief, and Consumer Protection Act FFIEC Issues Policy Statement on Examination Reports An Overview of Proposed BSA/AML Legislative Reforms The House Financial Services Committee is making a focused effort at reforming the United States’ Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regulatory regime. In March, the committee released three proposed bills related to...
03/2019
Your monthly compliance news roundup Agencies Release Final Rule on Private Flood Insurance Policies EU Money Laundering Blacklist Evokes Strong Reaction CFPB Proposes to Rescind Provisions of Payday Lending Rule Agencies Release Final Rule on Private Flood Insurance Policies On January 25, 2019, the financial regulatory agencies released a final rule governing the acceptance of private flood insurance policies. This final rule, which will become effective on July 1, 2019, implements section 100239 of the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert Waters Act), which...
02/2019
Your monthly compliance news roundup CFPB Seeks Clearly Defined Supervisory Authority Over the Military Lending Act United States Sanctions Venezuela’s State-Owned Oil Company FDIC Chairman Discusses Principles of Supervision CFPB Seeks Clearly Defined Supervisory Authority Over the Military Lending Act In January 2019, Kathleen Kraninger, director of the Consumer Financial Protection Bureau (CFPB), sent a letter to Congress seeking explicit authority to conduct supervisory examinations of financial institutions for compliance with the Military Lending Act (MLA). The letter included a...
01/2019
Your monthly compliance news roundup The Nexus Between the Digital Asset Ecosystem and Sanctions Risk CFPB Settles with Financial Institution on Fair Credit Reporting Practices Agencies Propose Amendments to Regulation CC Regarding Funds Availability FINRA Annual Report Regarding 2018 Examination Findings The Nexus Between the Digital Asset Ecosystem and Sanctions Risk Virtual currency has become a prominent component of the global financial system. Although the legal and regulatory obligations associated with this emerging technology are not entirely clear, 2018 was a significant year...
12/2018
Your monthly compliance news roundup UDAAP: Further Clarification Forthcoming on “Abusive” Acts and Practises Federal Banking Agencies Issue Frequently Asked Questions on the Appraisal Regulations The Benefit of Sharing BSA/AML Resources UDAAP: Further Clarification Forthcoming on “Abusive” Acts and Practises Since the passage of the Dodd-Frank Act (DFA), the financial services industry has raised concerns related to the Bureau of Consumer Financial Protection’s (BCFP, or Bureau) authority to take action against financial institutions engaging in unfair, deceptive or abusive acts or...