Protiviti Compliance Insights

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01/2020
Prediction: Key Compliance Risks for 2020 (and Beyond) It is a new year, and some would say a new decade. But while a decade changes with the stroke of the clock, social and technological changes are typically years in the making, marching slowly forward as if preordained. Changes in business practises follow closely behind, as the least adaptable ones fade from sight and the entrepreneurial ones emerge or redefine themselves. The legislative and regulatory communities endeavor to keep pace, fueled or restrained by the current political climate, but always trying to ensure consumer protection...
11/2019
OCC Fines Financial Institution $30 Million for OREO Violations On October 11, 2019, the Office of the Comptroller of the Currency (OCC) assessed a $30 million civil money penalty against a large, multinational bank under a consent order for violations related to the holding period of other real estate owned (OREO). The OCC found that the bank engaged in repeated violations of the statutory holding period for OREO and failed to meet its commitment to implement corrective actions, resulting in additional violations. OREO refers to bank-owned real estate acquired in satisfaction of previously...
10/2019
CFPB Issues Innovation Policies The Consumer Financial Protection Bureau (CFPB) was established by the Dodd-Frank Act (Dodd-Frank) for the primary purpose of implementing and enforcing federal consumer financial law. However, the Dodd-Frank Act also authorises the CFPB to use its powers to accomplish other objectives.  One of those objectives is to ensure that markets for consumer financial products and services operate transparently to facilitate access and innovation.  Recently, the CFPB reminded the industry of its commitment to innovation when it updated two previously issued policy...
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...