CAE Agenda: Your Monthly Audit News - June 2022
CAE Agenda: Your Monthly Audit News
Our team has collected the top internal audit news, insights and resources for financial services organizations to help you and your teams.
Thank you for reading the June edition of the CAE Agenda.
The Protiviti Team
Protiviti’s annual SOX Compliance Survey benchmarks compliance costs, hours, processes and improvements, including how these areas are affected by current business conditions. This year’s results show that costs, along with the hours that internal audit teams devote to SOX compliance, continue to increase across most, if not all, company sizes, industries and reporting types.
The results of Protiviti’s annual 2022 Sarbanes-Oxley Compliance Survey continue to quantify trends in complying with this regulation. In this webinar, Protiviti and AuditBoard will present data points and insights on today’s environment showcased in this recent survey. SOX compliance amid rising costs, labor shortages, and other post-pandemic challenges will be discussed.
Federal Reserve Bank of Minneapolis - 21 min read
Some advocates and policymakers have argued that the experience of the banking system and bank regulatory and supervisory system during the COVID-19 financial meltdown proves these systems are resilient and strong. This view, if it drives future policy deliberations, could lead us in the wrong direction. A deep drive from the Minneapolis FRB into the question of how strong were the banks during the crisis.
Bloomberg - 8 min read
Terra's UST stablecoin and its sister token Luna melted down in spectacular fashion, sending their prices to near zero and their market values plunging to a shadow of the combined $60 billion they once commanded. A visual and digestible explainer from Bloomberg on what happened.
Boston Globe - 3 min read
The three major US banking regulators said Thursday they a plan to rewrite much of the outdated regulations tied to a decades-old banking law designed to encourage lending to the poor and racial minorities in the areas where banks have branches through an overhaul of the Community Reinvestment Act by the Federal Reserve.
eMarketer - 3 min read
Banks are doubling down on their security budgets this year to protect against a spike in destructive attacks, ransomware, and “island hopping” according to new VMware report, “Modern Bank Heists 5.0.”
American Prospect - 7 min read
The OCC’s Michael Hsu expresses openness to behavioral remedies for bank mergers, when they have been shown not to work in other sectors.
JD Supra - 11 min read
After moving alone in 2020 to reform its Community Reinvestment Act (CRA) regulation, the OCC has joined the FDIC and Federal Reserve Board in issuing a joint notice of proposed rulemaking setting forth proposed amendments to their regulations implementing the CRA. A breakdown of the proposed changes.
CNBC - 3 min read
The Securities and Exchange Commission on Wednesday proposed two rule changes that would prevent misleading or deceptive claims by U.S. funds on their environmental, social and corporate governance (ESG) qualifications and increase disclosure requirements for those funds.
The Verge - 3 min read
The SEC announced that it will close to double its cryptocurrency enforcement division, adding another 20 positions to the Crypto Assets and Cyber Unit — which has been newly renamed from the “Cyber Unit.” raising the number of staff from 30 to 50.
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