Protiviti Compliance Insights

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12/2018
Your monthly compliance news roundup UDAAP: Further Clarification Forthcoming on “Abusive” Acts and Practices 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 Practices 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...
11/2018
Your monthly compliance news roundup Financial Regulators Clarify the Role of Supervisory Guidance EGRRCPA Amends FCRA to Include Security Freeze Provisions BCFP Takes Action on Provider of Pension Advance Products Financial Regulators Clarify the Role of Supervisory Guidance In September 2018, five federal agencies issued an interagency statement explaining the role of supervisory guidance for regulated financial institutions. The five agencies include the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union...
10/2018
Your monthly compliance news roundup BCFP Amends Regulation P Annual Privacy Notice Requirement Institutions Still Face Challenges to Identify Marijuana-Related Businesses as Customers BCFP Amends Regulation P Annual Privacy Notice Requirement On August 10, 2018, the Bureau of Consumer Financial Protection (the Bureau) issued a final rule amending Regulation P, which implements certain provisions of the Gramm-Leach-Bliley Act (GLBA). The amendments originated from a statutory change in the GLBA resulting from the December 2015 enactment of the Fixing America’s Surface Transportation Act...
09/2018
Your monthly compliance news roundup OCC Begins Offering Special-Purpose Bank Charters to Fintech Companies U.S. Department of the Treasury Issues Report on Non-bank Financials, Fintech, and Innovation The Sanctions Landscape Becomes More Complicated NY DFS Calls for Increased Regulation of Online Lending Agencies Issue Statements on Implementing S. 2155’s HMDA Reporting Exemptions Bureau Settles with Global Financial Institution over Failure to Comply with Regulation Z OCC Begins Offering Special-Purpose Bank Charters to Fintech Companies On July 31, 2018, the Office of the Comptroller...
08/2018
Your monthly compliance news roundup OCC Issues Guidance for Short-Term, Small-Dollar Consumer Installment Lending OCC Provides Insight into 2018 BSA/AML Priorities and Publishes Updates to BSA/AML Guidance in Comptroller’s Handbook Congress Restores Provisions of the Protecting Tenants at Foreclosure Act Bureau Issues TILA-RESPA “Know Before You Owe” Amendments OCC Issues Guidance for Short-Term, Small-Dollar Consumer Installment Lending  In May 2018, the Office of the Comptroller of the Currency (OCC) issued new guidance for its supervised banks regarding short-term, small-dollar...
06/2018
This monthly roundup of compliance news includes the following articles: BCFP Releases Spring Rule-making Agenda Payday Lending Rule Remains in Place Landmark Sports Betting Ruling Revives Money Laundering Concerns Consumer Bureau’s Spring Rulemaking Agenda and Other Key Changes  In May 2018, the Bureau of Consumer Financial Protection (BCFP, or the “Bureau”) released its semiannual regulatory agenda, which identifies the regulatory matters it anticipates having under consideration in the coming months and serves as its contribution to the spring 2018 Unified Agenda of Federal...
05/2018
This monthly roundup of compliance news includes the following articles: FinCEN Issues FAQ Regarding New CDD Rule Congress Moves to Roll Back 2013 CFPB Auto Lending Anti-Discrimination Guidance SEC Proposes New Rules to Protect Investors OCC Shares Commentary on Results of Horizontal Review of Sales Practices FinCEN Issues FAQ Regarding New CDD Rule On April 3, 2018, the Financial Crimes Enforcement Network (FinCEN) released 37 Frequently Asked Questions (FAQs) on its Customer Due Diligence Rule (CDD Rule), which went into effect on May 11, 2018. The CDD Rule clarifies and enhances CDD...
04/2018
This monthly roundup of compliance news includes the following articles: Money Laundering and Sanctions Risks of Cryptocurrency;  FSB Issues Guidance on Compensation Tools to Address Misconduct;  CFPB Issues the Final Rule Regarding Periodic Statements for Mortgage Borrowers in Bankruptcy Cryptocurrency Money Laundering and Sanctions Risks While the benefits of cryptocurrencies have been widely publicized for their potentially lucrative investment opportunity and legitimate uses to improve global payment efficiency, their high degree of user anonymity poses significant challenges to the...
03/2018
Your monthly compliance news round up: (1) NYDFS Issues Guidance for Virtual Currency Entities (2) Legislative Actions to Improve the U.S. AML/CTF Framework (3) CFPB Releases Five-Year Strategic Plan  NYDFS Issues Guidance for Virtual Currency Entities In February 2018, the New York State Department of Financial Services (NYDFS) released guidance requiring virtual currency entities to adopt measures to combat fraud and market manipulation. So-called cryptocurrencies are offered through non-bank entities using distributed ledger, or blockchain, technologies that consumers and businesses...
02/2018
1. Consumer Financial Protection Bureau Takes Steps to Reevaluate Progress Rules; 2. FINRA Issues and SEC Approves Rules to Protect Senior Investors.