Compliance Insights

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Issue
4
07/2017
July 2017 Welcome to the next edition of Protiviti’s Asia Risk and Compliance newsletter. In close collaboration with our Protiviti offices in the USA and Europe, this newsletter provides a summary of important risk and compliance developments in financial services across Asia. Recent developments in Asia include Hong Kong’s establishment of a joint fraud and money-laundering task force and Singapore’s consultation paper on draft regulation resulting from the Securities and Futures (Amendment) Act of 2017. Further afield, the Organisation for Economic Co-Operation and Development (OECD)...
06/2017
This monthly round-up of compliance news includes the following articles Small Business Lending Data Collection Personal Liability for BSA/AML Compliance Increased Regulatory Focus on Consumer Reporting OCC Updates Procedures Related to Violations of Laws and Regulations Small Business Lending Data Collection In May 2017, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) to solicit information regarding the small business lending market in response to a Dodd-Frank Act provision that will require financial institutions to submit data to the CFPB on...
05/2017
Your Monthly Compliance News Roundup A Call to Streamline State Supervision of MSBs Key Amendments to the Mortgage Servicing Rules Aim to Strengthen Protections for Borrowers CFPB Issues 2016 Fair Lending Report A Call to Streamline State Supervision of MSBs Call Report (MSB Call Report), a new resource made available in the Nationwide Multistate Licensing System and Registry (NMLS). The NMLS, originally developed as a voluntary system and later codified in the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act), is a web-based system of record for state-licensed...
04/2017
Your Monthly Compliance News Roundup OCC Releases Licensing Manual Supplement for Fintech Companies Applying for a Special Purpose National Bank Charter Russia Airs its Dirty Laundry CFPB Announces $1.75 Million Fine for HMDA Violations OCC Releases Licensing Manual Supplement for Fintech Companies Applying for a Special Purpose National Bank Charter In the January 2017 issue of Compliance Insights, we provided a summary of the Office of the Comptroller of the Currency’s (OCC) plan to grant special-purpose national bank charters to a broad range of business models, particularly...
03/2017
Your Monthly Compliance News Roundup TCH Releases Report on the Current U.S. AML and CFT Regulatory Regime The CFPB Explores the USe of Alternative Data in Consumer Credit Evaluation OCC Continues Focus on Third-Party Risk Management FINRA Remarks from the SIFMA AML and Financial Crimes Conference TCH Releases Report on the Current U.S. AML and CFT Regulatory Regime  In February 2017, The Clearing House (TCH), a trade association with a mission to advocate regulatory, legislative and legal policy issues on behalf of systematically-important banks, released a report analyzing the current...
02/2017
Your Monthly Compliance News Roundup State Regulators and Supervisors Issue BSA/AML Self-Assessment Tool FINRA Releases 2017 Examination Priorities Letter European Commission Proposes E-Privacy Regulation Regulator Takes Action on Overdrafts State Regulators and Supervisors Issue BSA/AML Self-Assessment Tool In January 2017, state regulators and the Conference of State Bank Supervisors (CSBS) released a Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Self-Assessment Tool to help financial institutions self-evaluate and better manage money laundering risk. Risk assessments are a top-of-...
01/2017
Your monthly compliance news roundup - Highlights OCC Plans to Consider Special-Purpose National Bank Charters for Fintech Companies CFPB Signals Upcoming Regulatory Activity FATF Praises U.S. Progress in Fighting Money Laundering but Identifies Vulnerabilities India’s Demonetization Spawns Creative Money Laundering Networks and Encourages the Use of Online Payment Methods Alternatives to the LIBOR Rate in 2017 OCC Plans to Consider Special-Purpose National Bank Charters for Fintech Companies In December 2016, the Office of the Comptroller of the Currency (OCC) announced its plan to...
12/2016
Regulator Warns About Sales and Production Incentives In November 2016, the Consumer Financial Protection Bureau (CFPB) issued a bulletin regarding detecting and preventing consumer harm from sales and production incentives. In its bulletin, the CFPB stresses the importance of proper oversight of employee incentives that may otherwise pose potential harm to consumers if not designed appropriately or monitored properly. The bulletin follows in the wake of a recent, high-profile enforcement action against a U.S. national bank regarding harmful sales practices. The CFPB and other regulatory...
11/2016
The Future of Financial Regulation As a result of the recent election, the United States will soon have both an administration and Congress controlled by the Republican Party. The outcome of the election will likely result in changes to financial regulation; however, the true priorities and perspectives of the incoming Congress and President-elect are not yet clear. Some of the immediate questions are addressed below: Will there be changes to the regulatory agencies? Congress has routinely called for changes to the structure of the Consumer Financial Protection Bureau (CFPB), the consumer...
10/2016
Court Ruling Regarding Its RESPA Enforcement and CFPB Constitutionality In October 2016, the U.S. Court of Appeals for the District of Columbia Circuit issued a notable ruling in the case of PHH Corporation (PHH) v. Consumer Financial Protection Bureau (CFPB). In this case, PHH brought action against the CFPB in relation to a June 2015 CFPB final order related to Real Estate Settlement Procedures Act (RESPA) anti-kickback violations alleged by the CFPB. The CFPB had ordered the disgorgement of $109 million in reinsurance premiums related to mortgage insurance premiums charged to borrowers...