Your Monthly Compliance News Roundup
SCOTUS Amends Federal Bankruptcy Rules
CFPB Takes Action Against Bank for Inadequate Consumer Reporting Processes
CFPB Issues Guidance on Pay-by-Phone Fees
NY Branch of Foreign Bank Seeks to Close in Response to Regulatory Action
New OFAC Sanctions Restrict Venezuela’s Access to U.S. Markets
SCOTUS Amends Federal Bankruptcy Rules
In April 2017, the Supreme Court of the United States (SCOTUS) submitted to Congress amendments to the Federal Rules of Bankruptcy. The amendments will take effect December 1, 2017 and will have an impact on a creditor’s...
Compliance Insights
Hero Image Title:
Compliance Insights
View or Download Title:
View Compliance Insights
Issue
5
09/2017
September 2017
Welcome to the latest edition of Protiviti’s Asia-Pacific Risk and Compliance Insights. In this quarterly newsletter, we provide a summary of important risk and compliance developments across the Asia-Pacific financial services sector.
Recent developments include Hong Kong’s Securities & Futures Commission (SFC) issuing the first in a series of bulletins relating to its intervention in the pre-IPO market, Singapore’s regulatory clarification on digital token offerings and Australia’s recent civil lawsuit, related to anti-money laundering (AML), against a major domestic bank...
08/2017
Your Monthly Compliance News Roundup
CFPB Issues Rule Limiting Mandatory Arbitration Clauses
OCC Cites Rising Compliance Risk Management as Supervisory Priority
FinCEN Fines Foreign-Based Virtual Currency Exchange
CFPB Finalizes Amendments to TRID Rule, Proposes Further Changes
CFPB Issues Rule Limiting Mandatory Arbitration Clauses
In July 2017, the Consumer Financial Protection Bureau (CFPB) published a final rule that prohibits banks and other consumer financial institutions from including mandatory arbitration agreements in the contracts for consumer financial products that prevent...
07/2017
Your Monthly Compliance News Roundup
CFPB Proposes Further Changes to Prepaid Rule
The Next Frontier in AML Compliance Programs: Artificial Intelligence
CFPB Focuses on Credit Card Promotional Offers
OCC Releases Third-Party Risk Management FAQs
CFPB Proposes Further Changes to Prepaid Rule
In June 2017, the Consumer Financial Protection Bureau (CFPB) issued proposed changes to its October 2016 Prepaid Rule, which prescribed substantial new requirements for institutions offering prepaid financial products. The new requirements are intended, in part, to promote greater transparency in...
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-...