CFPB Monitor

JUNE 16, 2022

Our discussion topics include: the differences between the CFPB’s supervisory program and the programs of the federal and state banking regulators; the CFPB’s approach to allocating resources, conducting exams, and examiner training; the origins and objectives of Supervisory Highlights; how the CFPB’s supervisory focus has changed over time and the (..)

Policies 78

Policies Leadership Training Strategy 78

CFPB Monitor

OCTOBER 2, 2019

Paul Watkins, Director of the CFPB’s Office of Innovation, joined Ballard Spahr partners Alan Kaplinsky and James Kim yesterday for a discussion of the CFPB’s final innovation policies. In some circumstances, it may be advisable to submit applications under more than one policy.

Policies 60

Policies Innovation South Carolina Indiana 60

Abrigo

JUNE 14, 2021

As seldom seen from the regulatory authorities, the Guidelines generally defines management as senior leadership, executives, or the board of directors. Common root causes include: Lack of a formal OFAC SCP Misinterpretation or failure to understand OFAC regulations Facilitating transactions by non-U.S. BSA Rules and Regulation.

Compliance 370

Compliance Training Resources Policies 370

Abrigo

JUNE 2, 2021

The guidance emphasizes a risk-focused approach to examinations and refocuses the regulators to scope each exam according to the unique financial institution, not to use a one-size-fits-all approach. The following six areas are critical when developing your exam planning: BSA/OFAC Policy integration. 6 Critical Areas.

How To 195

How To Training Compliance Policies 195

Abrigo

NOVEMBER 2, 2021

One of AMLA's primary objectives is for financial institutions to spend time doing what is truly necessary for detecting criminal activity and not spin their wheels with policies and procedures on tasks that bring no benefit to law enforcement. financial institutions. Much is at stake when a business anywhere puts its reputation at risk.".

Compliance 195

Compliance Regulation Resources Policies 195

Abrigo

MAY 20, 2022

Evaluating Leadership. What regulators look for in top-down guidance. Banks should formalize their existing model risk management activities with official policies and procedures to follow good business practices and existing supervisory expectations. BSA Rules and Regulation. BSA Rules and Regulation. Learn More.

Risk Management 195

Risk Management Management FDIC Meeting 195

Abrigo

DECEMBER 10, 2021

None of the changes represent new information but rather address specific customers that may need more attention within policies, procedures, and processes due to a higher risk for money laundering, terrorist financing, and other illicit activity. Remember, regulators use this instruction manual when they conduct an examination.

Training 195

Training Regulation Policies ATM 195

Abrigo

JUNE 10, 2020

The Bank did not begin to address its deficient policies and procedures for monitoring transactions and generating alerts until June 2014, when questions from the OCC and reports from an internal complainant caused the Bank’s Chief Risk Officer to retain outside counsel to investigate the Bank’s practices,” it said. Get adequate resources.

Resources 195

Resources Regulation Compliance Policies 195

FICO

JANUARY 13, 2020

It is safe to say that Las Vegas casinos will not soon be taking bets on the occurrence of future finance policy developments. While current FCC leadership has tried to address some of the other issues implicated in the 2018 decision (e.g., Well, my finance policy picks are in and I am on record.

Policies 52

Policies Las Vegas FDIC Washington 52

Abrigo

APRIL 25, 2023

Wouldn’t life be easier if every AML program had a policy stating that after a certain number of SARs have been filed on the same customer or member, the institution can end the banking relationship? Ask your board or executive leadership to consider the following: What is their tolerance for certain types of risk?

Strategy 195

Strategy Training Leadership Fraud 195

PYMNTS

APRIL 2, 2019

rose from third to first in the ranks due to “quick action and visionary leadership” from policy makers, as well as the slashing of regulations and laws preventing the technology from moving forward. By the latter part of 2019, the U.S. should have 92 commercial 5G deployments , versus south Korea’s 48, 16 in the U.K.

US 160

US Policies United States Leadership 160

CFPB Monitor

APRIL 17, 2019

In remarks today at the Bipartisan Policy Center (BPC), CFPB Director Kathy Kraninger outlined how she plans to use the various “tools” available to the CFPB. Director Kraninger began her remarks by indicating once again that the CFPB’s focus under her leadership will be on the prevention of harm to consumers. Supervision. Enforcement.

Policies 68

Policies Compliance Leadership Tools 68

CFPB Monitor

MARCH 9, 2021

Providing further confirmation that the CFPB plans to ramp up its enforcement efforts under its new leadership, the CFPB is recruiting one or more attorneys from other federal agencies to work in its Office of Enforcement.

Leadership 78

Leadership Policies Lending Regulation 78

PYMNTS

SEPTEMBER 3, 2019

And regulators are taking a close look at payroll advance apps. While consumers are flocking to eCommerce, merchants working on expanding and selling online in more markets must comply with local sales tax regulations. Regulators Taking a Close Look at Payroll Advance Apps. Incoming EU Leaders Plan New AI, Data Use Laws.

Innovation 101

Innovation Data Taxes Payments 101

PYMNTS

SEPTEMBER 4, 2019

“In the case of new technologies — including digital currencies — that means being alert to risks in terms of financial stability, privacy or criminal activities, and ensuring appropriate regulation is in place to steer technology towards the public good,” Lagarde said.

Industry 162

Industry cryptocurrency Leadership Innovation 162

PYMNTS

DECEMBER 2, 2019

These groups also face a common small- to medium-sized business (SMB) challenge — needing to track every transaction to prove fiscal responsibility to donors and regulators. according to the latest figures from the IRS, which monitors and regulates such organizations. There are approximately 1.56 trillion in revenues and $2.4

Management 141

Management Taxes Groups Regulation 141

CFPB Monitor

AUGUST 5, 2021

To further its ongoing diversity, equity, and inclusion (DEI) efforts, the New York State Department of Financial Services (DFS) announced an initiative to collect and publish diversity data on the demographic makeup of NY-regulated financial institution’s boards and senior management teams.

Data 78

Data New York Leadership Industry 78

PYMNTS

JULY 19, 2018

I am confident that, under his leadership, the Office of Innovation will make significant progress in creating an environment where companies can advance new products and services without being unduly restricted by red tape that belongs in the 20th century.”.

Innovation 100

Innovation Arizona Policies Leadership 100

CFPB Monitor

JULY 14, 2022

The Order seeks a national policy for digital assets across six “key priorities” : consumer and investor protection; financial stability; illicit finance; U.S. Mitigation of illicit finance and national security risks posed by misuse of digital assets; d. Reinforcement of U.S.

United States 78

United States Leadership Policies Regulation 78

PYMNTS

OCTOBER 22, 2019

Treasury Department, has joined Ripple’s board of directors, and will help to guide the company’s policy activities in Washington, D.C. . “In At Ripple , we look forward to continued conversations with policymakers, and are building a team that brings a wealth of legislative and policy experience.” . In the U.S.

blockchain 102

blockchain Washington Policies Leadership 102

PYMNTS

AUGUST 29, 2018

Deutsche Bank ’s Chief Executive Christian Sewing said on Wednesday (August 29) that the banking regulations in Europe remain fragmented, hurting the opportunity for international deals in Europe. Under my leadership, this aspiration won’t be questioned,” he said. With tensions increasing with the U.S.,

Conference 100

Conference Leadership Regulation National 100

PYMNTS

OCTOBER 22, 2019

Treasury Department, has joined Ripple’s board of directors, and will help to guide the company’s policy activities in Washington, D.C. . “In At Ripple , we look forward to continued conversations with policymakers, and are building a team that brings a wealth of legislative and policy experience.” . In the U.S.

blockchain 100

blockchain Washington Policies Leadership 100

PYMNTS

MARCH 17, 2017

Addressing Challenges for Highly Subjective and Complex Accounting Areas concluded that an effective accounting policy is also critical and guides all other processes. These policies must also be tested in the field and monitored to ensure companies remain compliant after they have been implemented in the enterprise.

Fraud 100

Fraud Report Policies Leadership 100

CFPB Monitor

JANUARY 3, 2019

The Bureau’s Office of Innovation, which was created under the leadership of former Acting Director Mick Mulvaney, is focused on encouraging consumer-friendly innovation through the creation of policies to facilitate innovation, engagement with entrepreneurs and regulators, and the elimination of outdated or unnecessary regulations.

Arizona 60

Arizona Innovation Policies United States 60

PYMNTS

DECEMBER 28, 2020

Published reports indicate that China’s central bank and banking, securities and foreign-exchange regulators summoned Ant Group executives this past weekend to discuss official concerns about the firm. Reuters quoted central bank Vice Gov. Any FinTech disruptor, when it becomes so big, represents systemic risk,” he told Webster.

US 168

US Regulation Groups System 168

PYMNTS

DECEMBER 10, 2018

Wells Fargo won’t be allowed to grow until it hardens its risk management policies to make sure there are no more abuses of customers, according to a report by Reuters. Jerome Powell, chairman of the Federal Reserve, wrote a letter to U.S. Senator Elizabeth Warren on Nov. 28 and outlined his views and decisions on the bank. “We

Leadership 123

Leadership Risk Management Policies Regulation 123

Abrigo

DECEMBER 30, 2019

It is critical for leadership and the Board of Directors to be engaged in all areas of the institution, including compliance with the BSA. Their commitment should be visible within the organization, and if it is not, regulators will take notice. Some specific internal control common findings center around policies and procedures.

Training 195

Training Compliance Leadership Fraud 195

Abrigo

JUNE 27, 2024

Insurance coverage and restrictions: Many small businesses aren’t covered by insurance for theft, or their insurance policy states that they are not to keep more than a given amount of cash on hand in the event of a robbery. Show your board of directors and leadership an outline of what it will take to prepare for FedNow at your institution.

Examples 221

Examples Fraud Report Training 221

American Banker

APRIL 17, 2024

told American Banker that he sees a concrete path to chair the House Financial Services Committee that relies on his long experience in committee leadership and long political career. Frank Lucas, R-Okla.,

Leadership 48

Leadership Policies Compliance Regulation 48

CFPB Monitor

JULY 27, 2020

In addition, the Bureau provided supervisory recommendations “pertaining to supervisory concerns related to weak or nonexistent fair lending policies and procedures, risk assessments, fair lending training, service provider oversight and/or consumer complaint response.”.

Report 78

Report Lending Leadership National 78

PYMNTS

SEPTEMBER 4, 2018

The report by software industry lobby group Nasscom and consulting firm PwC India — called “Propelling India Towards Global Leadership in eCommerce” — says that India’s eCommerce industry is expected to contribute 4 percent of GDP by 2022.

Marketing 128

Marketing Retail Leadership Industry 128

CFPB Monitor

DECEMBER 6, 2021

Prior to the issuance of the two new reports, the Bureau’s most recent report on overdrafts was issued in August 2017 under the leadership of former Director Cordray. Two earlier reports were issued in June 2013 and July 2014 , also under former Director Cordray. And, in any event, high fees alone are not unlawful.

Regulation 78

Regulation Policies FDIC Report 78

CFPB Monitor

MAY 4, 2022

Accordingly, many of the examinations discussed in the report would have taken place under the leadership of former Acting Director Uejio. Servicers that did maintain policies to obtain refunds frequently failed to apply the refunds which resulted in inaccurate deficiency balances when vehicles were sold after repossession.

Cards 78

Cards Report Management Policies 78

PYMNTS

JUNE 17, 2019

Kraninger, as noted by ACA , will host a symposium series “aimed at stimulating a proactive and transparent dialogue in the policy development process”, the agency said, with the first to be held on June 25. Regulations Abroad.

cryptocurrency 108

cryptocurrency California United States Regulation 108

CFPB Monitor

AUGUST 16, 2019

The Committee concluded that senior leadership among large U.S. From a policy perspective, the Committee reported that only 1 out of 25,000 employees on average is dedicated to diversity; diversity metrics are not tied to compensation; and only half of megabanks tie it to performance. With average spend on diverse suppliers of $1.4

CA 60

CA Leadership Regulation Groups 60

American Banker

OCTOBER 29, 2024

The lawmaker said leadership on the House Financial Services Committee is supportive of the legislation, which would limit the ability of credit-reporting agencies to sell homebuyer information to financial service providers.

Leadership 28

Leadership Report Policies Compliance 28

CFPB Monitor

JANUARY 12, 2021

The Taskforce was charged with examining the existing legal and regulatory environment for consumers and financial services providers and making recommendations to the Bureau’s leadership for improving consumer financial laws and regulations. The report consists of two volumes. Enforcement.

Report 78

Report Regulation Policies Compliance 78