Perficient

APRIL 2, 2021

Finally, views are sought for compliance with applicable laws and regulations, including those related to consumer protection. AI can assist internal audit and independent risk management to increase sample size (such as for testing), evaluate risk, and refer higher-risk issues to human analysts. Textual analysis. Cybersecurity.

Regulation 309

Regulation Industry Risk Management Analysis 309

Perficient

MARCH 10, 2021

.” SNC (pronounced like the candy bar but without the “ers”) stands for the Shared National Credit Program, which, since 1977, has assessed risk in the largest and most complex credits shared by multiple regulated financial institutions. Loan reviews are completed in the first and third calendar quarters each year.

National 309

National Regulation FDIC Retail 309

PYMNTS

NOVEMBER 25, 2020

The age of digital currencies might be fully upon us, but key questions swirl about how to issue and regulate cryptos – especially stablecoins. Regulators and lawmakers, however, can latch onto digital currency efforts as they must monitor and also supervise such stablecoins. In a paper that debuted Tuesday (Nov.

Regulation 231

Regulation Bitcoin Cleveland Study 231

PYMNTS

DECEMBER 4, 2020

4), Dutch antitrust regulators have been looking at the company – specifically into Apple’s Pay’s near-field communications (NFC) operability. Per the Dutch regulators: They’ll seek to investigate “whether limiting the payment apps’ access to NFC communication reduces the users’ freedom of choice.”

Regulation 150

Regulation Apple Google Software 150

PYMNTS

JUNE 10, 2020

regulator announced it was launching an investigation into whether Amazon’s big investment in Deliveroo might have a chilling effect on competition in the food delivery sector – particularly by removing incentives on Amazon’s part to relaunch its own restaurant delivery service or take a larger role in the online grocery delivery sector. “In

Regulation 130

Regulation Groups Online Marketing 130

PYMNTS

OCTOBER 7, 2019

Merchants in the European Union (EU) are still wondering exactly what changes the regulation will bring when it comes to their relationships with customers. Regulators in many EU countries have their own thoughts on SCA and how long it will take merchants to prepare. Around the PSD2 and GDPR world. About the Tracker.

Regulation 134

Regulation Trends Compliance National 134

CFPB Monitor

OCTOBER 11, 2023

The proposal follows the FTC’s issuance in October 2022 of an Advance Notice of Proposed Rulemaking to address “junk fees,” a term that was used in the ANPR Notice to refer to “unfair or deceptive fees that are charged for goods and services that have little or no added value to the consumer.” . Continue Reading

Regulation 78

Regulation 78

PYMNTS

DECEMBER 14, 2018

Now victims of APP fraud can make a complaint to the PSP receiving their payment, and if they’re not satisfied with the outcome, can refer their complaint to the Financial Ombudsman Service (FOS).” s Payment Systems Regulator (PSR) found that 100 scams hit businesses or consumers every day.

Fraud 166

Fraud Regulation Payments Groups 166

PYMNTS

OCTOBER 13, 2019

financial regulators have warned firms with registered digital assets that they must follow securities laws to prevent money laundering, as well as report any suspicious activity. Secretary of State Mike Pompeo stated that bitcoin needs to be as highly regulated as SWIFT. Earlier this year, U.S.

Regulation 122

Regulation Security Bitcoin New York City 122

PYMNTS

JANUARY 16, 2020

In addition, any firms that carry out crypto asset related activity within the scope of the FCA’s regulations must register with the authority before conducting business. but then of course Brexit looms) must begin regulating cryptocurrency assets with the same regulations that govern banks and other financial firms.

Regulation 132

Regulation cryptocurrency User Experience Operations 132

CFPB Monitor

OCTOBER 21, 2021

The CFPB, Federal Reserve Board, FDIC NCUA, OCC, in conjunction with the state bank and state credit union regulators, jointly issued a statement on managing the transition away from LIBOR (Joint Statement). Appropriateness of alternative reference rates. Fallback language.

Regulation 78

Regulation Management FDIC Risk Management 78

PYMNTS

OCTOBER 15, 2018

As noted by the Conference of State Bank Supervisors (CSBS), state regulators earlier this month released the inaugural Money Services Business Industry Report, which featured transaction data tied to 2017 and focused on licensed money transmission and payments. From a high-level view, the industry handled $1.2

Report 170

Report Regulation Data Industry 170

Perficient

MARCH 30, 2023

The “cloud” refers to a global network of servers, each with a unique function, that works in tandem to enable users to access files stored within from any approved device. Recently, I attended the 2023 Bank Automation Summit , where one of the significant topics of discussion was how banks navigate their transition to the cloud.

Security 492

Security Training Data Regional 492

BankUnderground

JULY 31, 2020

To make regulation proportionate, policymakers adapt regulatory requirements to the risks posed by each firm. But regulators face a trade-off between addressing systemic risks in a proportionate way and limiting regulatory complexity. asked PRA CEO Sam Woods in a recent speech. Here we have focused on individual thresholds.

Regulation 103

Regulation Policies Analysis Capital 103

CFPB Monitor

DECEMBER 14, 2023

Yesterday, by a vote of 4-1, the Federal Communication Commission (FCC) adopted a new rule amending its regulations implementing the Telephone Consumer Protection Act (TCPA) to close what it refers to as the “lead generator loophole.”

Comparison 148

Comparison Regulation Online Industry 148

PYMNTS

OCTOBER 22, 2018

In the United Kingdom, a peer-to-peer (P2P) property lender has taken what the Financial Times called “the unusual step” of asking a regulator for aid amid a legal dispute. In reference to one Liverpool residence, an 11 million pound Lendy loan may be recoverable by only as much as 62 percent, said the FT.

Regulation 128

Regulation Virgin Islands Meeting Company 128

PYMNTS

NOVEMBER 2, 2020

Regulation. The Digital Services Act will be one of the regulations, which Vestager said will revise the eCommerce Directive and will make digital services take additional responsibility for contending with “illegal content and dangerous products.”. The Digital Markets Act is a second set of regulations. each month.

Taxes 212

Taxes National Regulation Google 212

PYMNTS

AUGUST 19, 2019

The Australian Securities and Investments Commission (ASIC) is just weeks away from filing lawsuits against the country’s biggest banks, as the regulator increases its active investigations, Reuters reported on Monday (Aug. ASIC Deputy Chair Daniel Crennan said the latest proceedings would be issued by year-end.

Regulation 109

Regulation Groups Report National 109

PYMNTS

SEPTEMBER 3, 2019

In Japan, the Fair Trade Commission said last week that it has draft guidelines in place that would promote tighter regulation of larger tech firms. In terms of crypto-focused regulation, Facebook’s proposed Libra currency project still draws calls for stringent oversight. Taxes, Too. Libra in the Crosshairs.

Guidelines 116

Guidelines Regulation Taxes United States 116

South State Correspondent

OCTOBER 9, 2019

Today LIBOR is linked to over $250 Trillion (that is with a “T”) in financial instruments and has been used as a reference rate for more than 30 years. However, regulators, for various reasons, are driving a shift to an alternative reference rate. Most community banks use LIBOR sparingly in their loan and deposit contracts.

Community Bank 170

Community Bank Community Regulation US 170

CFPB Monitor

MARCH 11, 2020

Take steps to promote the broad adoption of SOFR (citing reports indicating “that industry has recently pushed for regulators to rubber-stamp the use of additional alternative reference rates”). Remain committed to the adoption of a replacement index that is based on actual transaction data.

New York 78

New York National Groups Community 78

Perficient

AUGUST 5, 2021

Background: On June 11, 2021, the Federal Reserve published in the Federal Register a proposal to amend Regulation J to govern funds transfers through the Federal Reserve Bank’s new FedNow Service by establishing a new subpart C. Comments must reference Docket No. Interbank wires will now move funds faster than Venmo.

DC 309

DC United States Washington Regulation 309

Perficient

JUNE 1, 2022

Transactions that are not reported within the specified timeframe are classified as late (FINRA TRACE reporting requirements always reference Eastern Time). I’ve created a guide, The What, Why, and How of TRACE Reporting Compliance , that outlines the intricacies, rules, and regulations surrounding TRACE. Interested in learning more?

Report 294

Report Security Regulation System 294

PYMNTS

JULY 13, 2018

South Korean financial regulators said a unit of Samsung , Samsung BioLogics , intentionally breached corporate accounting rules, Reuters reported Thursday (July 12). The parties will be further investigated.

Samsung 100

Samsung Regulation Report National 100

PYMNTS

MAY 21, 2018

The regulatory gaze become more fully trained on social media as in Germany, intelligence official Hans Georg Maassen said last week that regulation may be needed for social media companies if the European Union finds that more transparency is needed. Also, in the U.K.,

social media 108

social media Regulation New York Data 108

Abrigo

JULY 9, 2024

Proposed NPRM FinCEN's anticipated AML/CFT program rule The Financial Crimes Enforcement Network (FinCEN) recently unveiled its Notice of Proposed Rulemaking (NPRM) for AML/CFT programs, federal regulators’ latest move to enhance the integrity and effectiveness of anti-money laundering and countering the financing of terrorism (AML/CFT) efforts.

Compliance 221

Compliance Fraud Regulation National 221

PYMNTS

MAY 29, 2018

Banks, faced with low business growth and fierce competition in the industry, are offering business loans with sweeter terms, which is worrying some regulators. The WSJ pointed to a report from The Office of the Comptroller of the Currency (OCC), which referred to an easing of commercial loan standards as a leading risk to the industry.

Regulation 101

Regulation Lending Industry Analysis 101

BankUnderground

DECEMBER 8, 2021

Out of a sample of large internationally active banks, the framework identifies and labels those banks whose failure would be particularly harmful for the global financial system as global systemically important banks (G-SIBs ) (we refer to the remaining banks in the sample as ‘non G-SIBs’). First, we count references to the G?SIB

Regulation 126

Regulation Analysis Capital System 126

CFPB Monitor

NOVEMBER 10, 2021

On October 29, the New York Department of Financial Services issued proposed amendments to 23 NYCRR 1, its regulation titled “ Debt Collection by Third-Party Debt Collectors and Debt Buyers.” They would also align the DFS regulation with several of the CFPB’s requirements in Regulation F, set to become effective on November 30, 2021.

Regulation 78

Regulation New York Branding Payments 78

CFPB Monitor

APRIL 8, 2021

On April 1, 2021, the FDIC’s final rule issued in December 2020 revising its brokered deposits regulation became effective. The final rule also requires a third party relying on either of two Designated Exceptions (referred to as the “25 percent test” and the “enabling transactions test”) to provide written notice to the FDIC.

FDIC 78

FDIC Resources Regulation Compliance 78

PYMNTS

MAY 12, 2016

In reference to regulations directly impacting the banking industry, Dimon promised that “we’re going to satisfy the regulators” and noted: “When I travel around America, I get a huge amount of complaints about regulation. Small business, middle market, large companies. And I agree with that.”

Regulation 100

Regulation Community Bank Community America 100

Bank Innovation

MARCH 30, 2018

bank said it will be switching off access to 24 million customers as the bank restructures itself as required by national regulation. These changes were established by the Bank of England in 2011, and is referred […]. The major U.K.

Online 220

Online National Regulation Mobile 220

Cisco

JANUARY 24, 2023

The prior blogs in this series, listed at the bottom, have discussed the various regulations affecting CIOs and their IT organizations. Financial institutions are regulated to be able to manage, secure, and audit their IT assets. At Cisco, we work with these different groups, and their deployments of best in class technologies.

Meeting 91

Meeting Regulation Management Technology 91

Abrigo

AUGUST 14, 2019

The SAFE Banking Act was referred to the Subcommittee on Crime, Terrorism, and Homeland Security in April of this year, and reported to the Committee on Financial Services in June. The post The SAFE Banking Act Update – Is Regulation for Banking CRBs on the Horizon? appeared first on Abrigo.

Regulation 150

Regulation Denver Community Security 150

Abrigo

NOVEMBER 4, 2024

With recent changes in AML regulations, such as FinCEN’s rule to strengthen and modernize financial institutions' AML/CFT programs, this step is also a regulatory mandate. Ensuring that all departments are equipped to refer potential suspicious activity to the AML/CFT team promotes thorough investigative coverage.

Training 195

Training Compliance System Regulation 195

CFPB Monitor

JANUARY 24, 2020

On December 18, 2019, the New York Department of Financial Services (DFS) issued its Final Regulations detailing the business conduct rules for mortgage loan servicers. These regulations will require implementation of additional New York-specific communications and servicing procedures. Effective Date. Escrow Accounts (§ 419.2).

New York 78

New York Regulation Payments Compliance 78

CFPB Monitor

JANUARY 9, 2020

The New York Department of Financial Services has sent a letter to the institutions that it regulates requiring each such institution, by February 7, 2020, to provide to DFS a description of its “plan to address its LIBOR cessation and transition risk.” (LIBOR is the acronym for the London Inter-Bank Offered Rate.).

Regulation 78

Regulation New York Management Taxes 78