Risk and Compliance Roundup
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?? In the News
Risk and Compliance Stories We're Following
Agencies Announce Dollar Thresholds for Applicability of Truth in Lending and Consumer Leasing Rules for Consumer Credit and Lease Transactions
Source:?CFPB
The Consumer Financial Protection Bureau and the Federal Reserve Board today announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2025 are subject to certain protections under Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing).
FDIC Announces Extension of Comment Period for Proposed Changes to its Brokered Deposit Regulations
Source:?FDIC
The Federal Deposit Insurance Corporation (FDIC) is extending the comment period on its notice of proposed rulemaking (NPR) to strengthen the important prudential protections of the agency’s safety and soundness rule on brokered deposits (12 CFR 337.6) that implements Section 29 of the Federal Deposit Insurance Act.
OCC Allows National Banks and Federal Savings Associations in Florida Affected by Hurricane Milton to Close
Source:?OCC
The Office of the Comptroller of the Currency (OCC) today issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks to close offices in areas of Florida affected by Hurricane Milton.
Banking Regulators Discuss Program Rule, Areas of Supervisory Focus
Source:?ABA
Representatives from four banking regulators today shared their agencies’ current supervisory priorities, including a proposed Bank Secrecy Act program rule to require financial institutions to establish and maintain risk-based anti-money laundering programs.
???FinTech Updates
Latest Financial Technology (FinTech) Trends
FDIC Proposes to Walk Back Key Aspects of the Brokered Deposits Rule
Source:?JD Supra
The Proposed Rule would require that IDIs that partner with third parties, including fintech companies, reevaluate deposit classification and, perhaps, program economics.?
Banks Must Try the Flip Side of Embedded Finance: Embedded Fintech
Source:?The Financial Brand
Banking institutions strive to build their services into nonbanks' ecommerce streams and more, but embedding fintech into their own apps and other products can improve their appeal.?
AI is Coming for Wealth Management?
Source:?Financial Times
Active wealth management tries to understand how to fit a vast array of products to changing life needs and circumstances.?
???Executive Moves
Key Risk and Compliance Hires
First Interstate BancSystem, Inc. Announces Appointment of James A. Reuter as President and CEO
Source:?Business Wire
First Interstate BancSystem, Inc. announced the appointment of James (Jim) A. Reuter as President and Chief Executive Officer, effective November 1, 2024, replacing Kevin P. Riley, whose retirement was announced earlier this year.
The Mutual Group Appoints Shannon Woods as General Counsel and Chief Compliance Officer
Source:?Yahoo Finance
The Mutual Group announced that Shannon Woods, an experienced C-suite legal and strategic executive, has joined as General Counsel and Chief Compliance Officer.
ORNL FCU welcomes Wendy Ward, General Counsel & Chief Risk Officer
Source:?Aol
Ward will oversee all aspects of legal, BSA, business continuity, compliance, human resources, and training.
???What's Trending
Best of Social Media
FDIC Extends Comment Period on Request for Information on Deposits
Source:?FDIC (Twitter)
The Federal Deposit Insurance Corporation (FDIC) is extending until December 6, 2024, the comment period on the agency’s Request for Information (RFI) on deposit data that is not currently reported in the Call Report or other regulatory reports, including for uninsured deposits.?
Agencies Announce Dollar Thresholds for Smaller Loan Exemption from Appraisal Requirements for Higher-priced Mortgage Loans
Source:?OCC (Twitter)
The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency today announced that the 2025 threshold for higher-priced mortgage loans that are subject to special appraisal requirements will increase from $32,400 to $33,500.?
FTC, DOJ and CFPB Warn Consumers About Potential Scams and Price Gouging in the Wake of Hurricanes and other Natural Disasters
Source:?CFPB (Twitter)
Scammers quickly exploit weather emergencies and take advantage of people trying to recover or donate to disaster victims.??
The Essential Guide to Mastering Predictive KPIs
Source:?360factors (LinkedIn)
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If you would like to submit an article or tip for the risk and compliance community, you can email?[email protected]?with your article for consideration.?
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