Risk and Compliance Roundup
360factors, Inc.
Accelerate profitability, innovation and productivity by predicting risks and streamlining compliance
?? In the News
Risk and Compliance Stories We're Following
Gartner Survey Shows AI Enhanced Malicious Attacks as Top Emerging Risk for Enterprises for Third Consecutive Quarter
Source:?Gartner
Artificial intelligence (AI)-enhanced malicious attacks are the top emerging risk for enterprises in the third quarter of 2024, according to Gartner, Inc.
CFPB Takes Action to Curb Unchecked Worker Surveillance
Source:?CFPB
The guidance warns that companies using third-party consumer reports including background dossiers and surveillance-based, “black box” AI or algorithmic scores about their workers.
ABA Urges Agencies to Ease Regulatory Burden on Banks
Source:?ABA
The regulatory burden on banks increased significantly under Dodd-Frank, which nearly doubled the number of regulations for U.S. banks and added approximately $50 billion in annual compliance costs for the industry,” ABA said, referring to the 2010 law.
National Strategy for Financial Inclusion Released
Source:?Bankers Online
The Treasury Department has announced the release of the National Strategy for Financial Inclusion in the United States, which identifies objectives and recommendations for policymakers, industry, employers, and community organizations to advance consumer access to safe financial products and services and strengthen financial security.?
???FinTech Updates
Latest Financial Technology (FinTech) Trends
US Regulators Must Take Reins on FinTech Oversight – Bank Associations
Source:?Finextra
US financial services regulators should take the reins on fintech oversight and stop expecting banks to independently police the sector, say the Bank Policy Institute and the Clearing House Association.
ABA Urges Regulators to Modernize Supervisory Approach to Bank-FinTech Partnerships
Source:?ABA
Federal banking agencies should use their request for information on bank partnerships with financial technology companies to modernize their approach to regulation and supervision.?
US Companies Continue To Dominate the FinTech Market With 60% of the Top 10 Deals in Q3
Source:?FinTech Global
In Q3 2024, the global FinTech sector recorded 981 transactions, reflecting a 57% decrease from the 2,275 deals completed in Q3 2023, but a slight 7% increase from the 916 funding rounds recorded in Q2 2024.
???Executive Moves
Key Risk and Compliance Hires
Redwood Capital Bank Welcomes Stephanie Bye, Senior Vice President, Chief Risk Officer
Source:?Financial Times
Redwood Capital Bank, a wholly-owned subsidiary of Redwood Capital Bancorp, announced the hiring of Stephanie Bye, Senior Vice President/Chief Risk Officer.
First National Bank Appoints Kelly Trombetta as Chief Operational Risk Officer
Source:?Business Insider
Trombetta is responsible for proactively assessing FNB‘s operational risk management program and ensuring that appropriate systems and processes are in place to comply with regulatory rules that will apply to the Company as it approaches $50 billion in assets.
Oxford Bank Corporation Announces Chief Financial Officer Transition
Source:?Morning Star
Oxford Bank announces the appointment of Nathan A. Reason as Chief Financial Officer of both the Bank and Treasurer of the Company.
???What's Trending
Best of Social Media
Acting Comptroller Discusses Frameworks to Identify Systemic Risk
Source:?OCC (Twitter)
Acting Comptroller of the Currency Michael J. Hsu today discussed the process to identify and address systemic risk during a discussion with the CFA Institute Systemic Risk Council.
CFPB Finalizes Personal Financial Data Rights Rule to Boost Competition, Protect Privacy, and Give Families More Choice in Financial Services
Source:?CFPB (Twitter)
The rule requires financial institutions, credit card issuers, and other financial providers to unlock an individual’s personal financial data and transfer it to another provider at the consumer’s request for free.?
Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Arizona?
Source:?FDIC (Twitter)
The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas affected by the Havasupai Tribe Flooding.
Get to Know About Predict360 AI-Powered Insurance Risk and Compliance Management Software
Source:?360factors (LinkedIn)
Empower your insurance business with Predict360 AI-Powered Risk & Compliance Management Software! Effortlessly reduce incidents, mitigate risks, and stay ahead of regulations. Request a demo to see how we keep your risk and compliance program optimized and updated.?
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.?
SourceForge Podcast
Introducing Lumify360: SourceForge Podcast #11 with Carl McCauley, CEO of 360factors
Watch SourceForge’s podcast, where 360factors CEO Carl McCauley introduces Lumify360, an innovative AI-powered platform that enriches KPIs and KRIs for mid-market organizations.
Complimentary Webinar
How Generative AI Can Be Used in Banking Risk and Compliance
The webinar touches on areas where Generative AI can be used within banks and discusses areas that may be more problematic in using Generative AI currently due to regulatory concerns or modeling requirements.