Risk and Compliance Roundup
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?? In the News
Risk and Compliance Stories We're Following
Credit Union Assets and Loans Grow, Delinquencies Increase, Net Income Down
Source:?NCUA
According to the latest financial performance data released today by the National Credit Union Administration, total assets in federally insured credit unions rose by $79 billion, or 3.5 percent, over the year ending in the second quarter of 2024 to $2.3 trillion.
FinCEN Finalizes AML Rules for Investment Advisers, Cash Real Estate Transactions
Source:?Compliance Week
FinCEN’s new AML rule for investment advisers categorizes registered investment advisers (RIAs) and exempt reporting advisers (ERAs) as financial institutions.?
Federal Reserve Banks List 10 CRA Evaluations Released in August
Source:?Bankers Online
The Federal Reserve Board's archive of CRA evaluation reports include ten that were made public in August 2024.?
Bank Acquisitions Announced in New York, Tennessee
Source:?ABA
NBT Bancorp in Norwich, New York, has agreed to buy Evans Bancorp in Williamsville, New York. The $13.5 billion-asset NBT said in a news release that it will pay $236 million in stock for the $2.3 billion-asset Evans. The deal is expected to close in the second quarter.
???FinTech Updates
Latest Financial Technology (FinTech) Trends
Gartner Predicts That 90% of Finance Functions will Deploy at Least One AI-enabled Technology Solution by 2026
Source:?Gartner
By 2026, 90% of finance functions will deploy at least one AI-enabled technology solution, but less than 10% of functions will see headcount reductions, according to Gartner, Inc.
Agencies Extend Comment Period on Request for Information on Bank-FinTech Arrangements
Source:?FDIC
The federal bank regulatory agencies announced today that they will extend until October 30, 2024, the comment period on a request for information on bank-fintech arrangements involving banking products and services.?
Cybersecurity Emerges as Key Driver of FinTech Growth Worldwide
Source:?IBS Intelligence
A recent study from UnaFinancial has identified cybersecurity as the most influential factor driving the development of FinTech worldwide, with a 63% significance.
???Executive Moves
Key Risk and Compliance Hires
American National Bank & Trust Appoints Leveridge Chief Risk Officer
Source:?Bankers Digest
She brings more than 30 years of banking industry experience to her new role, with a diverse background spanning credit, risk management, operations, compliance and regulatory liaison.?
Cresset Appoints Compliance Chief
Source:?Compliance Week
Wealth management firm Cresset announced that it has hired Amy Hong as chief compliance officer and executive managing director.
领英推荐
Country Bank Promotes Julie Sanders Yi to Chief Financial Officer
Source:?Business West
Country Bank President and CEO Mary McGovern announced the promotion of Julie Sanders Yi to chief financial officer.?
???What's Trending
Best of Social Media
OCC Allows National Banks and Federal Savings Associations in Alabama, Louisiana, Mississippi and Texas Affected by Tropical Storm Francine to Close
Source:?OCC (Twitter)
In issuing the proclamation, the OCC expects that only those bank offices directly affected by potentially unsafe conditions will close. Those offices should make every effort to reopen as quickly as possible to address the banking needs of their customers.
Fed's New Capital Requirement Latest Fallout from 2023 Banking Failures
Source:?Compliance Week (Twitter)
The Federal Reserve Board will require more than 30 of country’s largest banks to maintain a minimum percentage of capital in reserve, a percentage which the Fed calculated based on their complexity and whether they are considered a global systemically important bank.
Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Pennsylvania Affected by Tropical Storm Debby
Source:?FDIC (Twitter)
The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Pennsylvania affected by Tropical Storm Debby.
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Source:?360factors (LinkedIn)
The Predict360 Compliance Management Suite is an integrated compliance management platform that empowers organizations to streamline workflows, optimize risks, and ensure compliance with industry regulations.
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