Risk and Compliance Roundup

???In the News

Risk and Compliance Stories We're Following

CFPB to Require Nonbanks to Register Outside Enforcement Orders

Source:?Compliance Week

The Consumer Financial Protection Bureau (CFPB) passed a new rule requiring nonbank financial companies to register consumer protection orders filed against them by other federal agencies, courts, or states.

Federal Reserve Board Releases Results of Survey of Senior Financial Officers at Banks about Their Strategies and Practices for Managing Reserve Balances

Source:?Compliance Alliance

The Senior Financial Officer Survey is used by the Board to obtain information about banks’ reserve balance management strategies and practices, their deposit pricing strategies, and their expectations for potential changes in both the size and composition of their balance sheets.?

Acting Comptroller Discusses Artificial Intelligence and Financial Stability

Source:?OCC

Acting Comptroller of the Currency Michael J. Hsu discussed systemic risk implications of artificial intelligence (AI) in banking and finance via livestream at the Financial Stability Oversight Council’s AI Conference.

FDIC Issues Regulatory Relief Guidance for Arkansas

Source:?ABA

The FDIC released guidance with steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Arkansas affected by severe storms, straight-line winds, tornadoes and flooding.?

???FinTech Updates

Latest Financial Technology (FinTech) Trends

The Growing Cyber Risks in FinTech and How to Mitigate Them

Source:?JD Supra

The fintech revolution has reshaped the financial world, creating new opportunities to borrow, save, transact, and invest like never before.?

Navigating Regulatory Challenges Amidst Shifting Global Trends

Source:?FinTech Global

As 2024 progresses, regulators worldwide find themselves increasingly busy, grappling with the dual challenges of an ever-changing geopolitical landscape and the rapid evolution of technology.

CFPB’s Foray into BNPL Regulation Stirs Ire and Interest

Source:?The Financial Brand

More than two years after getting a core dump of data from the major Buy Now, Pay Later fintechs like Klarna and Affirm, the Consumer Financial Protection Bureau took the fast track to regulation by putting the programs under existing regulations.?

???? Executive Moves

Key Risk and Compliance Hires

Valley National Bancorp Appoints John P. Regan as Senior Executive Vice President & Chief Risk Officer

Source:?City Biz

Valley National Bancorp, the holding company for Valley National Bank, today announced that it has appointed John P. Regan as Senior Executive Vice President—Chief Risk Officer effective June 24, 2024.

Banner Bank Promotes Risk Chief as Chief Operating Officer

Source:?Compliance Week

Banner Bank announced Executive Vice President Jim Costa was promoted to chief operating officer in addition to his role as chief risk officer.

Cetera Names New Chief Compliance Officer for Its Tax Channel

Source:?The DI Wire

Cetera Financial Group has named a new chief compliance officer of Cetera’s tax channel, which includes Cetera Financial Specialists and Avantax, acquired by Cetera Holdings last year.

???What's Trending

Best of Social Media

FDIC Issues List of Banks Examined for CRA Compliance

Source:?FDIC (Twitter)

The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in March 2024.

Acting Comptroller Discusses Improving Consumer Financial Health

Source:?OCC (Twitter)

Acting Comptroller of the Currency Michael J. Hsu today discussed improving customer financial health during a presentation at the Emerge Financial Health conference in Chicago.

CFPB Launches Process to Recognize Open Banking Standards

Source:?CFPB (Twitter)

CFPB finalized a rule outlining the qualifications to become a recognized industry standard setting body, which can issue standards that companies can use to help them comply with the CFPB’s upcoming Personal Financial Data Rights Rule.?

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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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