Risk and Compliance Roundup
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??In the News
Risk and Compliance Stories We're Following
House Bill Would Set Time Limit on Bank Merger Applications
Source:?ABA
A proposed bill in the House would require the Federal Reserve to act on merger applications within 90 days of receiving the requests.?
FDIC Releases Economic Scenarios for 2024 Stress Testing
Source:?FDIC
FDIC released the hypothetical economic scenarios for use in the upcoming stress tests for covered institutions with total consolidated assets of more than $250 billion.
CFPB Report Finds Large Banks Charge Higher Credit Card Interest Rates than Small Banks and Credit Unions
Source:?CFPB
The survey data reveal that large banks are offering worse credit card terms and interest rates than small banks and credit unions, regardless of credit risk.
FFIEC Issues Statement on Examination Principles Related to Valuation Discrimination and Bias in Residential Lending
Source:?NCUA
The principles aid member entities in assessing whether their supervised institutions’ compliance and risk management practices are appropriate to identify and mitigate discrimination or bias in their residential property valuation practices.
??FinTech Updates
Latest Financial Technology (FinTech) Trends
Congressional Representatives Express Concern Regarding FDIC’s Regulation of FinTech Firms and Financial Innovation
Source:?JD Supra
Three Republican members of the House Financial Services Committee sent a letter to FDIC Chair Martin Gruenberg expressing concern regarding what the congressmen perceive to be the FDIC’s attempts to reduce engagement with industry participants on financial technology and innovation.
FinCEN Proposes AML/CFT Requirements for Some Investment Advisors
Source:?Bankers Online
The proposed rule would add investment advisers to the list of businesses classified as “financial institutions” under the BSA. Investment advisers registered with the SEC, as well as those that report to the SEC as exempt reporting advisers, would be required to implement AML/CFT programs.
ABA, Associations Want SEC to Rethink Crypto Disclosure Policy
Source:?ABA
In a joint letter today, the American Bankers Association and three financial services trade associations asked the Securities and Exchange Commission to revisit a two-year-old agency policy on safeguarding crypto assets.
????Executive Moves
Key Risk and Compliance Hires
State Department Federal Credit Union Welcomes Nicole Bowen as New Chief Risk Officer
Source:?Street Insider
Nicole brings a wealth of knowledge and expertise to the credit union with an impressive background in risk management, information technology, and extensive experience in the financial industry.
SoFi Technologies Announces New Chief Risk Officer
Source:?Business Insider
SoFi Technologies, Inc. has appointed Arun Pinto as their new Chief Risk Officer, working under CEO Anthony Noto.?
领英推荐
Evolve Bank & Trust Appoints Chief Risk Officer
Source:?Compliance Week
Financial technology organization Evolve Bank & Trust announced it appointed Peter Moenickheim as chief risk officer.
??What's Trending
Best of Social Media
Agencies Issue 2023 Shared National Credit Program Report
Source:?FDIC (Twitter)
Federal bank regulatory agencies today reported in the 2023 Shared National Credit (SNC) report that credit quality associated with large, syndicated bank loans remains moderate.
OCC Releases Dodd-Frank Act Stress Test Scenarios for 2024
Source:?OCC (Twitter)
The Office of the Comptroller of the Currency (OCC) released economic and financial market scenarios for use in the upcoming stress tests for covered institutions.
SEC, CFTC Adopt Rule for Enhanced Large Hedge Fund Disclosures
Source:?Compliance Week (Twitter)
Large hedge fund advisers will be required to disclose more information on their investment strategies, investment exposure, operations, and more as part of a rule change jointly adopted by the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).
Generative AI in Banking and Financial Services: Navigating the Opportunities, Challenges and Risks
Source:?360factors (LinkedIn)
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