Risk and Compliance Roundup
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???In the News
Risk and Compliance Stories We're Following
Government Watchdog Agency: Bank Regulators Failed to Properly Document Effects of Regulation
Source:?ABA
Bank regulators have failed to consistently document their analyses and reviews of proposed and existing rules, with the Federal Reserve having not updated its policies for assessing its rules in three decades.
FSB Chair Calls for Further Progress Implementing Non-Bank Financial Intermediation Reforms
Source:?FSB
The Financial Stability Board (FSB) published a letter from its Chair, Klaas Knot, to G20 Finance Ministers and Central Bank Governors, ahead of the G20 meeting on 25-26 July.
Acting Comptroller Discusses Trends Reshaping Banking
Source:?OCC
Acting Comptroller of the Currency Michael J. Hsu today discussed three key long-term trends that are reshaping banking in remarks at the Exchequer Club.
HUD Proposes New Rule to Govern the Sale of FHA Mortgage Notes
Source:?Compliance Alliance
The U.S. Department of Housing and Urban Development (HUD) is proposing a new rule to govern the sale of seriously delinquent single-family mortgage loans insured by the Federal Housing Administration (FHA).?
???FinTech Updates
Latest Financial Technology (FinTech) Trends
10 Considerations for FinTechs Partnering with Community Banks
Source:?JD Supra
As banking and technology become more integrated, banks are increasingly partnering with fintechs to expand their customer offerings. The rapid rise of these partnerships has generated questions for both banks and fintechs on how to manage resulting regulatory and financial risks.
BNPL Firms Ask for 5 More Months to Prepare for CFPB Rules
Source:?Pymnts
The end of the month is speeding toward the buy now, pay later (BNPL) industry — and with it, new rules and regulations regarding consumer disputes and new operational burdens in the drive toward compliance.
6 Ways the CFPB Wants to Keep Its Eyes on FinTech Middlemen
Source:?Banking Dive
FinTech firms continue to face scrutiny as regulators work to ensure tech intermediaries aren’t subjecting consumers to high fees, surveillance of transactions and anti-competitive activities.
???? Executive Moves
Key Risk and Compliance Hires
Eastern Bankshares Names David Rosato Chief Financial Officer
Source:?Market Watch
Eastern Bankshares has hired David Rosato as the next chief financial officer of the bank holding company, which has wrapped up its merger with Cambridge Bancorp.
Webster Financial Corporation Appoints CFO Successor; Names New Board Member
Source:?Morning Star
In addition, the Board of Directors also appointed Holland as the Chief Financial Officer (CFO) for the Company and the Bank to be effective following current Executive Vice President and CFO Glenn MacInnes’ previously announced retirement, which is expected in August 2024.
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Trustco Bank Corp Ny and Trustco Bank Announce Executive Changes
Source:?Market Screener
Robert J. McCormick, Chairman, President, and Chief Executive Officer of Trustco Bank Corp. NY and Trustco Bank, a subsidiary of Trustco, announced the appointment of Executive Vice President Robert M. Leonard as Chief Operating Officer of TrustCo and Trustco Bank.
???What's Trending
Best of Social Media
Agencies Issue Final Rule to Help Ensure Credibility and Integrity of Automated Valuation Models
Source:?FDIC (Twitter)
Six federal regulatory agencies today issued a final rule, pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, designed to help ensure the credibility and integrity of models used in valuations for certain mortgages secured by a consumer’s principal dwelling.?
Agencies Request Comment on Anti-Money Laundering/Countering the Financing of Terrorism Proposed Rule
Source:?OCC (Twitter)
The amendments are intended to align with changes concurrently proposed by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), most of which result from the Anti-Money Laundering Act of 2020 (AML Act).
CFPB Proposes Interpretive Rule to Ensure Workers Know the Costs and Fees of Paycheck Advance Products
Source:?CFPB (Twitter)
The Consumer Financial Protection Bureau (CFPB) today proposed an interpretive rule explaining that many paycheck advance products, sometimes marketed as “earned wage” products, are consumer loans subject to the Truth in Lending Act.?
Generative AI in Banking and Financial Services: Navigating the Opportunities, Challenges and Risks
Source:?360factors (LinkedIn)
Read the blog to explore real-world applications of Generative AI in banking, from customer-facing virtual assistants and AI-driven chatbots to its role in risk management, fraud prevention, and even mundane tasks like market research.
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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