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Banker's Toolbox solidifies its position as the premier solution for fast-growing financial institutions with the release of BAM+ 4.0 upgrade.
Banker's Toolbox continues to lead the BSA/AML and Fraud prevention marketplace with the release of BAM+ 4.0. This solution provides increased detection with more versatility, transparency and control. BAM+ 4.0 also boasts a new customer due diligence platform, Due Diligence Manager, which will keep institutions compliant with the impending beneficial ownership mandates. (Read full press release here.)

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FinCEN updates FAQ on BSA questions

FinCEN announced on Friday it has updated its Answers to Frequently Asked Bank Secrecy Act (BSA) Questions on its website. The updates removed several outdated questions, updated references to the Code of Federal Regulations, and modified the answer to question 16 regarding how to address a current issue involving the Designation of Exempt Person (DEP) form.


NCUA Board approves final rules

The National Credit Union Administration Board held its tenth open meeting of 2017 yesterday, and unanimously approved two items:


FDIC and SRB sign cooperation arrangement

A joint press release from the European Union's Single Resolution Board (SRB) and the FDIC announced the execution of a cooperation arrangement which further strengthens the close cooperation between the two organizations in compliance with the legal frameworks in the United States and the European Union. The purpose of this arrangement is to provide a basis for the exchange of information and cooperation in resolution planning and the implementation of such planning for financial institutions with operations in the Banking Union as well as the USA.

The Single Resolution Board is the central resolution authority within the Banking Union (BU). Together with the NRAs of participating Member States it forms the Single Resolution Mechanism. The SRB works closely with the European Commission, the European Central Bank, the European Banking Authority and national competent authorities. Its mission is to ensure an orderly resolution of failing banks with minimum impact on the real economy and public finances of the participating Member States and beyond.


NCUA releases third quarter performance data

The NCUA has released performance data for the credit union system for the third quarter of 2017. Key items in the NCUA announcement included:

  • Total assets in federally insured credit unions rose by $86 billion, or 6.8 percent, over the year ending in the third quarter of 2017, to $1.36 trillion.
  • Total loans outstanding increased $90 billion, or 10.6 percent, over the year to $937.0 billion. The average outstanding loan balance in the third quarter of 2017 was $14,708, up $561, or 4.0 percent, from one year earlier.
  • Net income totaled $10.5 billion at an annual rate in the third quarter of 2017, up $0.76 billion, or 7.8 percent, from the same period a year ago.
  • The number of federally insured credit unions declined to 5,642 in the third quarter of 2017 from 5,844 in the third quarter of 2016. In the third quarter of 2017, there were 3,536 federal credit unions and 2,106 federally insured, state-chartered credit unions. The year-over-year decline is consistent with long-running industry consolidation trends.
  • Federally insured credit unions added 4.3 million members over the year, and credit union membership in these institutions reached 110.5 million in the third quarter of 2017.


Treasury sanctions LRA supporters

Treasury has announced OFAC's designation of Okot Lukwang and Musa Hatari for facilitating the transfer of ivory, weapons, and money in support of the Lord's Resistance Army (LRA). See our OFAC Update for identification information.


FATF issues evaluation of Portugal’s ML program

The Financial Action Task Force (FATF) has issued its evaluation of Portugal’s measures to combat money laundering and the financing of terrorism and proliferation of weaponry.


Comments on changes to Payment System Risk Policy requested

The Federal Reserve Board yesterday requested public comment on proposed policy changes to procedures governing the provision of intraday credit to U.S. branches and agencies of foreign banking organizations (FBOs). The changes are intended to refine the methods for determining the level of intraday credit that these branches and agencies can receive from the Federal Reserve Banks, according to the Board's press release.

UPDATE: Published 12/14/2017 at 82 FR 58764, with a 60-day comment period ending 2/14/2018.


Montgomery new Fed payments security strategy leader

The Baord of Governors of the Federal Reserve System has announced their appointment of Kenneth Montgomery, the first vice president and chief operating officer of the Federal Reserve Bank of Boston, as the System's new payments security strategy leader. In this role, Montgomery will lead the Federal Reserve's effort to reduce fraud risk and advance the safety, security and resiliency of the U.S. payment system. His responsibilities will include chairing the Secure Payments Task Force, which comprises more than 200 industry stakeholders.


OCC authorizes closings due to wildfires

The OCC has issued a proclamation allowing national banks and federal savings associations affected by wildfires in California to close.


Fed stress testing program proposals

The Board of Governors of the Federal Reserve System has announced it is requesting comment on a package of proposals that would increase the transparency of its stress testing program while maintaining the Federal Reserve's ability to test the resilience of the nation's largest and most complex banks. In response to feedback, one of the proposals would release greater information about the models the Federal Reserve uses to estimate the hypothetical losses in the stress tests, including as applied in the Comprehensive Capital Analysis and Review (CCAR). In particular, the following information would be made public for the first time:

  • A range of loss rates, estimated using the Board's models, for loans held by CCAR firms
  • Portfolios of hypothetical loans with loss rates estimated by the Board's models
  • More detailed descriptions of the Board's models, such as certain equations and key variables that influence the results of those models.

Comments are due by January 22, 2018.


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