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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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Xerox to pay $1.1M for faulty credit reporting

The CFPB has announced it has issued a Consent Order to Xerox Business Services, LLC, now known as Conduent Business Services, for software errors that led to incorrect consumer information about more than one million borrowers being sent to credit reporting agencies. The company also failed to notify all of its auto lender clients about known flaws in its software that led to the errors. The consent order requires Xerox to pay a $1.1 million civil penalty, explain its mistakes to its lender clients, and fix its faulty software. See "Xerox fined for erroneous reports to credit reporting agencies" in our Penalties pages, for additional information.


NMLS annual conference

Registration for the 2018 NMLS Annual Conference and Training, February 6–9 in New Orleans, is open. The NMLS has set up a conference website with a schedule at-a-glance, venue information and fee schedule.


Principles for financial data sharing and aggregation

The Consumer Financial Protection Bureau has published principles for protecting consumers when they authorize third party companies to access their financial data to provide certain financial products and services. The principles are intended to help foster the development of innovative financial products and services, increase competition in financial markets, and empower consumers to take greater control of their financial lives. They reiterate the importance of protecting consumers to all stakeholders that provide, use, or aggregate consumer-authorized financial data.


FBI PSA on Internet of Things concerns

The Federal Bureau of Investigation has issued a public service announcement in conjunction with National Cyber Security Awareness Month reiterating its growing concern about cyber criminals targeting unsecure Internet of Things devices.


G-7 Cybersecurity Report

The finance ministers and central bank governors of the G-7 countries have released the Fundamental Elements for Effective Assessment of Cybersecurity for the Financial Sector. In a press release, the U.S. Department of the Treasury said, "Underscoring that cybersecurity remains a topic of paramount importance for the financial system, the United States Department of the Treasury and the Board of Governors of the Federal Reserve System welcome the continued efforts by the G-7 to promote effective practices for cybersecurity and drive greater consistency across the international financial sector. These collective efforts build greater resiliency within the financial system."


Report on FATF FinTech and RegTech Forum

The Financial Action Task Force (FATF) held its second FinTech and RegTech Forum October 9–10, 2017, in Berlin, Germany. The meeting was attended by over 150 participants from the FinTech and RegTech sectors, financial institutions, and FATF members, associate members and observers. The forum discussed the opportunities that FinTech and RegTech may present in improving the effective implementation of AML/CFT measures, as well as the challenges that emerging technologies and financial innovations may pose. The meeting also discussed how the concept of digital ID is being developed in different ways, and how non-face-to-face transactions and relationships might be mitigated by such technologies. Participants focused on some of the different types of products available or being developed, and their possible implications for customer identification and verification, and financial inclusion.


Noreika discusses reducing regulatory burden

Acting Comptroller of the Currency Keith A. Noreika discussed efforts to reduce regulatory burden and expand economic opportunity. In his remarks at the Midsize Bank Coalition of America Chief Risk Officer meeting in Dallas, the Acting Comptroller also highlighted risks facing those banks and the federal banking system.


OCC to hold workshops in Louisville

The OCC will host two workshops at the Holiday Inn Louisville Airport, Louisville, Kentucky, November 14-15, for directors of national community banks and federal savings associations.The Credit Risk workshop on November 14 focuses on credit risk within the loan portfolio. The workshop also covers the roles of the board and management, how to stay informed of changes in credit risk, and how to effect change. The Operational Risk workshop on November 15 focuses on the key components of operational risk—people, processes, and systems. The workshop also covers governance, third-party risk, vendor management, and cybersecurity.


CSBS upgrades sites

The Conference of State Bank Supervisors has announced an upgrade to its NMLS Resource Center, Federal Registry, NMLS Help Links, and URL Manager websites to strengthen security posture by expanding the use of https across the sites. As a result, depending on browser configurations, users may need to hold the Ctrl button on their keyboard while clicking a link.  This will open the page in a new tab within the browser.


OCC Supervision Operating Plan for FY 2018

The Office of the Comptroller of the Currency has released its bank supervision operating plan for fiscal year 2018. Strategies for the year will focus on:

  • Cybersecurity and operational resiliency
  • Commercial and retail credit loan underwriting, concentration risk management, and the allowance for loan and lease losses
  • Business model sustainability and viability and strategy changes
  • Bank Secrecy Act/anti-money laundering (BSA/AML) compliance management
  • Change management to address new regulatory requirements


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