Skip to content

Free Webinar: CDD/Beneficial Ownership — One Year Out
Thursday, May 11th - 1:00 PM CT

We're almost one year out from the new Customer Due Diligence (CDD) rule's deadline. Join us as we discuss all things CDD, including policies, procedures and training. We will help you prepare and discuss what steps your core, new account platform and AML software vendors are taking now to ensure you're compliant by May 2018. (Register here.)

Top Story Technology Related


FedFlash for April

The April 2017 issue of FedFlash has been posted. It features an article on the new currency education resources now available from FedCash Services. Other articles regard the availability of revised Check Adjustment forms with instructions and examples, changes to Check Adjustment case requirements and edits, same day ACH stale-dated debit entries, a summary of monthly ACH volume, and automatic notice of returns and NOCs to ACH originators.


OCC innovation 'office hours'

The OCC Office of Innovation will host two days of office hours for national banks, federal savings associations, and financial technology companies (fintech companies) wishing to discuss the OCC’s perspective on responsible innovation. This initial round of meetings will be held in the OCC's San Francisco Field Office on May 16 and 17, 2017. For more information see the agency's Innovation Home Page.


NMLS maintenance schedule this weekend

NMLS Federal Registry Sources has announced that the NMLS and Consumer Access will be unavailable, due to system maintenance, from 9:00 p.m. March 17 to 10:00 a.m. March 18. The maintenance is in preparation for making Release 2017.1 available Monday morning.


Bureau starts biennial credit card market review

The CFPB has published a request for information from the public as part of its biennial review of the credit card market under the CARD Act.


Curry and Cordray on fintech innovation

In a presentation at the Lendit USA 2017 conference, Comptroller Curry discussed financial technology innovation. His remarks highlighted the potential for responsible innovation to expand financial inclusion and improve the delivery of banking products and services. During the speech, the Comptroller also provided an update on initiatives by the Office of the Comptroller of the Currency to support responsible innovation within the federal banking system. At the same conference CFPB Directory Cordray delivered prepared remarks on three broad areas of special interest to the Bureau. First, the approach the CFPB takes to encouraging consumer-friendly innovations in consumer finance. Second, the Bureau's consideration of the issue of consumer control over their personal financial data. Third, the benefits and risks of using unconventional sources of data to underwrite loans as a way to open access to credit for more consumers.


OCC workshops for directors scheduled for Phoenix

The OCC has announced it will host two workshops at the Crowne Plaza Phoenix Airport in Phoenix, Arizona, April 11-12, for directors of national community banks and federal savings associations supervised by the OCC.

  • The Credit Risk workshop on April 11 focuses on credit risk within the loan portfolio, such as identifying trends and recognizing problems. 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 April 12 focuses on the key components of operational risk—people, processes and systems. The workshop also covers governance, third-party risk, vendor management, and cybersecurity.


NCUA webinar on providing electronic financial services

The NCUA has announced it will host a webinar, “Pathways to Offering E-Services,” to help credit unions better understand how to put electronic financial services to work for their members. The free 90-minute webinar will be presented on Wednesday, March 22, 2017, beginning at 2 p.m. EDT.


FTC forum on artificial intelligence and blockchain tech

The Federal Trade Commission has released the agenda for its March 9, 2017, FinTech Forum on the consumer implications of two rapidly developing technologies: artificial intelligence and blockchain. The half-day forum will begin at 9 a.m. Pacific time and feature two panel discussions. The first panel will focus on the potential benefits and risks for consumers with the use of artificial intelligence, which involves the capability of machines to mimic human thinking or actions such as learning and problem solving, in consumer products or services, including personalized financial services. The second panel will examine the potential applications and consumer implications of blockchain, a technology for recording electronic transactions utilizing distributed ledger technology, including uses both within and beyond payments services.


OFAC offers compressed SDN file

OFAC has posted a compressed version of its SDN.XML file in order to provide bandwidth savings for users that frequently download the information. This new file compresses the SDN.XML file by approximately 92%.


FinCEN proposing SAR data fields revisions

FinCEN has published at 82 FR 9109 in the Federal Register a notice and request for comments on a proposed update and revisions to the collection of information filings by financial institutions required to file such reports under the Bank Secrecy Act (“BSA”). This notice does not propose any new regulatory requirements or changes to the requirements related to suspicious activity reporting. The data fields reflect the filing requirement for all filers of SARs under the BSA. Most of the proposed changes would alter the "checklist" of violations in Part II of the filings, including the addition of several fields related to cyber events. Comments are due by April 3, 2017.


Training View All

UDAAP Reality Check

We will explore what makes a practice unfair or deceptive by digging into what regulators and the courts have had to say.

Stop That Payment!

Bankers must understand the differences between the use of their systems' stop payment functionality and the actual right to stop payment

Penalties View All

Search Top Stories