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OCC Focuses on Cybersecurity, BSA/AML Issues in Risk Report

July 7 – Significant operational risks – particularly those related to BSA/AML and cybersecurity — were cited by the Office of the Comptroller of the Currency in its Semiannual Risk Perspective for Spring 2017. Meanwhile, credit risk concerns arising from auto lending issues cited in previous reports were downgraded, having been appropriately mitigated, according to remarks by Deputy Comptroller for Supervision Risk Management Darrin Benhart. (more…)

Operation Choke Point Tops List of ATMIA’s Advocacy Concerns

June 5 – The ATM Industry Association called Operation Choke point “a well-intended program that turned into a train wreck,” and has threatened the existence of ATM operators. The trade group said it has highlighted the issue in a recent letter to President Donald Trump along with a summary of its recent advocacy activities


Proposed Legislation Aims to Ease Stress-Testing Requirements

 May 22 — Stress-testing requirements for many community banks would be eased by legislation introduced by Sen. Jon Tester, D-Mont. The bipartisan legislation co-sponsored by Sen. Jerry Moran, R-Kan., aims at more flexibility for community and mid-sized banks to meet the needs of Main Street businesses and working families.


CFPB Turns Focus to Small Business Lending; Banking Trade Groups Object

May 16 – The Consumer Financial Protection Bureau is looking into ways to gather and use new and existing information to identify the financing needs of small businesses, especially those owned by women and minorities. (more…)

CFPB Sues Four Online Lenders

April 28 – The Consumer Financial Protection Bureau has filed suit against four online lenders that it claims improperly collected on debts. (more…)

Compliance Index Shows Few Regulatory Changes in First Quarter

April 17 – On the heels of a burdensome fourth quarter in 2016, U.S. financial institutions encountered fewer regulatory changes in Q1 2017 than any quarter in the nearly five-year history of the Banking Compliance Index. Simultaneously, regulatory agencies issued just 57 enforcement actions against financial institutions in the quarter, an unprecedented cooling 64 percent below the average number of EAs per quarter dating back to Q1 2013 when there were 157 EAs. (more…)

OCC Special Interest Charter Draws Responses From ABA and ICBA

April 17 – The two major banking trade groups have weighed in with feedback to the Office of the Comptroller of the Currency on the issue of the proposed special-purpose charter for unregulated financial technology companies. The OCC published a draft supplement in March to its original whitepaper of December 2016, and accepted comments through April 14.


A Modern Glass-Steagall Act Receives Bipartisan Backing

April 11 – A modern version of the Glass-Steagall Act was reintroduced by Sens. Elizabeth Warren, D-Mass., John McCain, R-Ariz., Maria Cantwell, D-Wash., and Angus King, I-Maine. The 21st Century Glass-Steagall Act, like the Banking Act of 1933, protects American taxpayers, helps community banks and credit unions compete and decreases the likelihood of future financial crises, the senators said in a news release. (more…)

George: Regulatory Environment ‘Misaligned’

April 6 – In remarks at the New York Fed’s Community Banking Conference, Kansas City Fed President Esther George said that the evidence indicates that community banks are extremely important to our economy. (more…)

Government Orders Wells Fargo to Reinstate Whistleblower

April 4 – Wells Fargo Bank N.A. has been ordered to compensate and immediately reinstate a former bank manager who lost his job after reporting suspected fraudulent behavior to superiors and a bank ethics hotline. (more…)

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