Compliance Guide

National News

Fed Finalizes Rule Amending Capital Plan and Stress Tests

Feb. 20 – The Federal Reserve Board has finalized a rule adjusting its capital plan and stress testing rules, effective for the 2017 cycle. The action removes large and noncomplex firms from the qualitative assessment of the Federal Reserve’s Comprehensive Capital Analysis and Review, reducing significant burden on these firms and focusing the qualitative review in CCAR on the largest, most complex financial institutions. (more…)

GOP Senator Introduces Bills to Lessen Bank Regulations, Defund CFPB

February 20 – Federal regulatory agencies would be required to take risk profiles and business models of institutions into account when crafting regulations, in a new bill introduced by Sen. Mike Rounds, R-S.D., a member of the Senate Banking Committee. Rounds also introduced a bill to defund the Consumer Financial Protection Bureau. (more…)

1 in 2 U.S. Consumers Will Conduct P2P by 2021

February 21 – The U.S. person-to-person (P2P) payment market in 2016 has experienced dramatic growth with almost $500 billion in P2P transactions from a bank, non-bank or money transmitter service. This market will experience further expansion over the next year, as the number of consumers conducting at least one digital P2P transaction in the past 12 months increased in 2016.


Banks That Excel in Providing Advice Dominate 2016 Greenwich Excellence Awards

February 21 – Bank relationship managers (RMs) are getting better at providing advice to middle-market banking clients. Banks that excel in this increasingly critical area dominate the list of winners of the 2016 Greenwich Excellence Awards in Middle-Market Banking.


Mnuchin Sworn in as Treasury Secretary

February 13 – Former Goldman Sachs banker Steven T. Mnuchin has been sworn in as Secretary of the Treasury after a divided Senate voted 53-47 in favor of his confirmation.  Mnuchin will be the principal economic advisor to President Donald Trump on domestic and international financial, economic and tax issues.


Fed’s Tarullo, Architect of Regulations in Wake of Financial Crisis, to Resign

February 10 – Fed Governor Daniel Tarullo has announced his plan to resign as a member of the Federal Reserve Board, effective on or around April 5. He has been a member of the board since January 2009. (more…)

Fed President Says Regulations Would Help Fintech

February 13 – Some form of regulation is in the interest of the evolving fintech industry, Federal Reserve Bank of Philadelphia President Patrick T. Harker said recently in remarks at the Global Interdependence Center’s Payment Systems in the Internet Age conference in San Diego. “Regulation is not just a question of protecting consumers; it’s a question of protecting the innovators as well,” Harker said. “It’s in their best interest to have an established framework in which to operate.” (more…)

ABA Sues Government for Dividend Cut, Invokes Community Banks

February 10 – The American Bankers Association and Seattle-based Washington Federal have filed a class-action lawsuit on behalf of Federal Reserve member banks whose dividends were cut by policymakers in late 2015 as part of a highway-funding bill. (more…)

Americans Remain at Risk from “Cyber Confusion” Both at Home and in the Workplace

February 14 – -Kaspersky Lab and HackerOne, a bug bounty platform, have announced results of the Hacking America: Cybersecurity Perception study, which revealed that American businesses and consumers still need a more comprehensive understanding of cyberthreats and how to protect personal and sensitive business data online.


St. Louis Fed President Takes on Thorny Issue of FOMC Predictions

February 9 –  In a speech at the St. Louis Financial Forum on the outlook for monetary policy, St. Louis Federal Reserve President James Bullard discussed the problematic predictions in recent years of the Federal Open Market Committee.


Kryptronic Internet Software Solutions