Compliance News

Keeping an Eye on Credit Risk

By Mary Ellen Biery, Sageworks

U.S. banks have been posting strong profitability, and credit quality remains sound thus far in 2018. In fact, regulators have noted as much in both the FDIC’s third-quarter banking profile and the OCC National Risk Committee’s semiannual report on risks issued recently.


Treasury’s FinCEN and Federal Banking Agencies Issue Joint Statement Encouraging Innovative Industry Approaches to AML Compliance

December 3 — As a result of a working group established by the U.S. Department of the Treasury’s Office of Terrorism and Financial Intelligence and the Federal depository institutions regulators, the Financial Crimes Enforcement Network (FinCEN) and its regulatory partners today issued a joint statement to encourage banks and credit unions to take innovative approaches to combating money laundering, terrorist financing, and other illicit financial threats.


Step Away from the Spreadsheet: Why Your Bank should Avoid Excel for These Tasks

By Kylee Wooten 

Financial institutions, small and large, touch numerous data sources every day, which can present problems when each data source speaks a different language, preventing different systems – or even departments – from obtaining the same data. Exacerbating this problem of inconsistent data, many community banks and credit unions are still heavily reliant on their Excel spreadsheets, which are time consuming, prone to errors and static in nature.


California Consumer Privacy Act: What Financial Service Providers Need to Know

By Alexander F. Koskey III

Over the summer, the California legislature made headlines when it passed the California Consumer Privacy Act of 2018. This is the most rigorous privacy measure in the United States in decades and continues the trend of providing more control to consumers over their personal information. With California being the world’s fifth-largest economy, the act is estimated to impact more than 500,000 businesses both inside and outside the state. The definition of “personal information” is more expansive than other recent privacy laws, and there remain significant questions regarding compliance with the legislation. Therefore, performing an inventory of the data collected by your business is critical to determining whether you are subject to the act.


Most Bankers Expect to Use Third-Party Vendors, Advisors for CECL

October 30 — A majority of bankers expect their financial institutions to use third-party vendors or a combination of advisors and third-party vendors to help them implement the Current Expected Credit Loss model, or CECL, according to an informal poll released by Sageworks and MST.


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