By Richard Sandor
Federal Reserve Bank of New York President John Williams recently told an audience of financial firms he sensed foot dragging among market participants when it comes to finding an alternative to the Libor interest rate benchmark.
By Anton J. Moch
Picture this: a customer calls to tell you the new mobile payment application you offer through your third party data processor resulted in an unauthorized draw on his $50,000 credit line. The result is an improper electronic payment being made to an outside party.
By Scott Sargent
For the past several years, federal regulators have targeted vendor management risk as one of their top regulatory priorities. The growing reliance on third-party service providers is only increasing the need and demand for effective vendor management programs. On April 2, the FDIC reminded the banks under its supervision that it expects them to comply with the guidance previously issued.
By Tom Bengtson
You might remember in late 2009 when the FDIC required banks to pre-pay three years’ worth of deposit insurance premiums. Despite a one-time 5-basis-point special assessment levied against the industry mid-year, the Deposit Insurance Fund was precariously low at a time when more bank failures seemed imminent. The mandated pre-pay, however, flooded the DIF with $45 billion, which proved essential for getting it through the crisis. Protected by massive liquidity migrated from volatile equity markets, banks withstood the financial hit.
By Amandeep Khurana
It has been more than a year since the General Data Protection Regulation went into effect in Europe, and financial institutions are already preparing for the 2020 start of the California Consumer Protection Act (CCPA). However, this is far from the end of the process. New privacy regulations are coming both in the U.S. and around the world. Financial institutions that look at satisfying each new regulation as a separate project requiring incremental changes across their increasingly complex and global data infrastructures will struggle to meet compliance deadlines and ensure accuracy.