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Compliance

Banking After GDPR: Consent and Agility

By Paul Rohan

June 19 — Historically, confidentiality has been the priority of the banking industry. Today, additional cornerstones are emerging as customers have embraced — and come to expect — services that provide richer, more valuable experiences, such as offering financial advice based on past behavior and enabling payments or money transfers virtually anywhere to anyone. Fueled in large part by the proliferation of mobile devices, cloud services and app ecosystems, these changes require a competency many banks have never developed — sharing data.

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Cybersecurity Issues Facing Community Banks: A Former Regulator’s Perspective

June 12 — Given all the attention paid to “too big to fail” banks, it is tempting to think that, in the eyes of policy makers and the media, small financial institutions are “too small to matter.” But when it comes to facing cyber threats, the size of the bank has little relevance. Malicious actors will look for weak spots to exploit as easy entry into a network, regardless if the target is a small or large institution.

With smaller budgets and teams, it can be challenging for community banks to address cybersecurity and regulatory compliance demands to the same degree as the nation’s large financial institutions. How to approach cyber risk was the topic of an interview between two former bank regulators. Tom Curry, former Comptroller of the Currency, spoke with David Cotney, former Massachusetts Bank Commissioner, at a recent roundtable event for Massachusetts bank executives held in Boston. Curry is now a partner and co-chair of the banking practice at the Boston law firm Nutter, and Cotney is now regulatory director for CyberFortis, a cybersecurity firm. (more…)

Compliance Analysis Software May Help Banks Handle Possible CRA Changes

May 17 — New updates to the CRA feature in Charlotte, N.C.-based TRUPOINT Partners Inc.’s compliance analysis software may help banks navigate any overhauls to the Community Reinvestment Act.

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As CECL Looms, Banks Are Already Feeling the Effects

May 17 — With the Current Expected Credit Loss standard roughly a year and a half away, banks are already beginning to see the impact the new rule will have on their institutions, particularly in terms of technology investment and credit planning. The new standard, which is being called the largest accounting change in history, will alter how banks estimate credit losses in their portfolio, significantly affecting reported profitability and capital positions.

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A “No Data Entry” Way to Comply with Customer ID Regulations

By Thomas Curley, Sageworks

May 16 — The Customer Identification Program rule, or CIP, implements section 326 of the USA Patriot Act, which requires banks, savings associations, credit unions and certain non-federally regulated banks to have reasonable belief that they know the true identity of each customer. These laws were established with a goal of preventing money-laundering and terrorist activities. On May 11, the Financial Crimes Enforcement Network (FinCEN) reminded financial institutions that the final rule, “Customer Due Diligence Requirements for Financial Institutions” officially became effective. Financial institutions, more than ever, are being watched and held to these higher standards as technology has made illicit activities more common.

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