Compliance

Citi hit with pair of enforcement actions, fined $400M

10/07/20

The company's mistaken payment to Revlon creditors and other lapses are said to have contributed to Citi's recent leadership shake-up. On Wednesday, the OCC and Fed ordered the company to fix its risk management problems.

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Square's Jackie Reses, who led ILC bid and small-biz lending, steps down

10/05/20

Longtime finance entrepreneur Jackie Reses, who led Square Capital for the last five years, is leaving the company at the end of the month. Square has not yet named a successor.

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OCC's Brooks sees 'overlap' with Fed on CRA

10/01/20

While the two agencies have disagreed on key areas of reforming the Community Reinvestment Act, the acting comptroller of the currency said there is commonality between their two approaches and he has not given up on developing a joint plan.

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State regulator group offers guidance for mortgage servicing oversight

10/01/20

The proposed best practices would be modeled after federal servicing standards and be used to supervise nonbanks firms subject to state regimes.

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Fed CRA plan seen as bridging divide with OCC

10/01/20

The agencies are still at odds over how to reform the scoring system in Community Reinvestment Act exams, but experts say the central bank’s recent draft proposal suggests a deal could be struck.

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Financial institutions, government still wary of crypto

09/29/20

Employees in the financial industry and public sector are considerably more worried about the risks posed by digital currency than those in the cryptocurrency field, a new survey finds.

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Law enforcement needs better access to BSA reports, watchdog says

09/22/20

With lawmakers weighing changes to Bank Secrecy Act requirements, the Government Accountability Office urged the Financial Crimes Enforcement Network to establish written policies for expanding use of the agency’s database.

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Fincen plans major overhaul of anti-money-laundering rules

09/16/20

The Financial Crimes Enforcement Network is seeking to create a better-defined standard for effective AML compliance programs and is considering whether to impose formal requirements that banks assess their laundering risk.

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NCUA’s Harper warns of possible premiums as Hood teases new department

09/15/20

Two board members for the credit union regulator spoke during a NAFCU event, highlighting liquidity issues, plans for new departments at the agency and more.

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NCUA diversity chief touts agency’s inclusion efforts before Congress

09/08/20

In congressional testimony, the director of the credit union regulator's Office of Minority and Women Inclusion outlined steps the agency is taking to increase diversity at the agency.

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