News Topic: Compliance

A number of small banks have disclosed material weaknesses in loan-loss accounting and other procedures. Reasons vary, but a common thread appears to be that accounting firms are facing pressure to beef up their scrutiny of internal controls in financial ... Read full article

A trade group owned by the nation's largest banks wants Congress to require state governments to collect information about the true ownership of the companies they incorporate. Such a law could reduce the banking industry’s cost of complying with ... Read full article

The San Francisco bank also disclosed Wednesday that certain foreign banks that were using its software to conduct trade-related transactions in violation of U.S. sanctions. ... Read full article

Lost in the battle between banks and retailers — which is being fought with renewed vigor in the early days of the Trump administration — is any consideration of how caps on interchange fees have affected consumer spending patterns. ... Read full article

The mortgage servicer will pay at least $25 million in cash and provide some $200 million in debt relief to borrowers to resolve a range of alleged violations. But Ocwen will also be allowed to resume acquiring servicing rights in the nation's largest ... Read full article

Many customers at Neighborhood National Bank in San Diego offer check-cashing services that draw attention for Bank Secrecy Act compliance. ... Read full article

The financial industry has been bracing for the Trump administration’s planned revisions to Dodd-Frank, but banks are taking aim at another, potentially even more consequential regulatory framework: the rules and procedures around curbing money laundering ... Read full article

The Consumer Financial Protection Bureau is seeking feedback on the benefits and risks of using alternative data sources, such as rent or utility payments, that would allow lenders to build a credit history for unbanked consumers. ... Read full article

Some fintech firms are flatly rejecting the Office of the Comptroller of the Currency's creation of a charter for such firms, citing fears that it will come with too many strings attached. ... Read full article

The Delaware company is also close to completing a compliance program to address anti-money-laundering and Bank Secrecy Act issues. ... Read full article

For some people, jury duty is a dreaded American civic obligation. Now, JPMorgan Chase & Co. is adding another unwelcome element: banking fees. ... Read full article

Most recently Thomas Pahl worked on debt collection and credit reporting issues as a partner at Arnall Golden Gregory in Washington. ... Read full article

Jessica Rich, who joined the agency in 1991, is stepping down in mid-February, the FTC announced Tuesday. ... Read full article

The information giant agreed to buy two data businesses from the DTCC as regulators' demands for transparency fuel calls for shared industrywide solutions. ... Read full article

India's sudden shakeup of its currency system last fall was an early holiday for digital payment companies, and Visa was no exception. ... Read full article

The deal had been delayed since Investors had been hit with a BSA-related regulatory order. ... Read full article

Banks are becoming more comfortable with robotic process automation and could use it overhaul everything from the payroll functions to advising customers. ... Read full article

The Consumer Financial Protection Bureau is drunk on power. Let’s return the agency’s regulatory responsibilities to the states and those agencies covering the relevant industries. ... Read full article