Federal Financial Institutions Examination Council

News & Analysis as of

HMDA resources for data collected in 2017 and 2018

As we have reported, the Consumer Financial Protection Bureau (CFPB) released a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requiring “Covered Institutions” to report certain...more

Member Of The Federal Reserve’s Board Of Governors Notes Benefits Of Consistent Cybersecurity Exam Approaches

On June 24, 2016, in a response letter to Senator Dean Heller (R-NV), Daniel Tarullo, a member of the Board of Governors of the Federal Reserve System, highlighted the benefits of consistent cybersecurity supervisory...more

FFIEC Issues New Cybersecurity and Data Privacy Guidelines for Mobile Banking

Mobile banking is a convenient and powerful tool that provides customers with a bevy of cutting-edge services, including mobile check deposits, on-the-go bill pay, and peer-to-peer payments. For financial institutions, this...more

Emerging Trends Newsletter - Q2

We are thrilled to bring you the 2nd installment of Stinson Leonard Street's Emerging Trends newsletter. Recent Delaware Supreme Court Opinion Limits General Personal Jurisdiction for Foreign Corporation - Recent...more

Cybersecurity Response to Recent Wholesale Payment Systems Breaches

In February 2016, hackers stole $81 million from the Bangladesh central bank by sending fraudulent messages through the Society for Worldwide Interbank Financial Telecommunication (SWIFT) messaging system. Three months...more

Federal Regulators Focus on Minimum Cyber Standards For Banks

A new set of federal banking regulations are on the horizon aimed at helping financial institutions put in place minimum compliance standards to prevent future cyber-attacks. Bloomberg Law has reported that the Federal...more

Banking “Smarts” For Financial Transactions Via Smartphone Technology

Mobile banking is quickly gaining momentum as the most important form of interaction between customers and their banks, and, by some accounts, is expected to become neck-in-neck with online banking and ATM use this year. Each...more

Ukrainian bank loses $10 million in latest swift cyber-attack

An unnamed bank in Ukraine is the most recent victim in a series of cyber-attacks exploiting vulnerabilities in the international banking communications system. According to an independent IT monitoring organization, hackers...more

"Privacy & Cybersecurity Update - June 2016"

In this edition of our Privacy & Cybersecurity Update, we examine the impact of Brexit on EU data protection, court rulings on cyber insurance policy exclusions and coverage gaps, recent statements from the FTC and the...more

FFIEC Warns of Cyber Attacks

The Federal Financial Institutions Examination Council (FFIEC) reiterated the importance of banks protecting themselves from cyber attacks in a newly issued statement, urging financial institutions to "actively manage the...more

State Banking Regulators Issue Annual Report

What were state banking regulators focused on last year? A new report from the Conference of State Bank Supervisors (CSBS) reveals that state regulators "increased coordination and collaboration between state regulators and...more

The CFPB and Data Security Enforcement

The Consumer Financial Protection Bureau (CFPB) announced its intention to act as a data security regulator by releasing its first unfair, deceptive or abusive acts or practices (UDAAP) enforcement action for allegedly...more

Financial Services Report, Summer 2016

BELTWAY - Every Last Penny Counts - Five federal banking agencies issued a Supervisory Bulletin titled “Interagency Guidance Regarding Deposit Reconciliation Practices” (the “Guidance”). The Guidance outlines...more

Nutter Bank Report, May 2016

Headlines - 1. FinCEN Rule Requires Banks to Identify Beneficial Owners of Business Entity Customers 2. Federal Banking Agencies Issue New Guidance on Reconciling Credit Discrepancies 3. CFPB Publishes...more

New Guidance From FFIEC on Mobile Financial Services

Examiners will be paying more attention to mobile financial services (MFS) using new guidance recently issued by the Federal Financial Institutions Examination Council (FFIEC)....more

Someone Needs to Take the Lead on Data Security for Financial Services Industry

Cybersecurity and data protection – or more specifically, the lack of it – in the financial services industry present risks for both an institution's consumers and the institution's safety and soundness. The presence of both...more

New Mobile Financial Services Appendix

The Federal Financial Institutions Examination Council recently issued a new appendix on “Mobile Financial Services” to the Retail Payment Systems booklet of the FFIEC Information Technology Handbook. The appendix...more

Mobile Financial Services Addressed in FFIEC Examination Handbook

The federal body tasked with creating standards for the uniform regulation of financial institutions has released new information to assist examiners in evaluating mobile services offered by financial institutions and their...more

The Financial Report, Volume 5, Number 9

We generally avoid commenting on politics in these pages as it is usually beyond the scope and purpose of this publication. Increasingly, however, we are being asked for our thoughts about how the upcoming general election...more

FFIEC proposes new rating system

The Federal Financial Institutions Examination Council (FFIEC), whose members include the CFPB, is proposing a new uniform interagency consumer compliance rating system to reflect changes in consumer compliance supervision...more

Banking By Phone Requires More Demanding Responsibilities for Bank Management and the Board of Directors

Competition and technology are demanding that banks provide more convenient payment choices for consumers. Consequently, banks are offering mobile financial services (MFS) that can be accessed through mobile devices such as...more

How Many Times Do We Have to Tell You Not to Open the Cat Video

Everyone has been in a movie theater when one of the actors approaches that door to the basement behind which strange noises are coming. They reach out to turn the knob and in unison the audience is thinking “Fool, haven’t...more

Valuable Information Security Lessons from the Olympus Mortgage vs. Guaranteed Rate Case

Late last month a jury awarded Mount Olympus Mortgage Company (MOMC) more than $25 million for their claims against Guaranteed Rate (Guaranteed), which alleged Guaranteed along with other former employees of MOMC illegally...more

Top 10 Financial Institution Considerations for 2016: #3 – Cybersecurity

In our initial article announcing our top 10 considerations for financial institutions in 2016, our third consideration was cybersecurity. Perhaps one of the biggest challenges facing financial instructions in the near future...more

Cybersecurity: What You Must Know and What You Must Do

On February 1, 2016, the Federal Deposit Insurance Corporation (“FDIC”) published the Winter 2015 issue of Supervisory Insights. Not surprisingly, the first article dealt with the most important issue facing the financial...more

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