Industry Examinations

News & Analysis as of

Tennessee Securities Division Expands Exam Program

The Tennessee Securities Division, Department of Commerce and Insurance (Julie Mix McPeak, Comm’r) recently confirmed its launch of a comprehensive three-year cycle examination program covering all Tennessee-based...more

Recognizing the Role and Importance of the CISO

In July of this year, we reported on the Cybersecurity Assessment Tool published by the Federal Financial Institutions Examination Council. The FFIEC is an interagency organization that establishes the examination standards...more

FFIEC Releases Revised Management Booklet with Emphasis on Sound IT Governance

On November 10, the FFIEC issued a revised Management booklet, which outlines the principles of overall sound governance and, more specifically, IT governance. The booklet is one of 11 that makes up the FFIEC’s Information...more

OCC Issues Bulletin on TRID Examinations

On November 6, 2015, the Office of the Comptroller of the Currency (OCC) issued Bulletin 2015-42 to provide guidance on initial examinations of OCC-supervised institutions with the new Truth-in-Lending and Real Estate...more

Status of NFA's Section 4s Reviews and Swap Dealer Examinations

Beginning on December 31, 2012, swap dealers began filing applications for registration with the Commodity Futures Trading Commission (CFTC). As of October 2015, 104 entities are provisionally registered as swap dealers....more

Transitional period and initial supervisory practice over TRID

The CFPB sent industry trade groups a letter on October 1, 2015 to address the approach of the Federal Financial Institutions Examination Council (FFIEC) member agencies during the initial months following the implementation...more

Spotlight on the Military Lending Act, Part 3: Falling in Line with MLA Compliance

With recent changes in the regulations implementing the Military Lending Act (“MLA”), creditors are now reevaluating their compliance plans to ensure they are prepared for the new regulations. Although there is no formal...more

Transitional period and initial supervisory practice over TRID

The CFPB sent industry trade groups a letter on October 1, 2015 to address the approach of the FFIEC member agencies during the initial months following the implementation of the TILA-RESPA Integrated Disclosure (TRID) rule...more

Fair Lending Director Ficklin Discusses Small Business Lending, LGBT issues, LEP consumers and Inclusive Communities at ABA...

Last Thursday, I had the pleasure of teaching a class on payments and banking products to new lawyers at the American Bar Association’s Consumer Financial Services Institute. I arrived early for the class and got to hear a...more

CSBS’ Multi-State Mortgage Committee: Mortgage Companies Must Comply with Technology-Based Examination Process

On September 29, the Conference of State Bank Supervisors (CSBS) and the Multi-state Mortgage Committee (MMC) released a bulletin titled, “Supervisory Expectations Regarding the Use of Electronic Examination Tools.”...more

SEC Enforcement Continues to Pursue Hedge Fund Advisers

The SEC continues to pursue enforcement actions against hedge fund managers for alleged self-dealing, undisclosed conflicts of interest, and valuation issues. As we’ve previously reported (here and here), the SEC has stepped...more

SEC Cybersecurity Examinations and Enforcement: What Broker-Dealers and Investment Advisers Need to Know

The Securities and Exchange Commission’s (SEC or Commission) Office of Compliance Inspections and Examinations (OCIE) announced in a September 15, 2015 Risk Alert (2015 Risk Alert) that it will be conducting a second round of...more

OCIE Issues Cybersecurity Risk Alert and Exam Plans; Follows Up with Enforcement Action

The Securities and Exchange Commission (SEC) Office of Compliance Inspections and Examinations (OCIE) recently released a Risk Alert containing its plan for a second round of cybersecurity examinations of registered...more

SEC Charges Investment Adviser with Failure to Adopt Proper Cybersecurity Policies and Procedures Prior to Cyberattack

On Tuesday, September 22, 2015, the SEC charged an investment adviser with failing to adopt a written policy and procedure reasonably designed to safeguard customer records and information. The charge spawned from a July 2013...more

SEC’s OCIE Issues a Second Cybersecurity Risk Alert

On Sept. 15, 2015, the Securities Exchange Commission (SEC) Office of Compliance Inspections and Examinations (OCIE) published its second cybersecurity risk alert (the “2015 Risk Alert”). The 2015 Risk Alert is a follow up to...more

New Round of SEC Cybersecurity Examinations of Financial Service Firms and Their Cyber Controls

The Office of Compliance Inspections and Examinations (the OCIE) has just published a new Risk Alert on cyber risks and precautions identifying specific areas it will be focusing on during the second round of examinations of...more

SEC Says No More Mr. Nice Guy on Investment Adviser Cybersecurity

Over the last couple years, the SEC’s cybersecurity bark has been worse than its bite. Its Office of Compliance, Inspections, and Examinations issued examination priorities in 2014. Commissioner Aguilar warned public...more

Bridging the Week - September 2015 #2

CFTC Says Virtual Currencies Are a “Commodity” Under Federal Law, Files Charges Against Coinflip for Operating an Unregistered Bitcoin Options Trading Platform - The Commodity Futures Trading Commission filed and...more

SEC OCIE Sharpens Focus on Cybersecurity

If you read one thing... - On September 15th, the SEC OCIE announced in a Risk Alert it will launch a second round of cybersecurity examinations of registered broker-dealers and investment advisers, which will be more...more

SEC’s OCIE Risk Alert Announces New Cybersecurity Exam Initiative – Focus Includes Conducting Tests of Efficacy of Firm’s...

Following up on last year’s cybersecurity sweep exam, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a new Risk Alert on September 15, 2015, announcing a second round of cybersecurity exams. In...more

FinCEN Proposes AML Requirements for Registered Investment Advisers

The Financial Crimes Enforcement Network (FinCEN) has proposed long-expected regulations that would extend anti-money laundering (AML) requirements to federally registered investment advisers (RIA). The August 25, 2015...more

SEC Issues Risk Alert on Broker-Dealer Controls Regarding Retail Sales of Structured Securities Products

On August 24, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations’ National Examination Program staff (Staff) released a Risk Alert summarizing findings from an examination of 10...more

MSHA Workplace Examination “Clarification” Places Enforcement Target Squarely on Operators

Over the years, the Mine Safety Health Administration (MSHA) has tried on two different occasions to overhaul the workplace examination standard at 30 CFR §56/57.18002 by issuing program policy letters. The agency’s primary...more

MBa Compliance Essentials - CFPB EXAMINATIONS: What We Know Now

In This Presentation: - What is “Supervision”? - CFPB’s Examination Principles - Supervision is a Process - Types of Examinations - Preparing for the Examination - EXAM...more

FDIC revises examination procedures to incorporate TILA/RESPA integrated disclosures

The FDIC has revised its interagency examination procedures to reflect the requirements of the TILA/RESPA integrated disclosures (TRID) rule. The CFPB has issued a proposal to postpone the TRID rule’s effective date from...more

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