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Compliance Management Systems Financial Services Industry

Jones Day

DOJ's Antitrust Division and the FTC Announce New Guidance on Preservation for Collaboration Tools and Ephemeral Messaging

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The Antitrust Division of the U.S. Department of Justice ("DOJ") and the Federal Trade Commission ("FTC") are updating language in document requests and compulsory process to address companies' increased use of collaboration...more

The Volkov Law Group

NYDFS Sues Citigroup Over Lax Antifraud Defenses, Seeking Major Expansion in Antifraud Liability for Banking Institutions

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The New York Department of Financial Services (“NYDFS”) has brought action in Federal court against Citibank, N.A., alleging that the bank systemically failed to protect accountholders from rampant online scam activity,...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 16: Compliance Trends, Challenges and Innovation with Chris Hilliard

In this episode, RegFi hosts Jerry Buckley and Sherry Safchuk welcome Chris Hilliard, COO and founding member of Winnow Solutions, LLC. Chris draws upon his experience as the former chief compliance officer at Happy Money and...more

Goodwin

Why Your Consumer Complaint Response Function Is Vital to Your Business

Goodwin on

If you’re offering a financial product or service to consumers, such as a deposit account, loan, credit card, or payment service, you need a strong consumer complaint response function. This is true whether you’re an...more

Alston & Bird

As Economic Winds Blow, So Do Whistleblowers: How to Protect Your Company Through Turbulent Times

Alston & Bird on

A&B ABstract: As recently reported by the Financial Times, banks are preparing for the “deepest job cuts since the financial crisis,” with firings to be “super brutal.”...more

Alston & Bird

HELOCs On the Rise: Is Your Servicing CMS Ready?

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A&B ABstract: The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) has moved to clarify its regulatory authority at a time when the economic climate is ripe for a resurgence in HELOC lending. In an amicus brief...more

Cadwalader, Wickersham & Taft LLP

OCC Issues Its Semiannual Risk Perspective

The Office of the Comptroller of the Currency (“OCC”) issued its Semiannual Risk Perspective for Spring 2022 on June 23. This was the same day the Federal Reserve released the results of its stress test for large bank holding...more

Dechert LLP

Supervisory Liability for CCOs Under FINRA Rule 3110

Dechert LLP on

The Financial Industry Regulatory Authority issued a regulatory notice clarifying the scope of supervisory liability under FINRA Rule 3110 of a broker-dealer’s chief compliance officer (CCO) (Regulatory Notice). FINRA’s Head...more

The Volkov Law Group

FINRA Reminds Broker-Dealers on Importance of Compliance with New AML Rules

The Volkov Law Group on

The new Anti-Money Laundering laws and regulations continue to roll out with new risks, liabilities and compliance requirements.  There is a coming AML enforcement storm, fueled by a new AML whistleblower program that will...more

Hudson Cook, LLP

CFPB Bites of the Month - Q&A with Lucy Morris: Takeaways from 10 Years

Hudson Cook, LLP on

Each month, we host a 30-minute webinar outlining the month's key announcements and takeaways from the Consumer Financial Protection Bureau (CFPB) for financial services providers to consider. With July 21, 2021 marking...more

Ballard Spahr LLP

CFPB rescinds 2018 bulletin on supervisory communications and issues replacement bulletin eliminating supervisory recommendations

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In addition to rescinding seven policy statements providing flexibility to companies in meeting certain compliance obligations during the pandemic, the CFPB has also rescinded its 2018 bulletin (2018-01) that announced...more

Davis Wright Tremaine LLP

CFPB Issues Guidelines Encouraging Access to Financial Products and Services for Customers with Limited English Proficiency

Approximately 22 percent of U.S. residents over the age of 5 speak a language other than English at home. Of those persons, approximately 37.6 percent have limited English proficiency (LEP), meaning they have a limited...more

Mitratech Holdings, Inc

OCC Steps Up Scrutiny of EUCs at Financial Institutions

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EUCs – End User Computing applications – have hit the headlines again, after the US Office of the Comptroller of the Currency (OCC) levied a $400 million fine on an American-based bank. It found issues in the institution’s...more

Ballard Spahr LLP

CFPB issues policy statement on applications for early termination of administrative consent orders

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The CFPB has issued a “Statement of Policy on Applications for Early Termination of Consent Orders.” The statement is applicable as of today....more

Mitratech Holdings, Inc

Reduced Cost and Enhanced Impact: Embedding Compliance in BAU

Compliance management has moved from being a nice to have, to an absolute need to have. For many organizations, it is part of business-as-usual (BAU). The scale and scope of compliance frameworks across the world have grown,...more

Mitratech Holdings, Inc

TRIM and Spreadsheet Risk Management

The Targeted Review of Internal Models (TRIM) is a planned part of the ongoing programme of regulatory enhancements forming part of the European Banking Authority’s (EBA) activities intended to enhance its visibility of the...more

Ballard Spahr LLP

CFPB issues policy statement on compliance resources

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The CFPB published a policy statement in today’s Federal Register to announce that, going forward, it is establishing a new “Compliance Aids” designation for certain Bureau guidance.  The policy statement becomes applicable...more

Baker Donelson

Not All Compliance Management Systems (CMS) are Created Equal

Baker Donelson on

While the CFPB continues to expand into various business lines and increase the number of industries they supervise and hold enforcement power over, the FDIC, FED and various state regulators have all incorporated the CFPB's...more

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