On August 11, the Federal Financial Institutions Examinations Council (FFIEC) issued new guidance, providing examples of effective authentication and access risk management principles and practices for financial institutions....more
The U.S. District Court for the Northern District of California recently issued an order setting September 30 as the deadline for the CFPB to issue a notice of proposed rulemaking (NPRM) on small business lending data based...more
On July 13, the Federal Reserve, FDIC, and OCC proposed risk management guidance to help banking organizations manage risks related to third-party relationships, including relationships with vendors, FinTech companies,...more
7/20/2021
/ Banking Sector ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Contract Negotiations ,
Due Diligence ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Government Agencies ,
OCC ,
Proposed Guidance ,
Regulatory Oversight ,
Risk Management ,
Third-Party Relationships ,
Third-Party Service Provider
The New York State Department of Financial Services recently announced new guidance addressing ransomware attacks, and highlighting cybersecurity measures to significantly reduce the risk of an attack. The guidance comes as...more
7/13/2021
/ Confidential Information ,
Cyber Attacks ,
Cybersecurity ,
Data Protection ,
FBI ,
Financial Institutions ,
Financial Services Industry ,
Information Technology ,
New Guidance ,
NYDFS ,
Office of Foreign Assets Control (OFAC) ,
Ransomware ,
Supply Chain
On June 29, NYDFS announced that two New York-charted banks engaging in indirect auto lending will pay civil money penalties for violating New York’s fair lending law for engaging in practices that resulted in members of...more
At the recent FDIC conference, “Fintech: A Bridge to Economic Inclusion,” FDIC Chairman Jelena McWilliams remarked that while the proportion of U.S. households that were banked in 2019 was 94.6 percent, 7 million households...more
On June 24, the U.S. House of Representatives passed S.J. Res. 15 by a vote of 218-208 to repeal the Office of the Comptroller of the Currency’s (OCC) “True Lender” rule under the Congressional Review Act (CRA). The OCC...more
On June 16, the CFPB issued an interpretive rule reversing its prior determination that it lacked authority to examine institutions for compliance with the Military Lending Act (MLA). In 2018, the CFPB discontinued checking...more
On June 4, the CFPB issued eight updated FAQs to the unauthorized transfer and error resolution provisions under the Electronic Fund Transfer Act (EFTA) and Regulation E. Highlights from the FAQs include the following:...more