All Banks articles – Page 6
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Blog
Regulators clarify diversity self-assessments
Federal banking regulators are offering additional details on the self-assessments of diversity policies and practices the institutions they oversee will need to submit as part of an effort to meet a requirement of the Dodd-Frank Act. Joe Mont has more.
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Blog
SEC’s Piwowar offers ideas for improving bank regulation
Troubled by what he sees as an intrusion by bank regulators onto the Securities and Exchange Commission's turf, Commissioner Michael Piwowar has outlined a new regulatory approach that comes with a variety of additional disclosure obligations for financial institutions. More from Joe Mont.
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Article
Rise of the machines: how artificial intelligence could revolutionize compliance
It may sound futuristic, but “thinking machines” are poised to revolutionize compliance. Artificial intelligence, proponents say, can take care of grunt work, freeing audit and compliance professionals to focus on matters that befit their skills. Advanced automation, however, says Joe Mont, isn’t without concerns and pitfalls.
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BlogFed releases report card on capital plans of big banks
The Federal Reserve has released the results of its annual Comprehensive Capital Analysis and Review, an assessment of whether bank holding companies with $50 billion or more in total consolidated assets have effective capital planning processes and adequate assets on-hand to absorb losses during stressful conditions. While many plans passed ...
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BlogA roadmap toward executive-level gender diversity in the U.K.
The United Kingdom’s struggle for executive-level gender diversity continues, especially in the financial services sector, where only 23 percent of board directors and only 14 percent of executive committee members are female. The Women in Finance Charter offers a roadmap for how to address this, with a stern warning: Organizations ...
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Blog
Deadline extended for foreign bank resolution plans
The Federal Reserve Board and the Federal Deposit Insurance Corporation have granted four foreign banking organizations additional time to submit their next resolution plans. Previously, Barclays, Credit Suisse Group, Deutsche Bank AG, and UBS were required to submit their next plans on July 1, 2016, a deadline now bumped up ...
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Article
Q&A: How financial institutions can help uncover human trafficking
Human trafficking is an enormous problem that, in addition to the human toll, generates $38 billion per year in revenue for criminals. Joe Mont spoke to Micah Willbrand, anti-money laundering and financial crimes expert with NICE Actimize, about the financial patterns that can uncover human trafficking activity and what role ...
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Blog
OCC warns banks about new communication tech
The Office of the Comptroller of the Currency has issued guidance for the banks it oversees regarding their obligations related to the maintenance of records, records retention, and examiner access to those documents in light of new communications technologies. Joe Mont offers some details on the guidance.
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BlogPost ‘Panama Papers,’ Treasury sets rulemaking agenda
In the wake of the “Panama Papers” scandal, Treasury Department officials pledged a focus on issues related to shell companies and beneficial ownership. Making good on that promise, says Joe Mont, the agency has announced several actions, including: a customer due diligence final rule; proposed legislation on beneficial ownership, and ...
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Article
Banks face continuing parade of new regulations
Even as aftershocks of the Financial Crisis fade, banks continue to face a steady stream of new and evolving regulatory demands. Recent days have been no exception, says Joe Mont, with new demands regarding liquidity, swaps contracts, and a plan to undo the United States’ “see no evil” approach to ...
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Blog
SEC wraps up remaining JOBS Act workload
On Tuesday, the SEC, completing its remaining workload on JOBS Act mandates, approved amendments to revise the rules related to the thresholds for registration, termination of registration, and suspension of reporting under Section 12(g) and 15(d) of the Securities Exchange Act. Joe Mont has more.
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Blog
Proposed rule extends big bank liquidity demands
A busy day for bank regulators on Tuesday led to proposed rules dealing with new liquidity requirements, incentive-based compensation, and how small banks are assessed for deposit insurance. Joe Mont reports.
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BlogNew rule targets incentive-based pay at financial institutions
Inching forward with one of the most-delayed—and controversial—mandates of the Dodd-Frank Act, the National Credit Union Administration has re-proposed a stalled 2011 rule proposal targeting incentive-based executive pay that encourages inappropriate risks at banks and credit unions. The proposed rules would impose clawback provisions and require executives and “significant risk ...
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BlogBanks get report cards, to-do demands for their ‘living wills’
The Federal Deposit Insurance Corporation and the Federal Reserve Board have released firm-specific report cards on the 2015 resolution plans of eight systemically important, domestic banks. The determinations were made public on Wednesday, one day after a report by the Government Accountability Office called for greater transparency in how their ...
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Blog
Under Single Resolution Mechanism, EU banks get bail-in
The European Union’s Single Resolution Mechanism (SRM), part of a larger post-financial crisis initiative known as the Bank Recovery and Resolution Drive (BRRD), has recently received further implementation. The advancement of SRM means that banks must have recovery plans, but EU-level authorities can intervene if they sense a bank is ...
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Blog
Big banks could face new recordkeeping requirements
The Federal Deposit Insurance Corporation has proposed new recordkeeping requirements for federally-insured institutions with more than 2 million customer accounts. The move is intended to facilitate rapid payment of deposits to customers if the institutions were to fail. Banks would be required to ensure that their information technology systems are ...
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Article
Financial world braces for expected credit loss rule
A pending new requirement for how banks should write down the value of troubled loans is providing a ringside seat for those in capital markets who want to understand how or why accounting and auditing are becoming more difficult by the day. FASB met with the Independent Community Bankers of ...
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Blog
Nouy: bank regulation must be consistent, harmonised
Image: European banks are much improved since 2012, with greater stability and resiliency. A challenge, however, is to ensure consistent and equal rulemaking throughout EU member states. That was the prognosis offered by Danièle Nouy, chair of the supervisory board of the European Central Bank, during an address to European ...
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Article
OCC will add "recovery plans" alongside big bank stress tests
The Office of the Comptroller of the Currency is seeking comment on “enforceable guidance” that will require banks with assets of $50 billion or more to create “recovery plans.” While resolution plans, orchestrated by the Federal Reserve and Federal Deposit Insurance Corporation, largely focus on liquidity and asset quality, the ...
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Article
The Silver Lining of Sharing Data on Cyber-Risks
After many months of debate, President Obama finally signed the Cyber-Security Information Sharing Act into law. The question businesses are asking: In practical terms, is it good news or yet another cyber-security-triggered migraine? While concerns abound, notably around privacy issues, companies may still find plenty to appreciate in the legislation ...