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The Filing Cabinet

"The Filing Cabinet," which covers compliance with the Dodd-Frank Act and the Sarbanes-Oxley Act, as well as other regulatory action from the Securities and Exchange Commission, executive compensation, and shareholder activism, is written by CW staff writer Joe Mont. Mont welcomes questions, comments, and statements from readers on SEC filing matters and will address them here when appropriate. Readers can contact him at joe.mont@complianceweek.com.
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The Filing Cabinet Blog
Burke & Herbert Bank & Trust Overhauls Compliance Program
Jaclyn Jaeger | September 30, 2014
Sept. 30—Financial institution Burke & Herbert Bank & Trust is currently undergoing a serious overhaul to strengthen its compliance and internal control functions, under the terms of a recent consent agreement reached with the Federal Deposit Insurance Corp. Under the FDIC order, Burke & Herbert agreed to such initiatives as board supervision; a Bank Secrecy Act training; enhanced customer due diligence; internal control overhaul; and more. Will other banks use the order as a blueprint to help ensure compliance with the Bank Secrecy Act? Details inside.
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The Filing Cabinet Blog
Podcast: Banks Double Down on AML Compliance
Joe Mont | November 11, 2014
A recent survey by accounting firm Kaufman Rossin found that many banks plan sizeable increases to their budget for anti-money laundering compliance over the next 12 months. In this week’s podcast, we talk to Ivan Garces, a risk advisory services principal at accounting firm Kaufman Rossin about the evolving risk landscape banks face and how it is driving greater investment in their compliance programs.
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The Filing Cabinet Blog
Risk Retention Rule Finalized for Asset-Backed Securities
Joe Mont | January 30, 2015
Bank regulators, along with the Securities and Exchange Commission, Federal Housing Finance Agency, and U.S. Department of Housing and Urban Development have jointly issued a final rule that imposes credit risk retention requirements on sponsors of asset-backed securities. The rule requires sponsors to hold at least 5 percent of the credit risk of the assets underlying the securities. The rule includes exemptions for mortgage-backed securities collateralized by residential mortgages that meet "qualified mortgage" criteria established by the Consumer Financial Protection Bureau.
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The Filing Cabinet Blog
CFPB Considers Ban on Mandatory Arbitration Clauses
Joe Mont | October 7, 2015
The Consumer Financial Protection Bureau is moving forward with new rules that would prohibit the mandatory arbitration clauses in contracts that banks, credit card companies, and others rely upon to prevent consumers from pursuing lawsuits. A variety of recommendations, published this week for public comment, are the results of a study that was required by the Dodd-Frank Act and released in March.
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The Filing Cabinet Blog
Banks Could Face Long-Term Debt Requirements
Joe Mont | November 2, 2015
Unveiling yet another rulemaking effort to end taxpayer bailouts when large banks fail, the Board of Governors of the Federal Reserve has proposed an increase in the loss absorbing capacity of systemically important U.S. bank holding companies and the domestic operations of smilarly designated foreign banks. Covered institutions would be required to maintain a minimum amount of long-term debt that could be converted into equity in the event of a failure.
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The Filing Cabinet Blog
Big changes at OCC; Curry out, Noreika in
Joe Mont | May 3, 2017
After five years of service, Comptroller of the Currency Thomas Curry will be leaving the agency. Keith Noreika, a partner at the law firm Simpson Thacher & Bartlett, will serve as acting Comptroller of the Currency.
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The Filing Cabinet Blog
OCC sets stage for FinTech firms to charter as national banks
Joe Mont | December 5, 2016
The Office of the Comptroller of the Currency will consider applications from financial technology (FinTech) companies to become special purpose national banks. Charters would come with heightened risk management and liquidity requirements.
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The Filing Cabinet Blog
Congress wants action on Wells Fargo regulatory plan
Joe Mont | January 24, 2018
U.S. Senator Bob Menendez (D-N.J.), is among the concerned senators urging the Comptroller of the Currency to quickly act upon regulatory recommendations that emerged after last year’s fake accounts scandal at Wells Fargo.
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The Filing Cabinet Blog
House passes bill seeking end to cookie-cutter stress tests for non-banks
Joe Mont | March 21, 2018
The House of Representatives garnered bipartisan support for legislation that would exempt non-bank financial institutions that are not under supervision by the Federal Reserve, but overseen by the SEC and CFTC, from stress tests.
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The Filing Cabinet Blog
Outgoing FDIC official shares blunt view of ‘Too Big to Fail’ and bank regulation
Joe Mont | March 30, 2018
As part of his farewell tour, Thomas Hoenig, the departing vice chairman of the Federal Deposit Insurance Corporation, used a recent speech to candidly address the challenge of balancing prudential standards and regulatory initiatives when attempting to end big bank bailouts.
Displaying 10 results