- It’s no longer enough for banks and other financial institutions to simply have good working relationships with the third parties that provide IT and other services. New, stricter standards and increased scrutiny by the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB), as well as the Federal Deposit Insurance Corporation (FDIC) and the Federal Financial Institutions Examination Council (FFIEC), mean financial institutions now have the same responsibilities for in-house and out-of-house services.
- The proposed Cybersecurity Disclosure Act of 2015 has provoked discussion about the role of the Board of Directors in cybersecurity oversight and board member knowledge and awareness of an organization’s cybersecurity management program. Baker Tilly outlines the potential impacts to boards and what’s important to know now.
- New York Department of Financial Services proposed anti-money laundering (AML) requirements, which includes Chief Compliance Officer certification.
- A highway bill recently signed by President Obama includes regulatory relief measures for the banking industry.
- Auto lending rules and heavy CFPB fines will be significantly rolled back if H.R. 1737, the “Reforming CFPB Indirect Auto Financing Guidance Act,” becomes law.
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