• Final Basel III capital rule will affect community banks

    The final rules for the Basel III international capital accord, which will be phased in between the beginning of this year and 2019, include some relief for community banks. There are also some changes that affect the capital standards and reporting for community banks.
  • Regulatory noncompliance is now a financial matter

    More punitive regulatory approach raises financial statement audit scrutiny: In the aftermath of the Great Recession, regulators have turned dramatically to a far more punitive approach in dealing with actual and alleged instances of noncompliance with laws and regulations by financial institutions. The increased presence of significant financial consequences, brings into greater light a financial statement auditing standard that previously had infrequent application and limited effect on the financial condition and results of reporting companies’ operations.
  • OCC: You can’t outsource responsibility

    The Office of the Comptroller of the Currency (OCC) recently updated its risk-management guidelines for third-party relationships, and the new guidelines give banks more responsibility than ever. According to the new guidelines, financial institutions have many of the same responsibilities for managing risk from vendors as they do from their own operations.
  • New NIST Cybersecurity Framework

    In February 2014, the NIST Cybersecurity Framework was introduced as a response to Executive Order 16363, ordered by President Obama in 2013. The Executive Order was a White House initiative to improve cybersecurity of critical infrastructure by developing a framework which incorporates a consensus of industry standards and best practices.