Compliance reviews

Investment banks were ordered to pay $1.8 billion in fines last week for employees' unmonitored communications on messaging apps like WhatsApp. Experts say other banks could also be subject to such fines if they're not careful.

After a yearlong investigation by the Securities and Exchange Commission, large investment banks including BofA, Citi and Deutsche admitted they failed to monitor their employees on certain messaging channels such as WhatsApp.

The acting head of the agency says it cannot continue relying on web-based exams put in place during the coronavirus and will start sending staff into banks.

The deal expands the number of compliance tools owned by credit union leagues and other industry groups.

As banks continue to invest heavily in developing mobile and web-based services for personal and business accounts, investments, money transfers, micro loans and peer-to-peer payments to make the customer experience as seamless as possible, they cannot afford to let compliance efforts lag, writes Sam Abadir, vice president of industry solutions for Lockpath.

Disclosure requirements are changing all the time. Failure to stay on top of this can lead to fines or worse.

It is important that all parties involved in construction projects not only be aware of these regulation updates and how they will impact their projects, but also what they can do to prepare for when the legislation inevitably reaches them, writes Matt Johnner, president and co-founder of BankLabs.

Under the Australian government’s direction, the country is implementing an open banking plan — but it's not going as far as the U.K. and EU have.

When GDPR went into effect in May, it was expected that the European law would touch a lot of U.S. payment companies because of their international scope. Now it's clear that even purely domestic U.S. firms will have to adhere to some version of the data-privacy law.

Acting Director Mick Mulvaney’s decision to halt the collection of consumer data renders bank exams less effective and ignores existing cybersecurity protections, the Massachusetts senator argues.

More than 70% of women mortgage professionals have experienced sexual harassment in the workplace, but these incidents go drastically underreported, according to a recent Mortgage Bankers Association survey.

Comptroller of the Currency Joseph Otting on Thursday again took issue with Senate Democrats over their concerns about the pace of internal supervisory changes.

Acting Director Mick Mulvaney’s decision to halt the collection of consumer data renders bank exams less effective and ignores existing cybersecurity protections, the Massachusetts senator argues.

The 3-year-old order was related to Discover Bank’s programs for combating money laundering. A related agreement with the Federal Reserve Bank of Chicago remains in effect.

As the Federal Reserve retools its supervisory approach to bank boards, some critics fear the changes may go too far.

Four key areas examiners will be looking at related to the new rule that CUs should brush up on today.

Auditors performing a review of Ocwen Financial padded time sheets and claimed excessive and improper expenses, including lengthy travel and meals at strip clubs and casinos, according to a lawsuit filed against Fidelity Information Services.

The PayPal Charitable Giving Fund was accused in a lawsuit of failing to tell donors that their gifts may not reach their intended charities if the organizations aren’t registered with the online payment platform.

The new standard protects competition for businesses and issuers of all sizes, and should not be repealed.