Compliance

The Office of the Comptroller of the Currency issued a prompt corrective action directive to First National Bank and Trust in January, requiring it to hire a forensic auditor and provide the OCC with access to documents and records.

The operating environment is dramatically different than it was pre-pandemic and presents all-new challenges for financial institutions. Tried-and-true strategies that led to high performance for many years are no longer going to be successful. Join Bonnie McGeer, Executive Editor of American Banker, and Claude Hanley, Partner at Capital Performance Group, as they highlight important trends and comb through data from top-performing banks across the country for insights that will help regional and community financial institutions thrive in 2021. Executives will learn what metrics will be most critical to focus on to maintain high performance going forward.

The nod from the Federal Reserve is seen as a significant step toward eventually freeing the bank from a 2018 order that imposed a cap on its assets.

The former comptroller of the currency, who founded the consulting firm known for its roster of ex-regulators, will hand over leadership of day-to-day activities to an operating committee as he pursues other projects.

Tech firms, banks, card networks and governments are all making strong progress toward the everyday use of digital currencies.

Bankers have claimed that the Small Business Administration's procedures to counter fraud and improper lending have ensnared legitimate Paycheck Protection Program applications.

Documents shed light on how two brokers overseeing trainees allegedly called hundreds of phone numbers on Merrill’s Do Not Call list.

Countries around the world are adopting a messaging standard that allows more information to be sent with a payment, but it has been slow to gain traction in the U.S.

Citigroup will refund an additional $4.2 million to some credit card customers who were overcharged years ago.

Australia and the U.K. are starting to build the case for regulation of buy now/pay later offerings.

Australia and the U.K. are starting to build the case for regulation of buy now/pay later offerings.

The inquiry into Venmo's debt collection practices is a taste of what PayPal can expect as it expands to other categories that increasingly face regulatory pressure.

The inquiry into Venmo's debt collection practices is a taste of what PayPal can expect as it expands to other categories that increasingly face regulatory pressure.

Ant Group and Chinese regulators have agreed on a restructuring plan that will turn Jack Ma’s fintech giant into a financial holding company, making it subject to capital requirements similar to those for banks.

Senate Majority Leader Chuck Schumer is calling for federal legalization of cannabis. This should be welcome news to niche payment processors already in the business, but it would also reward big players waiting on the sidelines.

A growing number of states have chosen to decriminalize or legalize cannabis in recent years. As a result, the legal cannabis industry has experienced exponential growth. Yet banks and other financial institutions are still largely reluctant to partner with cannabis firms due to the lingering conflict between state and federal law. In this episode we will explore: (1) how financial institutions can navigate the regulatory, compliance, and operational challenges facing this sector; and (2) the steps the Biden Administration may take to improve the environment for banking this industry.

illionaire Jack Ma’s Ant Group delivered about $2.3 billion in profit in the quarter right before Chinese regulators brought down the hammer on the financial technology giant’s record public offering and ordered it to scale back its sprawling business.

Ireland is one of the few European countries without a domestic real-time bank transfer scheme, and the fintechs are rushing to fill that gap.

Come away better prepared for what’s ahead after hearing Satish Kini and David Sewell of Debevoise & Plimpton and Darin Jarrett, Deputy BSA/AML Officer at American Express, in conversation with Bonnie McGeer, Executive Editor of American Banker, as they explore: •How the new administration might change the BSA/AML Act •Are there easy wins in relieving the burden of suspicious activity reports without undermining effectiveness? •New ways that companies are innovating within AML compliance and risk •What banks are doing to drive next-gen efficiency and effectiveness of risk and compliance

Compliance is expensive and complicated, though there are some emerging solutions, says Adflex CEO Pat Bermingham.