This month’s roundup of recent news and developments in the world of governance, risk, and compliance (GRC) for financial services includes: NCUA regulatory agenda AI risk management State data privacy legislation Cybersecurity risks in banking Let’s dive in: National Credit Union Administration releases rule making agenda On June 14, the National Credit Union Administration (NCUA) released its 2023 spring agenda of proposed rules, pre-rules, and final rules. The regulatory topics for credit unions addressed…
In early June 2023, the Federal Reserve System, Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) published guidance on managing third-party risk, replacing existing guidance that each regulatory agency had published, to have a unified approach to supervisory oversight in this area. The final guidance is in response to comments received from the proposed guidance from July 2021, and the agencies emphasize that “supervisory guidance does not have…
The June Regulatory Compliance Briefing includes recent alerts, advisories, and pending actions to be aware of this month. (more…)
Maintaining compliance in financial services is an ongoing challenge in today’s regulatory environment. More than 70% percent of compliance professionals expect the volume of regulatory change to increase over the next 12 months, according to Thomson Reuters’ 2023 Cost of Compliance Report. As the financial services industry navigates rising regulatory pressures, several risk areas are top of mind for compliance leaders. According to recent research from Compliance Week and FTI Consulting, executives ranked their…
This month’s roundup of recent news and developments in the world of governance, risk, and compliance (GRC) for financial services includes: New interagency guidance for third-party risk management Chatbot use and AI risks in consumer finance Regulatory compliance pressures Let’s dive in: Banking regulators issue final guidance on third-party risk management On June 6, the Federal Reserve, FDIC, and OCC finalized their guidance on managing risks associated with third-party relationships. The long-awaited joint guidance,…