With the New Year firmly in the rearview mirror, banks and credit unions are getting back to business and focusing on priorities and challenges for the remainder of the year. One of these challenges is the need to cut through the regulatory noise. Julia O'Connell, Quantivate's senior vice president of product management, offers some insights on the regulatory environment and compliance risk management in the following interview. Financial services organizations are bombarded with messages…
Within a one-week period in January 2023, the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB) updated examination manuals on fair lending and mortgage servicing, respectively, signaling increased regulatory attention on risk management in these two important lending areas. (more…)
The cannabis industry continues to be a gray area for financial institutions seeking to enter this underbanked and potentially lucrative market. State laws legalizing cannabis for both medical and non-medical use have proliferated in recent years, yet institutions must consider the risks associated with providing services to marijuana-related businesses (MRBs). With continued growth in the industry, projections estimate that legal cannabis sales in the U.S. could surpass $70 billion by 2030. As more financial services…
It’s a tough time to be a compliance professional in the financial services industry. A growing number of U.S. financial institutions have been hit hard with regulatory fines and lawsuits due to compliance failures. Meanwhile, federal regulators are imposing new rules on a level unseen in the past decade, underscoring the importance of guarding against non-compliance in financial services. (more…)
The Securities and Exchange Commission (SEC) has been making headlines with a record-breaking year for enforcement in 2022. The SEC reported that it filed 760 enforcement actions and imposed $6.4 billion in penalties and disgorgement (the return of wrongfully obtained money), the highest amount recorded for a single fiscal year in the agency’s history. (more…)