Each month, Quantivate provides our blog readers with access to the top attorney-generated compliance alert our customers receive. While there were 12 alerts and advisories to be aware of in March, this month the biggest to come into effect was an advisory to all financial institutions reminding them of the ability to establish special-purpose credit programs. Executive Summary Five federal financial institution regulatory agencies, in connection with the Department of Housing and Urban Development…
The rise of remote-first organizations in the wake of the COVID-19 pandemic introduced new challenges. With personnel working from home, the demand for strategies and frameworks to manage new risks and vulnerabilities left teams responsible for governance, risk management, and compliance (GRC) feeling the pressure. As organizations navigated operational resilience management in a remote environment, vendor risk and cybersecurity emerged as particular concerns. A 2021 report on third-party security found that more than 50% of…
After a tumultuous past two years, financial institutions continue to navigate complex regulatory requirements, risks, third-party relationships, global supply chains, and other challenges. This web of governance, risk, and compliance (GRC) concerns requires a holistic perspective of regulatory obligations across business functions. Let’s take a look at some of the areas where financial services firms will need a proactive, integrated approach to compliance management going into the rest of 2022. Actionable Data Financial regulators…
The pace of regulatory change continued as we entered February and there are several alerts and advisories that banks and credit unions should be aware of to remain compliant. To help, each month Quantivate will provide our blog readers with access to the top attorney-generated compliance alert our customers receive. This month, the top alert made customers aware that the Federal Deposit Insurance Corporation (FDIC) issued its final rule on deposit insurance for trust…
With 37 states and counting having legalized marijuana for adult and/or medical use, cannabis banking is quickly becoming a competitive space for financial institutions to serve an underbanked industry. Yet, because “the possession, distribution or sale of marijuana remains illegal under federal law,” the American Bankers Association (ABA) points out in its position statement on cannabis banking, “any contact with money that can be traced back to state marijuana operations could be considered money…