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…
Cybersecurity is at the forefront of everyone’s minds as we kick off the new year. In December, the Log4j exploit, a bug within the Log4j Java-based logging library, rose to prominence, leaving cybersecurity experts everywhere racing to patch it. Logging programs normally keep records within software, but it was recently discovered that this library allows for Remote Code Execution, letting malicious agents run their own code or conduct denial-of-service attacks on servers using the…
Compliance teams are facing increased pressure internally and externally to protect their organization against bribery and corruption risk. The Foreign Corrupt Practices Act (FCPA) Resource Guide, released by the Department of Justice and the Securities and Exchange Commission, states that: “Effective compliance programs are tailored to the company’s specific business and to the risks associated with that business. They are dynamic and evolve as the business and the markets change…. A company’s compliance and…
Regulatory change has come in a flurry to begin the new year, and compliance professionals are under increased scrutiny to keep pace. To help financial institutions remain compliant, 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 reminded customers that as of January 1, 2022, the Consumer Financial Protection Bureau (CFPB), Federal Reserve Board (FRB), and Office of the…