Compliance

Yan Zhao, President of NYDIG as she exploreshow Bitcoin is experiencing wider adoption in the traditional finance world, and why that is.

Last week, the world of mortgage servicing got an unpleasant surprise. Cenlar FSB, the nation’s largest subservicer of residential mortgages, was hit with a consent order by the Office of the Comptroller of the Currency alleging “unsafe and unsound” banking practices.

Financial advisors have a variety of objectives in working with their investment-planning clients. But when all is said and done, clients are usually mainly interested in a successful road map to growing and protecting their wealth to and through retirement.

The share of late payers who did not ask for COVID-19-related relief varied widely at 16 servicers surveyed by the the Consumer Financial Protection Bureau.

The municipalities are based in New York, which has the highest volume of such properties across the U.S.

Those handling loan modifications anticipate a growing secondary market for loans in forbearance as they budget cautiously for additional alterations of regulations down the road.

The Consumer Financial Protection Bureau at press time had promised to take the sudden nature of the new holiday’s implementation into consideration as it consulted with other agencies on the issue.

According to the latest Federal Deposit Insurance Corporation (FDIC)’s “How America Banks” report, there is an estimated 7.1 million unbanked households in 2019. Given the record levels of unemployment, the pandemic has brought on the FDIC expects this number to rise. Join Joe Adler, American Banker’s Washington Bureau Chief and Leonard Chanin, Deputy to the Chairman of the FDIC as they discuss the FDIC’s stance on financial inclusion and how banks can get millions of unbanked Americans into the traditional banking system.

Financial institutions spent nearly $214 billion last year — an 18% jump from 2019 — to meet regulatory requirements for fighting financial crimes, a new study says. The spending included more staffing to manage risks posed by customer growth.

The increasing regulatory costs may give the Biden administration reason to encourage the rollback of some zoning restrictions that hamper construction.

The 9-0 ruling markedly diminishes the threat of lawsuits involving automated calls and text messages to consumers.

The organization postponed the issuance of its next set of revisions, which would have gone into effect at the start of 2022.

With historic barriers of systemic discrimination, predatory lending and wealth inequities to overcome, change will take time, but leaders from National Association of Real Estate Brokers and other groups propose lenders take these steps now.

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.

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.

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

The largest concerns are with pandemic risk and defaults, along with business resilience and adaptability, according to a Wolters Kluwer survey.

The agency finalized a policy allowing companies to submit formal requests for clarification on a regulatory issue. The bureau said it will publish the advisory rulings in the Federal Register.

Loans with balances under $27,200 do not have to comply with the special rules for property valuations of such mortgages.

If enacted, the rule will bring the agency into compliance with the GSEs and the Biggert-Waters Flood Insurance Reform Act.