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No Rest for the Weary Compliance Officer

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In just the last two weeks…

FFIEC Seeks Comments on Proposed Revisions to Uniform Interagency Consumer Compliance Rating System
The Federal Financial Institutions Examination Council is seeking public comment on its proposal to revise the existing Uniform Interagency Consumer Compliance Rating System to reflect regulatory, supervisory, technological, and market changes since the system was established.

FRB Announces Approval of Joint Agency Notice of Proposed Rulemaking
The Federal Reserve Board, The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, the National Credit Union Administration, the Securities and Exchange Commission, and the Federal Housing Finance Agency published a notice of proposed rulemaking announcing they have approved a joint agency notice of proposed rulemaking to implement the incentive compensation provisions of the Dodd Frank Wall Street Reform and Consumer Protection Act.

Agencies Propose Net Stable Funding Ratio Rule
The federal banking agencies proposed a rule to strengthen the resilience of large banking organizations by requiring them to maintain a minimum level of stable funding relative to the liquidity of their assets, derivatives, and commitments over a one-year period. The rule, the net stable funding ratio (NSFR), is being proposed by the Federal Deposit Insurance Corporation, the Federal Reserve, and the Office of the Comptroller of the Currency. The proposal is designed to reduce the likelihood that disruptions to a banking organization’s sources of funding will compromise its liquidity position.

FRB Proposes Rule to Support U.S. Financial Stability by Enhancing the Resolvability of Certain Financial Firms
The Federal Reserve Board proposed a rule to support U.S. financial stability by enhancing the resolvability of very large and complex financial firms. The proposal would require U.S. global systemically important banking institutions (GSIBs) and the U.S. operations of foreign GSIBs to amend contracts for common financial transactions to prevent the immediate cancellation of the contracts if the firm enters bankruptcy or a resolution process. This change should reduce the risk of a run on the solvent subsidiaries of a failed GSIB caused by a large number of firms terminating their financial contracts at the same time.

And then…

Treasury Announces Key Regulations and Legislation to Counter Money Laundering and Corruption
The U.S. Department of the Treasury announced several actions to strengthen financial transparency and combat the misuse of companies to engage in illicit activities. Treasury announced a Customer Due Diligence Final Rule (applicability date of May 11, 2018), proposed Beneficial Ownership legislation, and proposed regulations related to foreign-owned, single-member limited liability companies. Together, these efforts target key points of access to the international financial system – when companies open accounts at financial institutions, when companies are formed or when company ownership is transferred, and when foreign-owned U.S. companies seek to evade their taxes.

Keeping your financial institution up to date on regulatory issues and your employees educated can be a daunting task. TRC can help. To learn more, contact us at info@trcinteractive.com or (800) 222-9909.