September 13, 2017


 
Contents:
ACB Bank Management & Directors Conference
Equifax breach compromised almost half the country
Anti-Money Laundering Survey
State Regulators Begin Design on a Next Generation Technology Platform
FDIC reports record earnings for banks








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Equifax breach compromised almost half the country     
Cyber criminals have accessed sensitive information -- including names, social security numbers, birth dates, addresses, and the numbers of some driver's licenses.
 
Additionally, Equifax said that credit card numbers for about 209,000 U.S. customers were exposed, as was "personal identifying information" on roughly 182,000 U.S. customers involved in credit report disputes. Residents in the U.K. and Canada were also impacted.
 
The breach occurred between mid-May and July, Equifax said. The company said it discovered the hack on July 29.
 
The data breach is one of the worst ever, by its reach and by the kind of information exposed to the public.
 
"This is clearly a disappointing event for our company, and one that strikes at the heart of who we are and what we do," said Equifax chairman and CEO Richard F. Smith.
 
Equifax is one of three nationwide credit-reporting companies that track and rates the financial history of U.S. consumers. The companies are supplied with data about loans, loan payments and credit cards, as well as information on everything from child support payments, credit limits, missed rent and utilities payments, addresses and employer history, which all factor into credit scores.
 
 
Best practices and benchmarking for your AML program
 
The RSM Anti-Money Laundering (AML) Survey was developed to help banks understand best practices and benchmark their AML compliance efforts against peers. This comprehensive resource provides a detailed analysis of AML functional structures, staffing levels and certifications, costs, risk tolerance, performance of key compliance processes, technology and training.
 
Emerging risks and increased regulatory scrutiny and enforcement are putting intense pressure on AML compliance programs, and banks need to continuously enhance their strategies to address necessary changes. AML processes that were sufficient in the past may not be effective today, and new expectations based on risks observed at other institutions can lead to regulatory gaps and control deficiencies.   
 
AML regulations are challenging for banks, and knowing how institutions of similar size, complexity and risk structure AML compliance activities and manage evolving regulations can help identify opportunities and keep AML programs relevant.
AML Survey discovers key compliance trends and processes
 
Our survey helps banks understand how peers are reacting to AML challenges and how to implement a more effective AML compliance program.
 
CSBS has launched a major redesign of the Nationwide Multistate Licensing System (NMLS), the core technology platform used by state bank regulators. The redesign will enable regulators to transform the licensing and supervision of non-bank financial institutions, including fintechs.
 
John Ducrest, commissioner of the Louisiana Office of Financial Institutions, said: "Technology and data are powerful tools that can create sweeping benefits throughout the financial regulatory system. And that vision drives our efforts with the next-generation NMLS. We are committed to nothing less than modernized state regulation for a modernized financial services industry."
 
He added: "Better risk management, greater efficiency, and the inclusion of a modern examination system, are among the benefits the next-generation NMLS will offer state regulators. Meanwhile, fintechs and other non-banks will benefit from faster licensing approvals, more standardized experiences, and smoother sailing to nationwide expansion."
 
Regulators today use NMLS to license companies in non-bank industries such as mortgages, money services, consumer finance and debt collection. Redesigning NMLS is part of a larger effort, CSBS Vision 2020, which state regulators are conducting as they move towards an integrated, 50-state system of licensing and supervision.
 
Good news for banks. Net income for FDIC-insured banks surged in the second quarter to $48.3 billion, according to a survey conducted by the agency. This figure represented a 10.7 percent jump from the same period a year ago. During the quarter, community bank income grew by 8.5 percent. Average return-on-assets was 1.14 percent, the highest in 10 years. And total loans and leases also were up 3.7 percent.
 
FDIC Chairman Martin Gruenberg commented : "Revenue and net income growth were both strong, profitability reached a post-crisis high, net interest margins improved, and the number of unprofitable banks and 'problem banks' continued to fall. Community banks also reported another solid quarter of revenue, net income, and loan growth."
 
Gruenberg also pointed out that, during the quarter, community banks outpaced the broader industry in the growth of net interest margins as well as loan balances, and increased their lending to small businesses faster than the rest of the industry.  
 
 
 





Live  
September 12-13, 2017

Cyber-Attack Against Payment Systems Exercise

September 20 & 21, 2017

ACB 2017 Compliance Conference

 
 

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Thursday, September 28, 2017
 
 
Wednesday, October 4, 2017 
 

Wednesday, October 11, 2017
 
 
 
   
 
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