The National Credit Union Administration’s Supervisory Priorities for 2018 remain consistent with 2017 with an emphasis on controlling risks. The agency plans to fully implement its extended exam cycle in 2018. Well-rated credit unions with less than $50 million in assets will continue with streamlined exam procedures while the rest will undergo risk-focused examinations. Other […]
Part 4 of 4 Effective compliance isn’t just about following the rules. It’s about understanding processes and knowing where strengths and weaknesses exist. That’s why regular compliance risk assessments are essential. A well-executed risk assessment digs into real-world risks and the specific controls an institution uses to mitigate their impact, allowing the board and management […]
Like every other banking regulator, the CFPB requires the banks and nonbanks it oversees to have vendor management programs to manage risk. Now it looks like the agency is preparing to go one step further and directly examine “key service providers,” particularly in the mortgage origination and servicing area. This insight comes courtesy of the […]
Today’s financial institution compliance officers are working in a challenging environment. Faced with a growing regulatory burden and limited resources, they have learned to be nimble and adaptable— their approach constantly evolving with the world of compliance. Their knowledge is highly specialized. Compliance officers understand the unique challenges of their institutions and how compliance plays […]
Compliance risk is the danger financial institutions face when they outsource product and service delivery to third-party vendors. It’s not a rare occurrence. FIs are regularly called out by regulators when their vendors fail to follow the rules.
Empty threats are rarely a good idea—and sometimes they are straight-up illegal. That’s the lesson $73 billion-asset Navy Federal Credit Union is learning after the CFPB forced it to pay members $23 million in redress and a $5.5 civil money penalty for making “false threats about debt collection.” The largest credit union in the country […]