OCC Updates

OCC Supervision Priorities for 2021 The OCC has released its bank supervision operating plan for the 2021 fiscal year. The OCC plans for supervision efforts to be flexible, recognizing the broad and specific impacts of the pandemic and resulting…
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Accounting and Controls for Loan Accommodations

In August, the Federal Financial Institutions Examination Council (FFIEC) issued additional guidance to provide prudent risk management and consumer protection principles for financial institutions. Guidance should be considered while working…
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SBA Borrower Assistance

In past SBA articles we have provided details on how ABS can help your institution with packaging, servicing, selling the guaranteed portion and auditing your files to ensure your guaranty is secure. We can also work with the financial institution’s…

Security Overlooked

It seems the publicity of hacks and attacks on business networks has been quiet lately. Don’t be fooled into thinking your business is safe because all has been quiet. Security is a continuous and evolving practice that businesses should have…

Supervisory Highlights on Consumer Compliance

In June 2019, the FDIC issued Consumer Compliance Supervisory Highlights. This publication includes a high-level overview of consumer compliance issues identified during 2018 through the FDIC’s supervision. Five of the most frequently cited…

Upcoming Changes to Regulation CC

In June 2019, the Federal Reserve Board and the Bureau of Consumer Financial Protection issued a final rule amending Regulation CC – Availability of Funds and Collection of Checks.  The final rule implements a statutory requirement to adjust…

Federal Regulators issue Frequently Asked Questions regarding CECL

Recently, the Federal regulatory agencies issued updated Frequently Asked Questions on the new accounting standard for credit losses, Current Expected Credit Losses (CECL).  The new standard will take effect in 2020, 2021 or 2022 depending…
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FDIC Warns of Importance of Vendor Contracts

The FDIC has issued a new Financial Institution Letter (FIL) FIL-19-2019 . This FIL discusses examiner observations about gaps in financial institutions’ contracts with technology service providers that may require financial institutions to…

Phishing

No, I didn’t spell some people’s favorite pastime wrong (fishing) but with summer coming on I thought it pertinent to discuss some hackers’ favorite past time. Phishing is a scam in which a perpetrator sends an official looking e-mail…

Top Concerns

I had the pleasure of attending OCC training for board members this past week.  Good training and great time to hear what bankers are challenged by. The top operational risk management concerns cited by exam area in 2018: Commercial…