The following information was generated by utilizing the Azure GPT-4-32k variant, which is part of the Azure OpenAI Service. Comparable to the publicly accessible ChatGPT, Azure GPT-4 offers equivalent accuracy in solving problems. The advantages of using Azure GPT-4-32k includes: Context Size: Available in 128K context and 32K context variants. Larger context size, better suited […]
Carl Aridas
Carl is certified in the Scaled Agile Framework (SAFe), a Scrum Master, and a Six Sigma Green Belt project manager with more than 25 years of experience in financial services overseeing large-scale development global, multi-currency accounting, regulatory reporting, and financial reporting software platforms. He has hands-on experience completing, reviewing, and filing Federal Reserve, FFIEC, and IRS reports, including Call Reports, Y9C reports, 2900 reports, TIC reports, and arbitrage rebate reports.
Blogs from this Author
OCC Comptroller Offers Regulatory Guidance Toward AI
On June 6, Acting Comptroller of the Currency, Michael J. Hsu, addressed the 2024 Conference on Artificial Intelligence (AI) and Financial Stability, providing critical regulatory insights on AI. Hsu discussed the systemic risk implications of AI in banking and finance using a “tool or weapon” approach. He noted that while both tools and weapons pose […]
Azure GPT-4 Analysis of the New CRA: Part 2
The following information was generated by utilizing the Azure GPT-4-32k variant, which is part of the Azure OpenAI Service. Comparable to the publicly accessible ChatGPT, Azure GPT-4 offers equivalent accuracy in solving problems. The advantages of using Azure GPT-4-32k includes: Context Size: Available in 128K context and 32K context variants. Larger context size, better […]
The FDIC’s New Rule Claims “Five is Enough”
Starting April 1, 2024, the Federal Deposit Insurance Corporation (FDIC) has implemented a new rule for trust account insurance coverage. This rule, originally passed in January 2022, consolidates insurance coverage for different types of trust accounts into a single category called “Trust Accounts.” Key Changes to Trust Account Coverage Consolidation of Trust Categories The FDIC […]
Azure GPT-4 Analysis of the New CRA: Part 1
The following information was generated by utilizing the Azure GPT-4-32k variant, which is part of the Azure OpenAI Service. Compared to the publicly available ChatGPT, Azure GPT-4 offers equivalent accuracy in problem solving. Advantages of Azure GPT-4-32k Available in 128K context and 32K context variants. Larger context size, better suited for detailed discussions. More […]
First Bank Closure of 2024: Republic First Bank
Recent news shook the financial services space on Friday, April 26th, as Pennsylvania state banking regulators, in collaboration with the Federal Deposit Insurance Corporation (FDIC), took decisive action by closing Republic First Bank. With assets totaling approximately $6 billion and deposits reaching $4 billion across its 32 branches as of January 31, the closure marked the […]
A Review of Capital Ratio Requirements of Credit Unions
How are Federal Credit Unions Regulated? Banking professionals are aware that the Federal Reserve Bank (Fed), the Office of the Comptroller of the Currency (OCC), or for state-chartered banks, the Federal Deposit Insurance Corporation (FDIC) serves as their primary federal regulator. For those whose deposits are insured, the FDIC acts as a secondary federal regulator, […]
Put Away Your Ledger Cards, Open Banking is Here to Stay
Open Banking is going to do for the banking industry what the introduction of the Apple smart phone did for cell phones. What is Open Banking? Open banking transforms the way financial data is shared and accessed, allowing third-party data providers and other banks to access financial data in traditional banking systems through application programming […]
OCC Highlights, AML & CRA Risks
This blog post was co-authored by: Connor Opalka Bank Compliance Executives can rest easier at night knowing they receive insights from Perficient’s Financial Services Risk and Regulatory Center of Excellence (CoE). In this article, we highlight the key emerging industry compliance risks as they were outlined by the Office of the Comptroller of the […]
OCC Considers Artificial Intelligence an Emerging Risk in Banking
This blog was co-authored by: Ashley Simmons In conversations with financial services executives, Perficient consultants consistently delve into the application and usage of artificial intelligence (AI) within the industry. A pivotal aspect of this conversation revolves around the regulatory perspective toward AI. To help shed light on this matter, Perficient’s Financial Services Risk and Regulatory Center […]
Decoding SVB’s Failure & FDIC’s Special Assessment
In various press releases, the Federal Deposit Insurance Corporation (FDIC) has highlighted that an estimated $16.3 billion of the total cost incurred from the failures of Silicon Valley Bank (SVB) and Signature Bank was designated for safeguarding uninsured depositors. This financial strain emphasizes the critical need for effective regulatory oversight. Immediately following the Silicon Valley […]
Retail Deposits: Analyzing Deposit Stickiness in the Current Interest Rate Environment
In our previous article, “Transaction Accounts: Analyzing Deposit Stickiness in the Current Interest Rate Environment,” Perficient’s Financial Services Risk Management and Regulatory Capabilities Center of Excellence (CoE) explored the sharp decline in transaction account balances over an 18-month period. Now, we will delve into the stability of retail deposits from the same bank over the […]