Retail banks respond to the Federal Reserve’s short-term interest rate adjustments with corresponding changes in lending and deposit rates. However, in the current rising interest rate environment in the United States since 2022, loan rates have adapted more rapidly than deposit rates. Sir Isaac Newtown’s first law of motion, which states that an object in […]
Carl Aridas –
A former federal bank regulator, Carl has deep industry expertise acquired over 35 years in the financial services industry. A program and project manager with multiple certifications in both waterfall and agile methodologies, Carl has extensive AI training and has executed numerous enterprise-wide change programs at both Strategically Important Financial Institutions as well as smaller FS firms, using the latest in AI tools.
Blogs from this Author
FDIC’s New Banker Engagement Site (BES): Improving CRA & Compliance Exam Communication
This month, the Federal Deposit Insurance Corporation (FDIC) launches it new Banker Engagement Site (BES) through FDICconnect. Already reviewed by Perficient, BES provides a secure and efficient portal to exchange documents, information, and communications for consumer compliance and Community Reinvestment Act (CRA) examinations. Specifically, BES provides a financial institution’s authorized users the ability to communicate […]
U.S. Regulators to Bank Boards: “Debt is Good”
Just before Labor Day, the federal banking regulators – The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Fed), and the Federal Deposit Insurance Corporation (FDIC) – labored to issue a proposed rule for comment that would require require certain financial institutions to issue and maintain […]
Lessons Learned From the Fourth United States Bank Failure of 2023
Background On Friday, July 28, Heartland Tri-State Bank of Elkhart became the fourth U.S. bank to fail this year. A rather small bank, as of the end of its first quarter, the bank reported $139 million in total assets and $130 million in total deposits in its FDIC Call Report. Heartland Tri-State began operations in […]
Joint Guidance Provided to Banks to Manage Risks Associated With Third-Party Relationships
It’s not you. It’s the guidance. Perficient provides risk management to more than 500 financial services organizations, many of whom have multiple bank regulators. Often an organization will have a state-charted non-member bank, which has the FDIC as its primary federal regulator. The same organization will typically have a national bank charter, and the OCC […]
Deposits, Deposits, Wherefore Art Thou? Juliet’s banker.
On May 31, the Federal Deposit Insurance Corporation (FDIC) reported to the public what many banks already knew and had been experiencing for the past year – that deposits are declining in the American banking sector. There has almost been $1.2 Trillion removed from the banking system over the past year. In addition, the recent […]
Promethium Subsidiary Receives First FINRA-Approved Digital Asset Custodianship
Promethium Ember Capital, (“PEC”), a wholly owned subsidiary of Promethium, has become the first digital asset custody provider to come under federal regulation. PEC was approved as a special purpose broker-dealer (“SPBD”) for digital asset securities. The approval allows Promethium to custody digital asset securities on behalf of both retail and institutional clients. The significance […]
Avoiding Client Remediation With RCSA (Part 3 of 3)
In our first blog in this series, Getting Started With Client Remediation (Part 1 of 3), we discussed how to get a client remediation program started, what levels of an organization should be involved in the client remediation program, and how ultimately positive outcomes, such as lower risks, improved technology, and risk monitoring, may result from […]
7 Possible Causes of SVB Failure and Predicting the Impact on Regulatory Reporting
Recent headlines have highlighted the failure of SVB Financial Group, the parent company of Silicon Valley Bank (“SVB”). To help both current and future clients, using publicly available financial records of SVB, including the last two annual reports and every 10-Ks and 10-Q filed this decade, a team of Perficient team members from around the […]
Client Remediation – Running the Program (Part 2 of 3)
In our first blog in this series, Getting Started With Client Remediation (Part 1 of 3), we discussed how to get a client remediation program started, what levels of the organization should be involved in client remediation programs, and how ultimately good things, such as lower risks, improved technology, and risk monitoring, may result from […]
Getting Started With Client Remediation (Part 1 of 3)
Your firm has, whether it was an individual or collective organization, violated the first component of the Hippocratic Oath – “first, do no harm” (or “primum non nocere,” the original Latin translation from the Greeks) while interacting with a client. Some combination of your conscience and your lawyers make you want to “make things right,” […]
Embedded Insurance Meets Customers Where They Are
In our last blog, How Embedded Finance is Changing Purchasing & Borrowing Behaviors, we looked at embedded payments and loans and why companies would want to offer (increased sales, lower inventory, processing costs, data gathering) these bank-like services. In this blog, we’re going to stay in the world of finance, but pivot to embedded insurance. […]