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Posts Tagged ‘Regulatory Risk and Compliance in Financial Services’

Open Banking Concept

1033 Open Banking Mandate Blueprint for Success

The Consumer Financial Protection Bureau (CFPB) recently issued a final rule § 1033.121(c) supporting open banking and personal financial data rights. Under this ruling, banks, credit unions, credit card issuers, and other financial service providers must enhance consumer access to personal financial data. The first compliance deadline of April 1, 2026, impacts the largest organizations. […]

Woman Hands Debit Card To Unrecognizable Bank Teller

FDIC Digital Sign Requirement Deadline Fast Approaching – Part 2 of 2

Introduction A quick summary of the new official digital sign requirement of the FDIC is that effective January 1, 2025, this logo:   must be replaced by this logo: For readers who missed part 1 of this series or want to reread the original blog can find it here. However, the new lengthy regulation raised […]

Woman Hands Debit Card To Unrecognizable Bank Teller

FDIC Digital Sign Requirement Deadline Fast Approaching – Part 1 of 2

FDIC Digital Sign Requirement Just before Christmas on December 23, 2023, to be precise, the Federal Deposit Insurance Corporation (“FDIC”) Board of Directors gave a Christmas gift that was the equivalent of coal in their stocking. Since the 1930s, when the FDIC was founded as part of the New Deal, the black and gold official […]

A.i., Chat With Ai, Artificial Intelligence. Man Using A Smartphone Chatting With An Intelligent Artificial Intelligence Asks For The Answers He Wants. By Enter Command Prompt For Generates,

Azure GPT-4 Analysis of the New CRA: Part 3

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 […]

Female Executive Showing Data To Team In Meeting

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 […]

Discussing Business Opportunities

3 Key Takeaways from XLoD 2024

Our risk and regulatory compliance experts, Carl Aridas and Chandni Patel, have just returned from XLoD 2024 in New York. The event brought together the world’s top financial institutions and regulators to discuss the future of non-financial risk and control. With over 500 industry professionals in attendance, it showcased the unwavering commitment to practical innovation […]

Ai Chatbot Artificial Intelligence Digital Concept

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 […]

All Set For Productivity

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 […]

Social Discussion

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 […]

Compliance To Standards, Regulations, And Requirements To Pass Audit And Manage Quality Control. Concept About Conformity With Manager Or Auditor Pressing Buttons With Icons.

Exploring Industry Shifts in Banking Compliance at XLoD

Our banking risk and regulatory experts are excited to attend the upcoming XLoD Global event in New York on June 11th.   What is XLoD Global?  The world’s leading financial institutions and regulators come together at XLoD to discuss the future of non-financial risk and control. Representatives from all three lines of defense—operational management, risk […]

Republic First Bank Closure Stock Photo

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 […]

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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, […]

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