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Posts Tagged ‘Risk Management in Financial Services’

Embezzlement

A Guide to Fortify Your Institution Against Senior-Level Embezzlement Risks

This blog, the first in a series by Perficient’s Risk and Regulatory Center of Excellence (CoE), provides actionable measures your company can adopt to safeguard against senior-level embezzlement risks and maintain the integrity of your institution’s financial transactions. Background On October 19th, 2023, the Office of the Comptroller of the Currency (OCC) published an article […]

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FDIC Releases Latest Information Regarding the Deposit Insurance Restoration Plan

This blog post was co-authored by: Carl Aridas In a recent blog post, Perficient’s Financial Services Risk and Regulatory Center of Excellence (CoE) highlighted the Federal Deposit Insurance Corporation (FDIC) plan to implement a “Robin Hood-like” deposit insurance premium on the nation’s largest banks to recapitalize the agency’s Deposit Insurance Fund. Since that blog was […]

Under The Table Transactions...

Decoding the CFPB’s Crackdown on “Junk Fees”: A Changing Climate

The Consumer Financial Protection Bureau (CFPB) has narrowed its focus on what it terms “junk fees” targeting financial industry practices. Understanding the CFPB’s recurrent theme and deciphering its message from the recent press releases provides insights into potential enforcement actions over the next 12-24 months and how banks can reassess their current fee structures. Failure […]

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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 […]

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Understanding U.S. Regulator’s Proposed Extended Comment Period

Earlier this year, 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) unveiled a proposed rule that would reshape the landscape for certain financial institutions. In this article, we delve into the latest developments around the extended comment […]

Cyber Security Systems For Business Network

6 Reasons Financial Institutions Are Embracing Risk and Regulation Tactics

In the fast-paced realm of finance, the significance of regulatory risk and compliance management practices cannot be overstated. This blog post delves into the pivotal role these practices play in ensuring the stability and success of financial institutions and banks. By adopting a proactive stance and leveraging technological advancements, financial entities can navigate the regulatory […]

Banking Default

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 […]

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Student Loan Repayment Challenges

In March 2020, the student loan forgiveness program was initiated, providing relief to many borrowers. However, in October 2023, loan payments resumed, presenting new financial challenges. While the temporary pause was beneficial, it left numerous individuals still grappling with the task of managing their additional financial obligations. Borrowers now confront the daunting prospect of resuming […]

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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 […]

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Transaction Accounts: Analyzing Deposit Stickiness in the Current Interest Rate Environment

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 […]

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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 […]

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An Introduction: Generative AI Use Cases for the Financial Services Industry

What is Generative AI? Generative Artificial Intelligence, or generative AI, is a categorical or descriptive term ascribed to algorithms using machine learning to create or “generate” new content. Generative AI ingests data and understands guidelines incredibly well. Therefore, businesses across industries are optimistic about the many ways it can help save them money and create […]

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