Links in “FFIEC”

The Federal Financial Institutions Examination Council (FFIEC) has issued an updated version of its BSA/AML Examination Manual that clarifies regulator expectations and incorporates regulatory revisions that have occurred since the last update in 2010. [12/3/14]

The long-awaited day has arrived! The FFIEC has released the revised BSA/AML Examination Manual. Among the revisions are new CTR and SAR E-Filing requirements, guidance on the extension of SAR filing for continuing activity, and guidance related to currency transaction aggregation for businesses and exemptions. The online manual is available here. [12/3/14]

Its time for EGRPRA (aka Economic Growth and Regulatory Paperwork Reduction Act of 1996). The every decade process of reviewing regulations will begin with the first meeting in Los Angeles on December 2, 2014 and continue throughout 2015. The meeting gives interested parties an opportunity to present their views on any of the 12 categories of regulations that covers safety and soundness areas, money laundering, consumer protection, etc. Need more? Go to http://egrpra.ffiec.gov/. [11/7/14]

According to a recent cybersecurity assessment, the FFIEC recommends participation in the Financial Services Information Sharing and Analysis Center (FS-ISAC). The FS-ISAC provides an information-sharing forum to aid institutions in the process of identifying, responding to, and mitigating threats of cybersecurity. [11/4/14]

Recently, the FFIEC released last year’s HMDA data. Because HMDA is often a favorite when it comes to regulatory scrutiny, institutions need to perform some self-analysis. In this episode, Ken Agle, AdvisX President, shares with us a few important questions every institution should ask about its HMDA compliance upon the release of new data. [10/3/14]

The FFIEC is urging financial institutions to protect themselves against the most recent threat, the Shellshock vulnerability. The FFIEC has provided references to help institutions learn what the Shellshock vulnerability is, how to assess risk and what mitigation strategies to put into place. [9/29/14]

That’s right, 2013’s HMDA information has been made available by the FFIEC. Although the number of HMDA reporting institutions has declined, home purchase lending has increased. [9/23/14]

The 2013 data covering small business, small farm, and community development lending reported by certain commercial banks and savings associations are now available, pursuant to the CRA. Read all about it. [8/20/14]

The FFIEC has launched a webpage to act as a repository for materials related to cybersecurity. Along with the launch of the website, a pilot program is also underway, which will involve 500 community institutions. The pilot program and webpage will both aid the FFIEC in providing guidance and recommendations to applicable institutions. [7/25/14]

The Federal Financial Institutions Examinations Council (FFIEC) announced that it is launching a pilot program in which it will assess the sufficiency of the financial institution’s cybersecurity policies and procedures. The Council stated that, of the 500 financial institutions to be reviewed, half will be credit unions of various assets sizes. [7/2/14]