December 2019 Compliance Newsletter
Providing Financial Services to Customers Engaged in Hemp-Related Businesses
On December 3, 2019, he Board of Governors of the FRB, the FDIC, the FinCEN, and the OCC in consultation with the Conference of State Bank Supervisors, issued the statement to provide clarity regarding the legal status of commercial growth and production of hemp and relevant requirements for banks under the Bank Secrecy Act (BSA) and its implementing regulations.Download
November 2019 Compliance Newsletter
Initial Preparations for 2020!
The new year will continue to present challenges for financial institutions with balancing expectations and resources. Our accounting, audit, compliance and IT professionals work with a wide range of financial institutions and interact regularly with the regulatory agencies. These relationships give us a broad perspective regarding industry best practices and regulatory expectation and put us in a unique position to assist our clients in navigating current challenges and prepare those the future may present. Here are some of the topics we want to put on your radar as you start to plan for 2020Download
October 2019 Compliance Newsletter
The joint Agencies have issued an amendment to the Appraisal Rule that increases the threshold for residential real estate transactions requiring an appraisal from $250,000 to $400,000. For transactions exempted by the $400,000 threshold, the Appraisal Rule requires an evaluation. The Rule also incorporates the appraisal exemption for rural residential properties provided by the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRCCPA) and requires evaluations for these exempt transactions. In addition, the Appraisal Rule requires appraisals for federally related transactions to be subject to appropriate review for compliance with the Uniform Standards of Professional Appraisal Practice (USPAP).Download
September 2019 AccumeView: Executive Cybersecurity Pulse Newsletter
This month we have seen mobile and smart devices become a key topic of discussion. With the Chinese company Tencent exposing flaws in the Qualcomm chipsets found in most android devices today, we must remember to stay vigilant in monitoring who and what our devices are connected to. The QualPwn bugs flaws, as they are known collectively, allow hackers to compromise these devices remotely by sending malicious packets over-the-air with no user interaction required.Download
September 2019 Compliance Newsletter
OFAC Interim Rule Guidance
On June 21, 2019, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is issued an interim final rule to amend the Reporting, Procedures and Penalties Regulations.Download
August 2019 Compliance Newsletter
Availability of Funds and Regulation CC Final Rule
Effective Date: July 1, 2020
In June 2019, the FRB and CFPB finalized amendments to Regulation CC implementing a statutory adjustment to adjust the dollar amounts under the Expedited Funds Availability (EFA) Act for inflation. The final rule applies to all depository institutions regardless of their size.Download
July 2019 Compliance Newsletter
Interagency Private Flood Insurance Rule
The Interagency Private Flood Insurance rules requiring that lenders must accept private flood insurance if the policy meets certain requirements were effective July 1, 2019. The rule addresses:
- Mandatory Acceptance Requirements
- The Compliance Aid
- Discretionary Acceptance
- Mutual Aid Society Plans
May 2019 AccumeView: Executive Cybersecurity Pulse Newsletter
May Monthly Compliance Newsletter
FFIEC Issues 2019 Guide to HMDA Reporting
The FFIEC issued its 2019 A Guide to HMDA Reporting: Getting it Right! This edition is effective as of January 1, 2019, for HMDA submissions due March 1, 2020. The guide includes information regarding a HMDA reporter’s responsibilities and requirements, directions for assembling the necessary tools, and instructions for reporting HMDA data. The guide was developed by the member agencies of the FFIEC. The updated edition incorporates changes that the Economic Growth, Regulatory Relief, and Consumer Protection Act made to HMDA, as well as the CFPB’s related 2018 HMDA interpretive and procedural rule. Additionally, the guide continues to include appendices developed by the member agencies regarding compliance materials useful for navigating HMDA requirements, such as the CFPB’s HMDA Small Entity Compliance Guide and various summary charts (regarding items like institutional coverage and transactional coverage).
April 2019 AccumeView: Executive Cybersecurity Pulse Newsletter
Computer hardware manufacturer ASUS was the victim of a sophisticated attack that left backdoor malware embedded in their update software. The researchers estimate half a million Windows machines received the malicious backdoor through the ASUS update server, although the attackers appear to have been targeting only about 600 of those systems. The malware searched for targeted systems through their unique MAC addresses, reached out to a command-and-control server the attackers operated, and installed additional malware on those machines. Supply-chain attacks are starting to grow in number and complexity – make sure that you have a plan to address them.
A recent survey of the 22,000 new vulnerabilities that were discovered in 2018 indicates that 1/3 have public exploits and 50% can be exploited remotely. Ensure that you have total visibility into all of your endpoints and that they are patched and up to date.