White Papers

Accume Partners is dedicated to staying on top of the legislative, regulatory and business issues facing our clients. Our resources are designed to help answer questions, clarify issues and serve as tools to help our clients stay informed and ahead. of the trends and issues that are critical to their success.

May 19, 2020
New FFIEC Statement on Cloud Computing: What Banks Need to Know and Do

On April 30, 2020, the Federal Financial Institutions Examination Council (FFIEC)  issued a new Joint Statement on the topic of “Security in a Cloud Computing Environment.” The Joint Statement reminds Financial Institutions that, in electing to use Cloud Services, they are not exempted from their responsibility to apply sound risk management practices in overseeing such relationships. This is …

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Nov 27, 2018
Are you Compliant with the SWIFT CSP?

Are you compliant with the new regulations mandated by the SWIFT Customer Security Program (CSP)? Newly benchmarked standards on SWIFT have caused many financial institutions to enhance their wire funds transfer controls. Alan Cheung (Director), Risk & Regulatory Advisory Services for Accume Partners offer key highlights from the recent SWIFT CSP Program. Overview Many institutions …

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Oct 30, 2018
Barbarians at the Gate – Current Threats and Attack Types

In the past 18 months, Accume Partners has responded to and investigated scores of security incidents involving a variety of attack techniques.  According to Symantec, last year malware variants were up 88%, representing almost 661 billion unique malware variations.  Based on numerical evidence alone, it’s clear that businesses are under significant attack on all fronts.  …

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Oct 22, 2018
NYDFS Third-Party Service Provider Requirements: Are You Prepared for Compliance?

There are less than six months until the New York Department of Financial Services (NYDFS) Cybersecurity Vendor/Third Party Service Provider Requirements goes into Effect (March 1, 2019); Is your firm ready? Eighteen months ago the NYDFS 23 NYCRR 500 Cybersecurity Requirements for Financial Services Companies went into effect, (March 1, 2017). The NYDFS regulation, which …

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Oct 09, 2018
Cybersecurity Year-End Checklist and 2019 Plan

Monday, October 1st marked the beginning of the 4th Quarter.  For many financial institutions, this means getting ready for activities such as preparing next year’s budget, completing the 3rd Quarter Call Report, dusting off the strategic plan, and preparing for upcoming Federal examinations and year-end audits. Monday, October 1st also marked the beginning of National …

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Oct 01, 2018
Privacy Please…

California follows the EU's GDPR and takes the privacy lead in the United States.

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Aug 28, 2018
Special Purpose National Banks: Inviting Innovation or Burden?

Joseph Chisolm, Director for Accume Partners offer key highlights from the recent OCC decision to accept National Bank Charters from Fintech Companies. On July 31, 2018, the Office of the Comptroller of the Currency (OCC) announced it will begin accepting applications for a special purpose national bank (SPNB) charter from financial technology (fintech) companies that …

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Jun 29, 2018
A Breath of Fresh Air: How the New Administration is Offering Regulatory Relief

By David Smith of Accume Partners One can say for certain that there has been a lot of change with the new administration.  President Trump has appointed new members to several key agencies that has, and could further impact, financial institutions.  The extent of the impact will not be fully known until the coming months …

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Apr 17, 2018
The Clock is Ticking – What is GDPR and Why You Should Care

General Data Protection Regulation (GDPR) becomes effective May 25, 2018, introducing new legislation for data processing in European Union (EU) member countries and anywhere the personal data of EU citizens is processed. Because of this new legislation's scope, if your business is based in the U.S. and you process personal data of EU citizens, you will be affected.

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Aug 28, 2017
The Road To Annual Certification

Background for Part 504 Regulation Financial Institutions use various methods, tools, systems and processes for transaction monitoring and sanction filtering. While some institutions have demonstrated effective controls and periodic independent reviews, analysis and audits of these processes and systems, various shortcomings have also been noticed by regulators or by independent third parties. In a few …

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