Regulators issue guidance to community banks on third-party risks
The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.
NIST launches initiatives to enhance AI safety and security
The efforts, which respond to President Biden’s October executive order on AI, aim to improve synthetic content detection and improve the trustworthiness of AI models.
Joint Press Release: Agencies Issue Guide to Assist Community Banks to Develop and Implement Third-Party Risk Management Practices
JOINT PRESS RELEASE | MAY 3, 2024 Federal Reserve BoardFederal Deposit Insurance CorporationOffice of the Comptroller of the Currency____________________________________________________________ Agencies Issue Guide to Assist Community Banks to Develop and Implement Third-Party Risk Management Practices Federal bank regulatory agencies today released a guide to support community banks in managing risks presented by third-party relationships. Community banks […]
Block CEO Dorsey touts stronger Q1, previews crypto plans
Tighter merchant connections between Square and Cash App helped Block produce stronger-than-expected results during the first quarter, while Jack Dorsey said the firm will launch its first remittance product later this year leveraging decentralized finance.
FirstSun to switch regulators due to delays tied to HomeStreet deal
In talks with OCC officials, “it became obvious that we would not gain near-term approval given their recent experience with multifamily and CRE positions,” FirstSun CEO Neal Arnold says. The companies announced other revisions to their deal, too.
Fed weighs expanding operating hours for Fedwire, NSS
The Federal Reserve issued a proposal that would see the two payments services run seven days a week, no longer closing for weekends or holidays. The public has 60 days to weigh in on the change.
Press Release: FDIC Issues List of Banks Examined for CRA Compliance
PRESS RELEASE | MAY 3, 2024 FDIC ISSUES LIST OF BANKS EXAMINED FOR CRA COMPLIANCE WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in February 2024. […]
HSBC asked by $890 billion investor group to set energy goal
A group of HSBC Holdings Plc investors wants the bank to set a funding target for renewable energy amid concerns its current green pledges are too vague.
JPMorgan unveils IndexGPT in next Wall Street bid to tap AI boom
In essence, it’s a largely automated way to create so-called thematic indexes, which identify investments based on emerging trends, rather than on traditional industry sectors or company fundamentals.
TD probe tied to laundering drug money, Journal says
Toronto-Dominion disclosed last year that it was under investigation by the department. Canada’s second-largest lender also faces probes by three U.S. regulators over its handling of suspicious customer transactions.