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Last Friday, the FDIC released its list of administrative enforcement actions against bankers and individuals in May of this year. The release outlined four enforcement actions consisting of two orders of prohibition, one consent and personal consent order, and one order to pay a civil money penalty. Interestingly, the civil money penalty was ordered against an individual officer of the bank. The enforcement action orders Brenda Faye Barnes, of FNB Bank, now known as Cadence

The frontline staff at financial institutions are often referred to as “the face” of the organization. They interact most with clients and are largely responsible for fostering positive relationships with your customers.  But as a compliance professional, you’re well aware of the impact frontline staff can have on your institution’s ability to pass regulatory muster. Your institution/compliance department has likely already begun taking steps to prepare for the new Small Business Data Collection requirements of

On June 6, 2023, final interagency guidance was issued on managing risks associated with third-party relationships. The guidance provides sound principles that supports a risk-based approach to third-party risk management. It is important that financial institutions include these practices when developing and implementing risk management practices for all stages in the life cycle of third-party relationships. Key Components: Promotes consistency in the agencies’ supervisory approach to third-party risk management. The guidance replaces the Agencies’ existing,

On May 15, 2023, the CFPB released a Small Entity Compliance Guide. The guide was made available on the CFPB’s  Small Business Information  resource page with the purpose of providing a detailed summary of the final rule’s requirements. The CFPB states that the content of the guide does not include any rules, bulletins, guidance, or other interpretations issued or released after the date on the guide’s cover page. Additionally, the CFPB expressly states that users

Compliance officers from around the country have overwhelmed us with questions about the final Small Business Data Collection and Reporting requirements from Section 1071 of Dodd-Frank. Since March 30th we’ve been fielding these questions, researching answers, and providing them to our training clients and Compliance Masters Group subscribers. We thought our blog subscribers might also find this helpful and would like to share with you a free, on-demand Q & A session answering 10 of