- The SEC is asking that broker-dealers self-report any historical or ongoing instances of noncompliance by November 1, 2016.
- It’s no longer enough for banks and other financial institutions to simply have good working relationships with the third parties that provide IT and other services. New, stricter standards and increased scrutiny by the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB), as well as the Federal Deposit Insurance Corporation (FDIC) and the Federal Financial Institutions Examination Council (FFIEC), mean financial institutions now have the same responsibilities for in-house and out-of-house services.
- U.S. companies are bracing for requirements related to the new EU-U.S. “Privacy Shield”, which establishes a new framework for data transfers that underpin the world’s largest trading relationship between the EU and the U.S. Get a head start on compliance by understanding the agreement’s data transfer protocol requirements, oversight, and compliance implications for affected U.S. companies.
- New York Department of Financial Services proposed anti-money laundering (AML) requirements, which includes Chief Compliance Officer certification.
- Recap of MBA Independent Mortgage Bankers Conference. Event demonstrated critical importance of maintaining rigorous processes to comply with increasingly complex regulations.
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