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October 19, 2018

FDIC FIL-63-2018 Cybersecurity Preparedness Resource

Printable Format:

FIL-63-2018 - PDF (PDF Help)

Summary:

As part of the FDIC's Community Banking Initiative, the agency is adding to its cybersecurity awareness resources for financial institutions. This includes two new vignettes for the Cyber Challenge, which consists of exercises that are intended to encourage discussions of operational risk issues and the potential impact of information technology disruptions...


Federal Legislation
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October 19, 2018

MBA, Trade Groups Ask Agencies to Revise Volcker Rule

MBA Newslink--Mike Sorohan

The Mortgage Bankers Association and other industry trade groups urged federal banking agencies to streamline the "Volcker Rule" to reduce costs for businesses.

The Volcker Rule, enacted as part of the 2010 Dodd-Frank Act, generally prohibits any banking entity from engaging in proprietary trading or from acquiring or retaining an ownership interest in, sponsoring or having certain...


Legal News
Webinar: Agency and Regulatory Reporting Essentials
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October 19, 2018

Former LandCastle Title CEO Nat Hardwick found guilty of embezzling $26 million

HousingWire--Ben Lane

Nathan (Nat) Hardwick, the former chief executive officer of LandCastle Title and former managing partner of Morris Hardwick Schneider, was found guilty late last week of embezzling more than $25 million from his former companies, bringing an end to a massive scandal that destroyed a prominent real estate firm and left hundreds of people without jobs.

On Friday, a federal jury convicted...


Legal News
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October 19, 2018

Regulation by Enforcement is Dead

Ballard Sparh, LLP--Richard J. Andreano, Jr.

Addressing the Mortgage Bankers Association (MBA) 2018 Annual Convention in Washington, DC on October 15, 2018, BCFP Acting Director Mick Mulvaney advised that regulation by enforcement is dead, and that he does not care much for regulation by guidance either. He noted to the members that they have a right to know what the law...


Industry News
ACES Intelligent Questionnaires
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October 18, 2018

FFIEC Launches New BSA/AML InfoBase on its Website

The Federal Financial Institutions Examination Council (FFIEC) launched the redesigned Bank Secrecy Act/Anti-Money Laundering (BSA/AML) InfoBase website, which is aimed at sharing bank examination procedure information with examiners, financial institutions, the public, and other stakeholders.

The FFIEC BSA/AML InfoBase was redesigned to improve the overall experience for users. The redesign improves site navigation, enhances search capabilities, provides mobile-friendly capability, and contains...


Federal Legislation
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October 18, 2018

FHA exec clarifies HECM appraisal bias

Valuation Review--Appraiser News

The Federal Housing Administration (FHA) recently announced it will require second appraisals for properties it suspects have inflated values when under consideration for a Home Equity Conversion Mortgage (HECM).

One trend driving this policy change is the extreme loss severity experienced in the HECM portfolio for loans going to claims.

“I’d like to share with everyone...


Agency | GSE News