FDIC Chairman Sheila C. Bair today issued the following statement about Treasury Secretary Henry Paulsonâ€™s Remarks on Protecting the Financial System and Effective Implementation of the Bank Secrecy Act at the offices of the Financial Crimes Enforcement Network (FinCEN)
How banks can manage risks associated with third-party arrangements for products and services is reported in the FDIC's summer 2007 issue of Supervisory Insights, released today. Other topics covered are the need for vigilance toward mortgage fraud, challenges in maintaining wind insurance, the electronic exchange of...
Topics addressed in this issue include:
A discussion of the risks associated with third-party relationships and the effect failure to manage those risks can have on a financial institution
An overview of factors that have led to an increase in mortgage fraud, highlights of actual mortgage fraud cases in...
The Financial Crimes Enforcement Network issued today the latest edition of the SAR Activity Review â€“ By The Numbers that introduces a number of visual enhancements aimed at providing financial institutions with more information on the geographical dispersion of the Suspicious Activity Report filings.
The Financial Crimes Enforcement Network (FinCEN) has announced delayed implementation of the revised Suspicious Activity Report by Depository Institutions (SAR-DI) form. The revised form was scheduled to take effect on June 30, 2007, and become mandatory on December 31, 2007.
The Financial Crimes Enforcement Network (FinCEN) has updated two Bank Secrecy Act guidance. Financial institutions are recommended to read these guidance for the latest information on maintaining accounts and Suspicious Activity Report (SAR) supporting documentation.
The Office of the Comptroller of the Currency will host workshops for national community bank directors at the Arrowwood Conference Center, Alexandria, Minnesota, July 10-12.
The workshops provide practical information that expands bank directors' skills and understanding of issues facing their banks.
Federal agencies have recently reported a spate of security incidents that put sensitive data at risk. Personally identifiable information about millions of Americans has been lost, stolen, or improperly disclosed, thereby exposing those individuals to loss of privacy, identity theft, and financial crimes.
Statement Of Sheila C. Bair, Chairman, Federal Deposit Insurance Corporation on Improving Credit Card Consumer Protection: Recent Industry And Regulatory Initiatives before the Subcommittee On Financial Institutions and Consumer Credit of the Financial Services Committee,
Comptroller of the Currency John C. Dugan testified before Congress that current credit card disclosure rules should be changed to improve consumersâ€™ ability to make well-informed decisions about the credit cards they choose.
Fraudulent letters that claim to be from the FDIC are being faxed to financial institutions. The letters request that the financial institution provide a copy of its certification of foreign correspondent accounts.
Comptroller of the Currency John C. Dugan recently established the Enterprise Governance unit to support the Office of the Comptroller of the Currencyâ€™s strategic planning, risk management, quality management, assurance testing, and business process improvement efforts.