Financial Services Spotlight

February 2016 First Half Developments

Posted by Roy Andersen on Feb 16, 2016 12:00:00 PM

Overview

The BCFP published a Compliance Bulletin to remind banks that they must have reasonable written policies and procedures to insure that any consumer reporting data they pass on to consumer reporting agencies is accurate and complete.  This has been a requirement for some time, but the BCFP has notice an uptick in inaccurate date, particularly with regard to deposit account data.  Banks can expect increased focus on these procedures during the next consumer compliance examination.  After 7 years of review, the CFTC has determined that Korea has sufficient supervisory systems in place to permit certain Korean swaps entities to do business with U.S. persons.  OFAC is abandoning certain reporting requirements in connection with remittance transactions with Cuba.

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Topics: OFAC, Cuba, Currency Transaction, CFTC, BCFP, Korea, Credit Reporting, FDIC, Foreign Regulatory

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About the Spotlight


The Financial Services Spotlight examines the regulatory and technology developments impacting banks, asset managers and other financial services providers—where challenges meet opportunities.

The material on this site is for general information only and is not legal advice. No liability is accepted for any loss or damage which may result from reliance on it. Always consult a qualified lawyer about a specific legal problem.

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