For many years, a successful Bank Secrecy Act/Anti-Money Laundering program rested on four pillars of compliance: internal policies and procedures, the designation of a BSA officer, employee training and independent review. Auditors and examiners, intimately familiar with these four requirements, have evaluated the programs at every regulated financial institution using the pillars as the benchmark for a successful BSA program. [Continue]
The development and deployment of NMLS, the Nationwide Multistate Licensing System, forever changed an industry. It created the means to validate mortgage professionals — in the eyes of both regulators and the public — as properly licensed and operating in good standing, a development that help bring much-needed stability to a troubled market. [Continue]
The resignation of Richard Cordray as director of the Consumer Financial Protection Bureau presents an opportunity. I hope the new director of the bureau focuses on under-regulated sectors of the financial services industry, leaving banks to the regulatory oversight of the Fed, OCC, FDIC and/or state regulators. [Continue]
FDIC offers advice to those considering de novos. [Continue]