Top 10 Agency Regulatory Topics of 2007You've seen the biggest stories and security incidents of 2007. Now here's a list of the most popular federal agency releases and regulations of the year.
2007 National Money Laundering Strategy Released - This strategy released in May builds on the money laundering threat assessment released in 2006 and is a must read for all BSA compliance officers.
BSA/AML Revised Examination Manual - With the increased scrutiny of regulators on money laundering and the Bank Secrecy Act, these are timely revisions that came out in August.
Revised Compliance Examination Handbook Now Available - This is the FDIC's compliance examination policies and procedures, effective as of June 2006. The handbook, released in January also includes revised Community Reinvestment Act (CRA) examination procedures and performance evaluations.
FFIEC Releases Guidance on Pandemic Planning - Along with first released guidance from 2005, this December release offers more information for institutions on what their pandemic plan should include.
Privacy of Consumer Financial Information, Proposed Model Privacy Form - This April release is how all financial institutions should model their privacy notice requirements.
Interagency Statement on Enforcement of Bank Secrecy Act/Anti-Money Laundering Requirements - This August enforcement statement reinforces the need for financial institutions to maintain a BSA compliance program.
Federal Reserve Board Approves Final Rules to Implement Basel II Risk-Based Capital Framework - These final rules released in November implement new risk-based capital requirements in the United States for large, internationally-active banking organizations.
FDIC Updates IT Exam Procedures - The FDIC in December added more questions on payment processes and vendor management, and FDIC-regulated banks can be expected to answer these in their next examination.
Fair and Accurate Credit Transactions Act Final Interagency Regulations on Affiliate Marketing - This regulation released in November can't be overlooked by institutions when it comes to marketing and makes sure banking customers have a simple way to opt out of marketing solicitations.
Agencies Issue Final Rules on Identity Theft Red Flags - Released in October, financial institutions have until November 2008 to implement ID theft protection programs that meet these new rules, which require "reasonable policies and procedures" for preventing ID theft, identifying "red flag" activities and notifying victims.