Banking regulators have issued a joint statement outlining the potential risks that financial institutions face in arrangements with third parties to deliver bank deposit products and services and examples of risk management practices to manage such potential risks.
The global average cost of a data breach leaped by 10% compared to the previous reporting period, hitting US$4.88 million, according to the 19th annual Cost of a Data Breach Report from IBM, which covers the period from March 2023 to February 2024.
On July 16, 2024, the California Privacy Protection Agency (Agency) discussed proposed updates to the California Consumer Privacy Act (CCPA) regulations.
On July 20, the Conference of State Bank Supervisors (CSBS) rolled out the first phase of significant updates to the Nationwide Multistate Licensing System & Registry (NMLS). These updates aim to address common issues faced by professionals in the mortgage, consumer finance, debt, and money services industries who rely on NMLS for state licensing and federal registration management.
The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in June 2024. There are no administrative hearings scheduled for August 2024. The FDIC issued 10 safety and soundness orders and two Notices in June 2024.
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