On May 3, 2024, the Board of Governors of the Federal Reserve System (the “Federal Reserve”), the Federal Deposit Insurance Corporation (“FDIC”), and the Office of the Comptroller of the Currency (“OCC”) jointly released the “Third-Party Risk Management: A Guide for Community Banks” (the “Guide”), presenting it as a resource for community banks to bolster their third-party risk management programs, policies, and practices.… Continue Reading
Celia Cohen
Contact:Read more about Celia Cohen
DOJ launches whistleblower pilot program and cracks down on artificial intelligence misuse
Posted in Artificial Intelligence, Dept. of Justice
Following a year of new DOJ policies and guidance designed to incentivize companies to self-report misconduct and to cooperate with government investigations, the DOJ has added a new pilot whistleblower rewards program. In their remarks at the American Bar Association’s 39th Annual National Institute on White Collar Crime, Deputy Attorney General Lisa Monaco and Acting Assistant Attorney General Nicole Argentieri both explained that the new whistleblower policy is designed to incentivize individuals to disclose corporate misconduct through financial rewards from any resulting forfeiture of criminal proceeds. … Continue Reading
OCC risk perspective report focuses on third-party relationships with fintechs
By Celia Cohen, Peter D. Hardy & Ronald K. Vaske on
In its Fall 2023 Semiannual Risk Perspective, published on December 7, the Office of the Comptroller of the Currency (“OCC”) reported on key issues facing the federal banking system. In evaluating the overall soundness of the federal banking system, the OCC emphasized the need for banks to maintain prudent risk management practices. … Continue Reading