Annual Operations Compliance Recap

Presented by: John Burnett

2022 is behind us!. Crypto-assets were in the headlines. A major crypto collapse near the end of the year did nothing to assure banks or regulators that it's time to take the crypto-plunge. Congress has yet to act to issue legislation to stabilize the crypto environment.

The Corporate Transparency Act and Anti-Money Laundering Act of 2020 have borne some fruit, with new FinCEN regulations in place requiring entities to start reporting to FinCEN information on their beneficial owners and principals starting January 1, 2024. Bankers are watching carefully for "the other shoe" - rules amending bank's beneficial ownership gathering requirements - to drop, sometime near the end of 2023.

The CFPB took up, and the Biden Administration joined, a crusade against "junk fees" as the Bureau focused on overdraft and deposit account fees, brandishing its UDAAP cudgel, with support from prudential regulators, especially the FDIC.

And the list goes on!

We'll hit all the highlights during this fast review of the year's operations compliance issues and tell you where to find more information on developments you may have missed during the year.

What's new?
What's different that you need to be watching?
What do you now need to focus your attention on this year?

Find out about the changes that may have slipped through the cracks, or relax a bit, knowing that you've covered all the bases and are prepared to take on the coming year's inevitable challenges as the compliance environment continues to change.

Here are some of the things we'll cover in this fast-paced 90-minute presentation:

• Operations area significant enforcement actions
• The latest on faster payments
• Same-day ACH settlement update
• BSA/AML developments
• Fintechs
• Crypto-assets
• UDAAP and overdraft and account fees
• Our annual "crystal ball" forecast
• and more

About the Speaker: John Burnett joined Glia Group, Inc., and BankersOnline in 2004, and currently serves as Executive Editor. He is a 1990 honors graduate of the Stonier Graduate School of Banking and is an alumnus of the ABA National Compliance School, where he served on the faculty for several years.

John began his banking career in high school when he started as a teller at a $15 million bank that didn't have account numbers for its checking accounts (he says they actually filed by signature!) He joined Cape Cod Bank and Trust Company in 1971 and assumed the position of Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, as well as Clerk of the bank's holding company.

He was a member and Chair of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and a member of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He is a regular presenter of BOL Learning Connect webinars and a presenter at BOL Conferences events. As a BOL Guru, John assists bankers handle common and uncommon compliance challenges on the BankersOnline.com site and its paid subscription service, BankCompliance.com.

This program was recorded in its entirety in January 2023. The CD-ROM includes program slides, materials (if available) and follow-up Q & A document.