All Compliance Week articles in Web Issue – Page 389
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Blog
Joint venture risks under the FCPA
Joint ventures present a unique set of FCPA risks for the compliance practitioner, which is why companies need to incorporate risk management techniques in all phases of JV relations, pre-formation, the JV agreement, and in operations after the JV has begun operation.
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The role of the controller in business ventures
A close collaboration between the compliance function and the controller role portends a more robust picture of enterprise risk, one which encompasses legal, compliance, ethics, internal controls, financial, business, and governance.
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Former Columbia anti-corruption official nabbed for bribery
The former national director of anti-corruption in Colombia pleaded guilty this week in federal court for bribery and his participation in a conspiracy to launder money.
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RBS faces $4.9B settlement over mortgage-backed securities
The Justice Department announced a $4.9 billion settlement with The Royal Bank of Scotland Group, resolving federal accusations that it misled investors in the regarding residential mortgage-backed securities.
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FASB proposes lease rule simplification for lessors
FASB has taken another step to make the adoption of the huge new standard on lease accounting a little simpler—this time for lessors.
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Legislation seeks crackdown on bank overdraft fees
The recently filed Stop Overdraft Profiteering Act of 2018 would ban overdraft fees on debit card transactions and ATM withdrawals and limit fees placed for checks and recurring payments.
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Fed fines Citigroup $8.6M over improper mortgage documents
The Board of Governors of the Federal Reserve has fined Citigroup $8.6 million for the improper execution of residential mortgage-related documents.
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CFPB settles payday lending enforcement action
A federal district court in the Western District of Missouri has approved a settlement between the CFPB and the owners of 20 interrelated corporate entities in the payday lending industry. The owners, it is alleged, illicitly accessed consumer bank accounts.
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Article
Guidance trickles on how to comply with tax reform rules
More than half a year after sweeping tax reform was enacted, companies are still trying to understand how to comply with new tax rules going forward.
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The many compliance lessons of Tesla
One simple tweet from Tesla’s outspoken founder speaks to volumes of compliance and regulatory concerns.
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AICPA proposes papers on credit losses interpretations
The AICPA is digging into new rules on credit losses and suggesting some implementation approaches with two draft documents open for public comment.
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CFPB amends Gramm-Leach-Bliley Act's privacy notice requirement
The CFPB will amend the Gramm-Leach-Bliley Act to allow banks that meet certain requirements to be exempt from sending annual privacy notices to their customers.
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New Zealand’s financial regulator to financial services firms: Culture is lacking
New Zealand’s Financial Markets Authority, the government agency responsible for financial regulation, on Aug. 9 set out its work plan for the year ahead, as the conduct and culture of the country's financial services industry comes under increased scrutiny.
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Reps launch effort to bar peers from serving on corporate boards
In response to yet another member of Congress charged with insider trading, Reps. Tom Reed and Kathleen Rice will introduce a House resolution to prohibit fellow legislators from serving on corporate boards.
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SOX-related audit costs rise again in 2017, poll says
Half of the largest public companies saw SOX-related audit costs rise in 2017, driven by regulatory pressure, M&A activity, and new accounting rules.
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Texas Capital Bancshares chief risk officer to retire
Texas Capital Bancshares, parent company of Texas Capital Bank, announced that John Hudgens will step down as chief risk officer of Texas Capital Bank in September 2018 and will resign as chief risk officer of Texas Capital Bancshares, effective Dec. 31, 2018.
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Tesla names new chief accounting officer
Tesla on July 30 appointed Dave Morton as its new chief accounting officer.
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RBS appoints new group chief risk officer
The Royal Bank of Scotland has appointed Bruce Fletcher as its new group chief risk officer, subject to final regulatory approval.
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State regulators adopt single exam for mortgage licensing
The Conference of State Bank Supervisors has announced that all U.S. states can now use a single, common exam to assess mortgage loan originators.
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State AGs push for a beneficial ownership disclosure law
A bipartisan group of 24 attorneys general is urging Congress to advance legislation improving the transparency of shell corporations by requiring them to disclose who controls and profits from their activities.