This is the summary of this week’s regulatory updates and changes:
The Federal Financial Institutions Examination Council (FFIEC) launched a Web page on Cyber Security awareness. The Web page is a central repository for current and future FFIEC – related materials on Cyber Security - See more details.
A survey conducted by the Investor Protection Trust showed that most experts dealing with investment fraud/financial exploitation of American senior citizens agree that the problem of swindles targeting the elderly is getting worse today.
Sadly, this is often true that the people exploiting older adults are family members or other trusted people who are handling their financial affairs. Taking the elder’s money or property, misusing ATM or credit cards without permission or selling the elder’s possessions without permission are very common.
On June 18th, the Basel Committee published guidelines for identifying and dealing with weak banks for the purpose of receiving comments from supervisory agencies.
In the report a weak bank is defined as “one whose liquidity or solvency is impaired or will soon be impaired unless there is a major improvement in its financial resources, risk profile, business model, risk management systems and controls, and/or quality of governance and management”.