Banking Regulators Increasing Focus on Enterprise Risk
Financial headlines continue to report on increasing regulatory focus on enterprise risk with notable emphasis on electronic payments.

Recent headlines include:

  • Citigroup’s $400 million fine for longstanding deficiencies and operational lapses including improper wires to various parties in conjunction with a loan to Revlon.
  • Citigroup’s lost appeal to recover improperly wired funds totaling approximately $500 million.
  • New NACHA rule requiring validation for all web-based account debits effective March 19.
  • OCC $80 million fine against Capital One related to a bank data breach.
  • OCC $85 million fine against USAA Bank for effective compliance risk management and effective IT risk governance program commensurate with the Bank’s size, complexity, and risk profile.
  • FRB cease and desist order against an employee for engaging in unsafe and unsound practices while supervising a loan production office.


CPFB Payment Focus Expected to Grow
The CFPB is on a hiring spree with a renewed focus on regulation. Given the substantial increase in wire and identity fraud in conjunction with real estate and loan transactions, it’s only a matter of time until we see new regulations surrounding the safe transmittal of electronic funds involving consumer transactions. These new regulations will focus on lenders and closing agents simply because the consumer is, the consumer is least able to withstand the impact with wire and identity fraud occur.


Dytrix Counterparty Risk Support
Dytrix supports lenders with unparalleled support to manage closing agent and other counterparty risk including wire fraud that continues at an unprecedented pace. Over the past few months, we caught over $1.2 million in wire fraud attempts on behalf of lender clients. What’s more, Dytrix solutions generate significant productivity improvements and immediate payback by eliminating loan manufacturing tasks. Call us for a quick demo and see how the quick ROI can lower loan manufacturing costs as well as protect you against wire fraud risk.