Money Talk: OCC to host compliance, risk workshops in Arkansas
by October 17, 2016 6:25 am 190 views
Editor’s note: Each Monday, Talk Business & Politics provides “Money Talk,” a wrap-up of banking and financial news.
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OCC TO HOST COMPLIANCE AND OPERATIONAL RISK WORKSHOPS IN ARKANSAS
The Office of the Comptroller of the Currency will host two workshops in central Arkansas at the Wyndham Riverfront North Little Rock on Nov. 15-16 for directors of national community banks and federal savings associations supervised by the OCC.
The Compliance Risk workshop on Nov. 15 combines lectures, discussion, and exercises on the critical elements of an effective compliance risk management program. Topics of discussion include the Bank Secrecy Act, Community Reinvestment Act, and the Truth-in-Lending (TILA) and the Real Estate Settlement Procedures Act of 1974 (RESPA) Integrated Disclosures Rule, also known as TRID.
The Operational Risk workshop on Nov. 16 focuses on the key components of operational risk—people, processes and systems. The workshop also covers governance, third-party risk, vendor management, and cybersecurity.
The workshop fee is $99. Participants receive a pre-workshop reading package and course materials, and assorted supervisory publications. The workshop is limited to the first 35 registrants. For information, including a complete list of available workshops or to register for a workshop, visit here.
SEC FILES RECORD NUMBER OF ENFORCEMENT ACTIONS IN FISCAL 2016
The Securities and Exchange Commission announced in October that it filed a record 868 enforcement actions in fiscal 2016, exposing financial reporting-related misconduct by companies and their executives and misconduct by registrants and gatekeepers. The new single year high for SEC enforcement actions for the fiscal year that ended Sept. 30 included the most ever cases involving investment advisers or investment companies (160) and the most ever independent or standalone cases involving investment advisers or investment companies (98).
The agency also reached new highs for Foreign Corrupt Practices Act-related enforcement actions (21) and money distributed to whistleblowers ($57 million) in a single year. The agency also brought a record 548 standalone or independent enforcement actions and obtained judgments and orders totaling more than $4 billion in disgorgement and penalties.
PBGC AND ALCOA REACH DEAL ON $150 MILLION IN ADDITIONAL PENSION FUNDING
The Pension Benefit Guaranty Corporation has reached an agreement with Alcoa Inc. to provide an additional $150 million in pension contributions to the company’s two largest pension plans, which cover more than 83,000 people.
On Sept. 28, 2015, Alcoa announced its intent to split the company into two new publicly traded entities: Alcoa Corp., a producer of bauxite, alumina and aluminum products, and Arconic Inc., a maker of high performance materials and products for industries such as automotive and aerospace. Once the transaction is complete, Arconic will carry about $9 billion in long-term debt. This, in addition to the financial condition of the two largest plans, created the potential for additional risk to the company and its pension plans.
Alcoa Inc. sponsors eight pension plans that cover more than 102,000 workers and retirees. A majority of participants in the two largest plans, Alcoa Retirement Plan I and Alcoa Retirement Plan II, comprise 91% of the company’s pension obligations. These participants will be split between Alcoa Corp. and Arconic when the transaction is finalized. The additional $150 million in pension funding contributions will be made by Arconic in three payments of $50 million each during a 30-month period.