On May 23, 2008, the federal banking agencies announced guidance they hope will assist institutions in implementing the consumer protection portion of the Interagency Statement on Subprime Mortgage Lending which was adopted on July 10, 2007.  

As electronic payments become more common­place and more varied, banks may become involved in processing payments for merchant clients even when they do not engage formally in the merchant processing business, either as an acquiring bank or an agent bank. According to the Office of the Comptroller of the Currency (OCC), a variety of relationships are emerging between banks and payment processors in which the processor uses its bank relationship to process payments for its merchant clients.

An independent audit of a bank’s Bank Secrecy Act (BSA) and anti-money laundering (AML) programs should generally be conducted every 12 to 18 months, depending on the bank’s risk profile. This regulatory expectation and the minimum requirements for an independent audit, including testing for compliance, were emphasized in a May 16, 2008, Financial Institution Letter (FIL-38-2008) issued by the Federal Deposit Insurance Corporation (FDIC).

Internal auditors have traditionally entered banking with accounting or business degrees and risen through the ranks. In a sign that internal auditing is truly becoming a “hot” career choice, a number of domestic and foreign colleges and universities participate in the Internal Auditing Education Partnership (IAEP), sponsored by The Institute of Internal Auditing (IIA). Through their participation, these institutions now offer courses and programs specifically designed to produce newly minted internal auditors ready for the job market.