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          More Banks Announce Wage                               reporting thresholds. Implementation of the revised Call Report

          Increases, Bonuses                                     will be delayed from March 31 to June 30, the agencies said.
                                                                 In addition to these revisions, the agencies announced other
          Following the historic tax                             changes that will provide greater transparency on the effect
          reform  law’s  enactment,                              of unrealized gains and losses on certain equity investments,
          banks of all sizes continue                            maintaining consistency with changes to accounting standards.
          to    increase  frontline                              These changes will be effective March 31.
          employee wages, provide
          employee bonuses, invest                               Following concerns raised by the industry, the agencies are also
          in new technology, and                                 reconsidering a proposal to align the method for determining
          make additional charitable                             the past-due status of certain loans and other assets with an
          contributions.  This will all                          accepted industry standard.
          flow into communities in the coming years and boost economic   Finally, the agencies announced that they will be moving
          activity.  To help the public and policymakers see the real-world   banks with more than $100 billion in assets to the FFIEC 031,
          effects of tax reform on bank employees, customers, and local   effectively creating three Call Reports.
          communities, ABA has launched a site documenting banks’
          post-tax reform efforts.                               To read more visit:
          To view the site visit:

                                                                 FBI Warns of North Korean
          CFPB Will Not Assess                                   Cybersecurity Threat
          Penalties for 2018 HMDA Data
          Submissions                                            The   FBI   has  industry
          In a major industry win, the                           notifications  highlighting
          CFPB has announced that it will                        the U.S. government’s public
          not assess penalties with respect                      attribution of the WannaCry
          to errors in Home Mortgage                             malware outbreak to North
          Disclosure Act (HMDA) data                             Korean  actors  and  warning
          collected in 2018 and reported                         of the possibility of future
          in  2019,  and  it  will  not  require                 retaliatory  attacks.  The  FBI  noted  that  the  North Korean
          banks to resubmit data for that                        government  has  devoted  significant  resources  to  developing
          period unless errors are found to                      increasingly sophisticated cyber operations capable of conducting
          be material. As of January 1, 2018, banks must submit HMDA   cyberattacks against U.S. and international interests.
          data collected in 2017 and beyond using the CFPB’s new   While the FBI said that there were currently no specific or
          online platform. “The bureau recognizes the significant systems   credible threats to private industry from North Korea, its cyber
          and operational challenges needed to meet the impending   activities  remain a concern based on a historical pattern of
          requirements under the rule,” the CFPB said.           retaliatory behavior for perceived slights against the regime. In

          To read more visit:  the notifications, the agency outlined North Korean targets –
          documents/cfpb_statement-with-respect-to-hmda-         which include U.S. critical infrastructure and the financial sector
          implementation_122017.pdf                              – and identified the attack tools, techniques and procedures,
                                                                 exploited vulnerabilities and related results.
          Agencies to Move Forward                               The FBI is encouraging private sector entities – including banks

          With Call Report Changes                               – to evaluate network security and take steps to mitigate threats,
                                                                 including updating and patching operating systems, identifying
          The federal regulatory agencies are moving forward with   spear-phishing, social engineering and spoofing attempts, using
          several proposed revisions to the Call Report. The changes   multifactor authentication and ensuring employees use caution
          would simplify the Call Report for many banks by removing   when downloading and running executable files. Companies
          or consolidating a number of existing data items, reducing the   should report any suspicious network activities to their local FBI
          reporting frequency for other data items, and increasing certain   offices or FBI CyWatch.

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