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OCC Warns of Compliance Risk as Banks Adapt to COVID-19 Changes

ABA Banking Journal:

The OCC today cautioned banks to be vigilant about compliance risks that could arise as a result of their response to the coronavirus pandemic. In its Semiannual Risk Perspective—which was compiled between April and June as state and local economies began to reopen—the OCC noted that “compliance risk is elevated due to a combination of operations, employees working remotely, and the requirement to operationalize new federal, state and proprietary programs designed to support consumers,” including the Paycheck Protection Program and other relief efforts.