CFPB Monitor

APRIL 8, 2021

On April 1, 2021, the FDIC’s final rule issued in December 2020 revising its brokered deposits regulation became effective. The full compliance date for the final rule is January 1, 2022.

FDIC 78

FDIC Resources Regulation Compliance 78

CFPB Monitor

APRIL 25, 2022

As we will discuss, the timing of the Consent Order indicates that even when regulators permit crypto activities by financial institutions, they remain cautious, particularly as to BSA/AML compliance. The January 2021 Operating Agreement .

Compliance 78

Compliance Digital Banking Training South Dakota 78

CFPB Monitor

FEBRUARY 16, 2022

Around the nation, regulators are preparing to implement and enforce new consumer-like disclosure laws for small business commercial finance providers. New York regulators have yet to issue final regulations implementing the state’s Commercial Finance Disclosure Law (CFDL), which went into effect on January 1, 2022.

North Carolina 78

North Carolina Missouri Maryland Mississippi 78

Abrigo

DECEMBER 17, 2021

Takeaway 1 Strengthen your financial institution's culture of compliance through a staffing assessment. Financial institutions experience d significant changes in 2021 because of the continued pandemic , increased remote work trend, and growing digital usage. Would you like other articles like this in your inbox? Learn More.

Compliance 195

Compliance Training Fraud Resources 195

South State Correspondent

JANUARY 16, 2024

introduced a LIBOR alternative in March of 2021 (called BSBY). BSBY was not well received by US regulators from its inception, but the market eventually embraced SOFR over BSBY. We believe that our program offers an advantage against the national banks. Risk of Derivatives – BSBY Discontinuation Bloomberg L.P.

Community Bank 195

Community Bank Community Compliance CA 195

PYMNTS

MARCH 8, 2018

and group compliance director, explained to PYMNTS how online tools can make remote identity verification even more robust than in-person processes — and also help kick cross-border payments into higher gear. But] we’re projecting by 2021, it’ll take up the majority of the market.”. Digitizing Identity Verification.

Compliance 101

Compliance Regulation Online Payments 101

Perficient

AUGUST 16, 2020

However, you may not know that there are certain rules/regulations that must be accounted for so you can remain compliant with FCC regulations. This law doesn’t go into effect until January 6, 2021, for all fixed MLTS (this includes fixed interconnected VoIP, fixed telephony, and fixed Telephone Relay Services (TRS)).

System 348

System Regulation Texas Compliance 348

Abrigo

JUNE 27, 2023

Regulations such as Geographic Targeting Order updates help identify AML risks by requiring identification for certain real estate purchases. The limited regulation around the real estate industry has made it especially easy for these bad actors to cycle their dirty money into the financial system using this avenue. In 2017, over 5.51

El Paso 195

El Paso Miami United States New York City 195

Abrigo

JULY 16, 2021

FinCEN Releases 8 AML/CFT Priorities These priorities were published June 30, 2021, highlighting several areas of heightened risk for the U.S. Takeaway 2 Regulations haven't been written, but there are steps community financial institutions can take now to prepare. financial system. financial system. How to prepare. financial system.

Community 195

Community Regulation Training Policies 195

FICO

MARCH 7, 2023

Home Blog FICO Responsible AI: Are European Firms Ready for the Regulators? There are significant changes coming in Europe, which highlight getting a handle on responsible AI use, with the banking and financial services sector among those that will be most impacted by increasing regulation.

Regulation 52

Regulation America Compliance Fraud 52

CFPB Monitor

MAY 31, 2022

On May 19, 2022, the Associate Director of the Enforcement and Compliance Division of the Financial Crimes Enforcement Network (“FinCEN”), Alessio Evangelista, spoke at the Chainalysis Links Conference in New York City on the topic of “The Intersection of Cryptocurrencies and National Security.” Responsible Innovation “.

cryptocurrency 146

cryptocurrency Innovation DC National 146

CFPB Monitor

OCTOBER 4, 2022

The DOJ’s lawsuit against Lakeland, filed in a New Jersey federal district court, is part of the DOJ’s nationwide “ Combating Redlining Initiative ” launched in October 2021. According to the DOJ , the settlement represents the third-largest redlining settlement in the DOJ’s history.

New Jersey 147

New Jersey Lending Community National 147

CFPB Monitor

APRIL 12, 2021

On March 31 st the CFPB rescinded seven policy statements , including statements that provided flexibility from supervisory or enforcement actions for loss mitigation and credit reporting activity in connection with the COVID-19 national emergency. CFPB issues mortgage servicing notice of proposed rulemaking.

Compliance 78

Compliance Policies Industry Strategy 78

PYMNTS

JULY 21, 2020

Open banking is appealing to financial institutions (FIs) and regulators in many markets, even as the pandemic sweeps across the world. Regulators in other regions, including Latin America, are also shaping and announcing plans to enable open banking and better support digital financial systems.

Mobile 229

Mobile Report America Regulation 229

Abrigo

MARCH 24, 2021

Anti-Money Laundering Act of 2020 BSA professionals should prepare for changes as new regulations and guidance from FinCEN unfold. Takeaway 2 While the AMLA is now law, regulations, guidance, and other information still needs to be written. These include conducting studies, writing regulations, and publishing guidance.

Regulation 195

Regulation Training Study Policies 195

PYMNTS

AUGUST 4, 2019

Cryptocurrency compliance company Elliptic has released the Elliptic Data Set, which aims to identify crypto transactions associated with money laundering. A big problem with compliance, in general, is false positives. And Busan has issued a “regulation-free” zone for blockchain development by South Korea’s national government.

Bitcoin 115

Bitcoin Study Data Massachusetts 115

Abrigo

FEBRUARY 10, 2022

The AMLA set the stage for establishing a national reporting system for beneficial ownership and for potentially changing current CDD/BO requirements in an effort to improve financial transparency and prevent criminals and terrorists from misusing companies to disguise illicit activity. BSA Rules and Regulation. Need to Know.

Training 195

Training Regulation Report Compliance 195

CFPB Monitor

MAY 17, 2021

On May 6, 2021, the CFPB’s Office of Servicemember Affairs issued its eighth annual report summarizing its activities from January 1 through December 31, 2020. The report discussed the Office’s consumer outreach and educational efforts, servicemember complaint trends, and priorities for 2021.

Report 78

Report Compliance Leadership Analysis 78

CFPB Monitor

JULY 6, 2021

As required by the Anti-Money Laundering Act (“AML Act”), the Financial Crimes Enforcement Network (“FinCEN”) issued on June 30, 2021 the first government-wide list of priorities for anti-money laundering and countering the financing of terrorism (“AML/CFT”) (the “ Priorities ”).

United States 78

United States Fraud Regulation Compliance 78

CFPB Monitor

NOVEMBER 29, 2021

The 2022 clarity promised by the “roadmap” presumably will supersede, once issued, Interpretive Letter #1179, which appears to function as a general stop-gap until the 2022 publications hopefully provide more detail regarding exactly how banks can attain compliance. Federal banking regulators have been busy in this space.

Compliance 78

Compliance cryptocurrency Regulation FDIC 78

Abrigo

MARCH 24, 2023

In that case, this could indicate a need for a strong culture of compliance, which will ultimately lead to further increased risk. A designated officer should be appointed and approved by the board of directors as responsible for AML/CFT and OFAC compliance.

Fraud 195

Fraud Compliance Examples Analysis 195

CFPB Monitor

MAY 16, 2022

The CFPB recently issued its annual fair lending report covering its fair lending activity in 2021. . Small business lending—assessing whether there are disparities in application, underwriting, and pricing processes, redlining, and whether there are weaknesses in fair lending-related compliance.

Lending 148

Lending Report Memphis Tennessee 148

Abrigo

SEPTEMBER 10, 2021

The role of BSA staff was typical compliance and very task-oriented. October 26 is now nationally recognized as BSA/AML Day.) The Financial Action Task Force (FATF) has a complete resource page devoted to combatting terrorist financing and is an excellent resource to share with BSA, compliance, and FinCrime teams. Learn More.

Training 195

Training Risk Management Pennsylvania Resources 195

Abrigo

JUNE 13, 2022

According to the National Council on Aging (NCOA), this heartless crime is most likely under-reported due to victims' embarrassment. More banks are reporting to APS, rising from 62% in 2017 to 81% in 2019 and 78% in 2021. BSA Rules and Regulation. BSA Rules and Regulation. BSA Rules and Regulation. Learn More.

Fraud 195

Fraud Training United States Survey 195

CFPB Monitor

AUGUST 23, 2022

National banks and federal thrifts are supervised by the Office of the Comptroller of the Currency (OCC) and state-chartered banks that are members of the Federal Reserve System are supervised by the Federal Reserve Board (FRB). The FDIC discusses the following three categories of risk: Consumer compliance risk. Potential risks.

FDIC 78

FDIC Compliance System Regulation 78

CFPB Monitor

DECEMBER 22, 2020

The final rule, which includes material differences from the FDIC’s proposal, becomes effective April 1, 2021, with full compliance extended until January 1, 2022. The term “deposit broker” is defined by Section 29 and the FDIC’s implementing regulations (12 C.F.R. Brokered Deposits. Primary Purpose Exception. Advisory Opinions.

FDIC 78

FDIC Capital National Regulation 78

CFPB Monitor

APRIL 22, 2021

The agencies are the Comptroller of the Currency, Farm Credit Administration, FDIC, Federal Reserve Board, and National Credit Union Administration (Agencies). Comments on the new proposed Q&As are due by May 17, 2021. Recently, federal agencies proposed revisions to the Interagency Questions and Answers Regarding Flood Insurance.

Policies 60

Policies Compliance Meeting Regulation 60

CFPB Monitor

JULY 21, 2022

On July 13, 2022, the House of Representatives (the “House”) adopted an amendment to the 2023 National Defense Authorization Act (“NDAA”) offered by Maxine Waters (D. in a manner that the Secretary determines appropriate to assess compliance” with the amendment.

United States 78

United States Taxes Regulation Compliance 78

Abrigo

NOVEMBER 11, 2021

The June 2021 release of the Financial Crimes Enforcement Network ( FinCEN) Priorities makes this clear in naming cybercrime as one of the eight national anti-money laundering and countering the financing of terrorism (AML/CTF) priorities. Cyber-attacks, and ransomware specifically, are the most significant threats to U.S.

Fraud 195

Fraud cryptocurrency System Trends 195

Abrigo

NOVEMBER 11, 2021

The June 2021 release of the Financial Crimes Enforcement Network ( FinCEN) Priorities makes this clear in naming cybercrime as one of the eight national anti-money laundering and countering the financing of terrorism (AML/CTF) priorities. Cyber-attacks, and ransomware specifically, are the most significant threats to U.S.

Fraud 195

Fraud cryptocurrency System Trends 195

Abrigo

DECEMBER 20, 2021

Whether that is the case or not, the reprieve is now over. On December 16, 2021, FinCEN announced an $8 million civil money penalty against CommunityBank of Texas (CBOT) for willful Bank Secrecy Act (BSA) violations and failing to maintain an effective anti-money laundering (AML) program. CDD is widely considered the fifth pillar of BSA.

Resources 195

Resources Texas Analysis System 195

CFPB Monitor

APRIL 12, 2021

Rescission of Statement on Supervisory and Enforcement Practices Regarding the Fair Credit Reporting Act and Regulation V in Light of the CARES Act.

Policies 78

Policies Exercises Operations Regulation 78

CFPB Monitor

MARCH 15, 2022

According to the complaint, in 2020 and 2021, OppFi provided documents to the DFPI in response to the DFPI’s request for information relating to its partnership with the Bank. While non-bank participants have been the focus of these state attacks, bank participants could also face increased scrutiny from their regulators.

California 78

California Innovation Utah West Virginia 78

PYMNTS

OCTOBER 11, 2019

As he told PYMNTS, challenges confront eCommerce firms that seek to understand the broad range of compliance and taxation frameworks that can differ greatly among the countries into which they sell. The marketplaces take legal title to what’s being sold and are responsible for the VAT calculation. or Chinese sellers. What Lies Ahead: Brexit.

Taxes 123

Taxes Course Company Training 123

Independent Banker

DECEMBER 31, 2021

If 2020 was the year no one expected, 2021 was a year of resetting expectations. Between a smoldering pandemic, the divisive political landscape and strong, albeit uneven, growth, there was a lot to account for in 2021, and some uncertainty remains. Regulators haven’t yet broached the subject with them. Click to enlarge.

Community Bank 144

Community Bank Community Lending Louisiana 144

Abrigo

FEBRUARY 24, 2022

Regulators expect a well-managed financial institution to look at interest rate risk through two different lenses: Earnings at risk (EAR)/income at risk (IAR) – Measures short-term risk; changes to the income statement. Sources of interest rate risk. Clearly shows the impact of key variables on overall exposure levels 4.

Management 195

Management Analysis Strategy Policies 195

Independent Banker

OCTOBER 1, 2022

But as the prevalence of security breaches grows, so do the opportunities for community banks to position themselves as guardians of their customers’ personal data through compliance, technology and relationship building. CCPA was modeled closely after the European Union’s General Data Protection Regulation (GDPR).

Data 91

Data How To Community Bank California 91