Cisco

JULY 12, 2022

A number of our financial institution customers are regulated by multiple, and different, regulatory bodies. The 2021 Updates in the Architecture, Infrastructure, and Operations book. Common Risk Management Topics: Architecture, Data, IT. Infrastructure Management. In the U.S. Hardware and Software Lifecycles.

Regulation 71

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South State Correspondent

APRIL 23, 2023

Analysts, regulators, legislators, and bankers have been attributing the root cause of SVB’s failure in the past month. Some blame the dilution of the Dodd-Frank provisions, others the lack of oversight by regulators, and others still blame social media for exacerbating the deposit run.

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Abrigo

DECEMBER 23, 2022

Blog posts to help your asset/liability management (ALM) staff strategize for the future These ALM posts were the most popular in 2022. Our top ten blogs were created by Abrigo's team, which includes former bankers, regulators, and industry experts. Would you like other articles like this in your inbox? Learn more. Keep me informed.

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FICO

DECEMBER 23, 2020

It has also opened new doors for criminals, who have rushed to exploit the uncertainty in a pandemic world and devised new money laundering and terrorist financing schemes by taking advantage of loopholes in the regulations, new ways of working aided by advances in technology, and electronic payment innovations.

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Abrigo

FEBRUARY 25, 2022

The year 2021 saw a continuation of pandemic policies and changes, a new administration in Washington , and regulatory reform from the Financial Crimes Enforcement Network ( FinCEN ). As regulators get up to speed with new FFIEC Exam Manual updates, you may need to remind them that not all groups of customers present the same risk.

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Independent Banker

JANUARY 31, 2022

Source: Cornerstone Advisors, “What’s Going on in Banking 2021: Rebounding from the Pandemic,” 2021. A recent report by Cornerstone Advisors found that bankers are either strongly interested in or already working with fintechs in three main areas: digital account opening (71%), mobile wallets (41%) and fraud/risk management (47%).

Community Bank 159

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CFPB Monitor

NOVEMBER 10, 2020

LIBOR, which many creditors currently use as the index for calculating the interest rate on credit cards and other variable-rate consumer credit products, is expected to be discontinued sometime after 2021. In July 2020, the Federal Financial Institutions Examination Council issued a “ Joint Statement on Managing the LIBOR Transition.”

Regulation 78

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Abrigo

DECEMBER 2, 2021

But impulse buying – whether at home or in business – can result in waste, so think carefully about areas of your bank or credit union that could benefit next year from a small investment as 2021 draws to a close. 31, 2019, and June 3, 2021, according to the Community Banking in the 21st Century report. Lending & Credit Risk.

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Abrigo

JUNE 3, 2021

Takeaway 2 While crypto crime fell in 2020, there are many risks financial institutions must be aware of. Takeaway 3 To fight cryptocurrency-related risks and mitigate losses, be vigilant and stay on top of fraud trends. By Hannakah Rubin, Risk Management Consultant at Abrigo. BSA Rules and Regulation. Learn More.

cryptocurrency 368

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FICO

DECEMBER 15, 2020

It is true that the pandemic has accelerated the majority of digital trends and challenges this past year; I believe the “COVID effect” will persist strongly into 2021, which brings me to three broad predictions: Consumer spending patterns will remain in flux, requiring financial institutions to keep their guard up as fraud patterns change quickly.

Fraud 52

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Abrigo

JULY 21, 2021

In June 2021, the White House released the first rendering of the National Strategy for Countering Domestic Terrorism 1 , a strong indicator that it is time for us all to be paying closer attention to this matter. BSA Rules and Regulation. BSA Rules and Regulation. BSA Rules and Regulation. Know the red flags. Learn more.

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Bobsguide

OCTOBER 1, 2022

Prometeia and SIX have entered into a long-term collaboration that involves Prometeia providing SIX the calculation capabilities for a product risk indicator (PRI) for securities that do not fall into the scope of PRIIPs (Packaged Retail and Insurance-based Investment Products) regulation. million in 2021. www.six-group.com.

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Gonzobanker

FEBRUARY 23, 2022

To do this, banks can leverage their competencies in payments, lending, operations, and risk management while using the earnings generated from BaaS to transform their core business. Or Hatch Bank, which, after partnering with HMBradley, saw deposits grow 300% in the first half of 2021. Now is the time to create a BaaS strategy.

Community Bank 133

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FICO

AUGUST 16, 2021

Our latest FICO UK Credit Market Report looking at UK card trends for June 2021 shows that average card spend continued to increase compared to 2020. The growth in the payments-to-balance ratio started to slow in June 2021, increasing by just 2.5% month on month.

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Abrigo

APRIL 7, 2023

However, many clients evaluated an internally developed system before ultimately acquiring loan review automation.

Software 195

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Abrigo

SEPTEMBER 10, 2021

The importantance of the BSA tole came to be paramount to the entrie risk management program and included as part of the federal safety and soundness examinations. BSA Rules and Regulation. BSA Rules and Regulation. Regulatory scrutiny became ever-present, knowing that the security of their homeland was at stake.

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Independent Banker

OCTOBER 1, 2022

Regulators paying closer attention to cyber risks. The banking industry could face greater regulatory scrutiny and pressure ahead on how they’re managing cyber risks. Federal regulatory groups are drawing more attention to how cyber insurance is a critical part of broader risk management strategies.

Montana 152

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Gonzobanker

JULY 10, 2020

In a recent Fortune survey, 55% of corporate executives said they expect to return to 2019 capital spending levels sometime in 2021. Risk Management. Risk management was never out, but the level of investment and emphasis we saw during the early part of the 2008-2009 crisis lessened during the past four to five years.

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CFPB Monitor

AUGUST 31, 2021

The issuance of the Guide follows the agencies’ July 2021 release of proposed interagency guidance for banking organizations on managing risks associated with third-party relationships, including relationships with financial technology-focused entities such as bank/fintech sponsorship arrangements.

Community Bank 78

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CFPB Monitor

AUGUST 5, 2021

To further its ongoing diversity, equity, and inclusion (DEI) efforts, the New York State Department of Financial Services (DFS) announced an initiative to collect and publish diversity data on the demographic makeup of NY-regulated financial institution’s boards and senior management teams.

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Perficient

FEBRUARY 10, 2021

While the healthcare industry has long embraced technology, the demand to innovate and adapt quickly has grown exponentially in 2020 and into 2021. based biopharma and MedTech company build a cutting-edge, globally regulated digital health platform. We have helped some of the largest healthcare companies in the U.S.

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Independent Banker

NOVEMBER 30, 2022

Lexicon Bank didn’t wait long to make a splash, sponsoring the 2021 World Series of Poker. But the fundamental risk management in the bank’s professional poker program is old-fashioned Know Your Customer, done by people. We have found a way to service that and get the regulators comfortable. Quick Stat. Source: Statista.

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CFPB Monitor

APRIL 1, 2021

Comments on the RFI must be received by June 1, 2021. Augmenting risk management and control practices. The agencies observe that the potential risks associated with using AI are not unique to AI, such as creating operational vulnerabilities and consumer protection risks (fair lending, UDAAP, privacy).

Risk Management 78

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Abrigo

MARCH 24, 2023

Step two Identify inherent risk vs. residual risk Inherent risk is any activity or factor posed to the credit union, notwithstanding applying any management or risk mitigation tools. This example is a situation with a "high" inherent risk and "strong" mitigating controls.

Fraud 195

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CFPB Monitor

AUGUST 13, 2021

The amendments become effective on September 17, 2021. For certain types of consumer debits, such as check conversions, authorization by notice will still be permitted in accordance with Regulation E. The most substantial changes relate to authorizations for consumer debits.

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BankUnderground

JUNE 8, 2023

Can prudential regulators influence current climate-reporting levels just by announcing a future shift to mandatory reporting? This finding can be useful for regulators when considering policy for consolidated level of disclosures. These developments raise myriad unanswered questions.

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CFPB Monitor

NOVEMBER 29, 2021

Federal banking regulators have been busy in this space. President’s Working Group on Financial Markets, which delineated perceived risks associated with the increased use of stablecoins and highlighted three concerns: risks to rules governing anti-money laundering (“AML”) compliance, risks to market integrity, and general prudential risks.

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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 . The Consent Order.

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FICO

SEPTEMBER 7, 2022

With a cost-of-living crisis and soaring energy costs across Europe and other countries, it's important to re-evaluate debt collections and customer risk management strategies. This was the opportunity to digitise risk management, delinquency and collections functions and make the most of risk-adjusted performance measures.

Strategy 52

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Independent Banker

MAY 31, 2022

trillion globally by 2025, according to research agency Cybersecurity Ventures, and the Association of Certified Fraud Examiners said that 77% of anti-fraud experts reported they had seen more fraud between May and August 2021. Cybercrime could cost $10.5 But there’s plenty community banks can do to meet this challenge.

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Cisco

OCTOBER 4, 2022

In June 2021, following large cyber attacks on the United States and the resulting Executive order on Cyber security, the FFIEC released the largest update in guidance in over a decade to help financial auditors assess financial institutions. Common AIO Risk Management Topics. Data governance and data management.

Operations 118

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Cisco

AUGUST 9, 2022

As these have attacks have evolved, regulatory bodies have updated their regulations to account for the increasing threat of cyber risk. financial institutions, the FFIEC released new guidance and a Cybersecurity Assessment Tool for institutions to self assess their risks and determine their cybersecurity maturity.

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Tools Leadership Handbook Security 114

CFPB Monitor

JUNE 30, 2022

We noted the increase in ransomware attacks and ransomware-related SARS discussed in FinCEN’s October 15, 2021 financial trend analysis on ransomware. . The OCC is currently working to “develop a common vocabulary of terms” and “use cases and risks” to create “policy and supervision considerations” for digital assets for banks.

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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.

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FICO

FEBRUARY 22, 2021

There is more awareness for the CDO role because financial firms have been collecting customer data for many years and their use of that data is highly regulated. The year is still young - what predictions do you have on the subject of AI for 2021? These microservices are the beginning of a larger industry, AI as a Service (AIaaS).

Analytics 52

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Jeff For Banks

JUNE 2, 2023

Second, this can be accomplished only if the industry does not have too much influence over its regulators and if the regulators have the ability to hire, train, and retain qualified staff. Third, the regulators need adequate financial resources. My lesson learned to the regulators, read your past lessons learned.

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Independent Banker

OCTOBER 1, 2022

It has implications for everything from regulatory compliance and risk management to a bank’s ability to engender trust in its customers. The privacy of customers’ personal information is at the forefront of every community banker’s decisions, says Steven Estep, ICBA assistant vice president of operational risk.

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