Perficient

AUGUST 16, 2023

He was promoted to President and CEO in 2008. Bank Closed By Regulators Almost all bank closures happen on a Friday so that regulators can work all weekend to reopen the bank on Monday. To speak to a Perficient consultant about RCSA or any of Perficient’s risk management and regulatory capabilities, click here.

United States 221

United States Kansas FDIC Risk Management 221

PYMNTS

DECEMBER 18, 2020

Credit Suisse has been indicted by Swiss prosecutors for allegedly failing to prevent money laundering, Bloomberg reports, adding that a former bank manager was also indicted alongside Credit Suisse. The case in question goes back to 2008 when a Bulgarian wrestler was investigated for reportedly turning to drug trafficking.

Compliance 203

Compliance Regulation Report Innovation 203

Insights on Business

NOVEMBER 12, 2018

Today, governance, risk and compliance (GRC) is being transformed by not only rapidly-evolving regulatory standards and growing costs of non-compliance, but also by the clear and present need for greater GRC adoption/engagement – by the first line of defense – while delivering added value by empowering business users.

Compliance 107

Compliance Technology User Experience Analytics 107

Abrigo

FEBRUARY 2, 2015

The banking industry has seen a steady stream of media attention since 2008, much of it in the form of stories about data breaches linked to major retailers or mega banks’ profits. Two recent surveys addressing the community banking landscape have pointed to increasing regulations as the primary cause of stress for these institutions.

Community Bank 150

Community Bank Community Regulation Survey 150

PYMNTS

FEBRUARY 4, 2019

Banks, credit unions and other financial institutions have a significant responsibility, one that goes far beyond managing customers’ financial assets: They’re tasked with safeguarding the financial services ecosystem against bad actors, money launderers and other criminals. A DIY Approach To AML/KYC.

How To 161

How To Regulation Compliance Meeting 161

Accenture

FEBRUARY 22, 2017

Following on from my previous blog introducing the new year in the Fintech Innovation programme, I wanted to turn the focus onto the emergence of RegTech—technologies that address the challenge and cost of regulatory compliance. RegTech has two aims: increasing the effectiveness and the efficiency of compliance. Both are critical.

Compliance 150

Compliance Regulation Innovation Fintech 150

Accenture

FEBRUARY 22, 2017

Following on from my previous blog introducing the new year in the Fintech Innovation programme, I wanted to turn the focus onto the emergence of RegTech—technologies that address the challenge and cost of regulatory compliance. RegTech has two aims: increasing the effectiveness and the efficiency of compliance. Both are critical.

Compliance 150

Compliance Regulation Innovation Fintech 150

American Banker

AUGUST 25, 2023

The company is paying $75 million in penalties and restitution in connection with SEC allegations that its investment advisory arm overcharged customers it inherited in its Wachovia acquisition in 2008. The settlement is said to show the importance of conducting extensive compliance checks in a rapidly consolidating industry.

Compliance 69

Compliance Industry Company Management 69

Insights on Business

FEBRUARY 6, 2018

Banks around the world are continuing to be penalized heavily for their inability to meet with ever-changing and complex financial regulations. For example, financial intelligence regulator Austrac handed gaming giant Tabcorp a fine of AUD 45 M (USD 35 M) for non compliance, the highest ever civil penalty in corporate Australian history.

Compliance 87

Compliance Analytics Boston Regulation 87

FICO

JUNE 23, 2020

When assessing the success of a strategy, whether it is related to limit management, collections or another decision, issuers will use a variety of data both internal and external. This data proved invaluable during the 2008 financial crisis and recovery to understand the market impact. Persistent debt is an example.

Management 52

Management Cards Data Strategy 52

PYMNTS

JUNE 20, 2017

Risk management is complex territory for many businesses, especially those with complex partnerships, vast supply chains and global footprints. For fund investors, active risk management is of particular importance for treasurers, Hazeltree noted. One is in assessing counterparty strength.

Big Data 119

Big Data Data Risk Management Compliance 119

PYMNTS

JUNE 26, 2018

In a press release issued on Monday (June 25), the SBA announced a strategic alliance with the American Institute of Certified Public Accountants (AICPA) to help small businesses (SMBs) facing regulatory compliance and enforcement issues. The SBA and AICPA have been working together since 2008, the entities noted.

Groups 101

Groups National Compliance Lending 101

PYMNTS

OCTOBER 17, 2016

AI is being applied to the world of regulation, or “RegTech,” and a new system can monitor the trading behavior of fund managers and even alert compliance bodies if questionable activity is detected. The UK’s Financial Conduct Authority issued a “call for input,” in 2015, and regulators are encouraging innovation.

Regulation 100

Regulation Compliance Meeting Analysis 100

PYMNTS

OCTOBER 15, 2020

We had already identified that we wanted to grow out of being a point solution and become more of an end-to-end compliance and identity proofing platform,” Pointner said. “We It also includes some pretty intuitive and compelling case management and investigation functionality that streamlines the process of reviewing suspicious activity.

Company 243

Company Fraud Compliance Course 243

PYMNTS

APRIL 14, 2020

As is the case today, albeit on a far smaller scale, the market crash of 2008 left millions unemployed and scrambling. New laws like California’s Assembly Bill 5 (AB5) and many others have also created new compliance hurdles for companies employing gig workers that must be managed.

Millennials 224

Millennials Compliance Payments National 224

Insights on Business

FEBRUARY 13, 2019

The global financial crisis of 2008 and 2009 brought a renewed focus on the governance, risk and compliance (GRC) processes within the financial institutions, who, not very long ago, viewed GRC as little more than a necessary evil – cost of doing business, which added little value.

User Experience 79

User Experience Compliance Risk Management Training 79

Insights on Business

AUGUST 23, 2017

In the wake of the 2007-2008 financial crisis, analysts were quick to point out that compensation plans which rewarded employees for taking excessive risk were among the many factors that lead to the financial crisis. Gaining control. Driving better performance.

Case Study 93

Case Study US Compliance Management 93

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. It also represented a regulatory stepping-stone put in place following the global banking crash of 2008. in Q2-2008. Source : House Of Commons Library.

Strategy 52

Strategy Risk Management Management Operations 52

Gonzobanker

SEPTEMBER 14, 2016

The bank that didn’t dive into reverse swaps and other Wall Street shenanigans that caused so much pain back in 2008. Two of their biggest fears are the cost of compliance and the CFPB and other regulators overstepping their mandates. The bank that Warren Buffet bought for his portfolio. They aren’t.

Management 60

Management Community Bank Community US 60

CFPB Monitor

JANUARY 12, 2021

The Taskforce was charged with examining the existing legal and regulatory environment for consumers and financial services providers and making recommendations to the Bureau’s leadership for improving consumer financial laws and regulations. The report consists of two volumes. Equal access to credit.

Report 78

Report Regulation Policies Compliance 78

BankUnderground

JUNE 25, 2020

Broadly, the Bank of England receives two main types of quantitative data from regulated firms. Second, and separately, regulators also have access to more granular data on specific types of financial agreements and transactions. Central banking is also becoming more data intensive.

Data 109

Data Big Data Regulation Risk Management 109

Jeff For Banks

NOVEMBER 24, 2019

September 1st, 1999, regulators from the Federal Deposit Insurance Corp, at the behest of the Office of the Comptroller of the Currency, descended on a small coal mining town in Keystone, West Virginia. Clearly, blue-suit regulators stood out. He set the tone for antagonizing regulators. Cherry died in 2008 while still in jail.

National 78

National West Virginia Virginia Pennsylvania 78

FICO

JUNE 22, 2017

At the time, Madoff had been running an elaborate Ponzi scheme through the wealth management arm of his business that reached $65 million by the time of his arrest in 2008, deliberately hiding the money intricately within the financial system. Innovating AML tools has increasingly become a priority for banks and financial institutions.

Tools 55

Tools Compliance Innovation social media 55

PYMNTS

OCTOBER 1, 2018

By using funds managed by LCA to benefit its parent company, LCA and Laplanche failed to do so.”. We have full confidence in our new management team and we are a better company today.”. By 2008, the economy had lurched into crisis mode, and the world of credit suddenly become a very different place.

Lending 135

Lending Fraud Management San Francisco 135

CFPB Monitor

JANUARY 19, 2015

Section 342 of Dodd-Frank directs each of the federal financial regulatory agencies to create an Office of Minority and Women Inclusion (OMWI) to oversee diversity efforts at the agencies, and further, to develop standards for assessing diversity policies and practices at regulated financial entities.

FDIC 60

FDIC Report Policies Regulation 60

Independent Banker

OCTOBER 31, 2021

Regulators implement ICBA-supported three-year transition. Here’s a CECL refresher in the unlikely event that you need it: The Great Recession of 2008 created substantial credit losses for banks. Our regulator, the OCC, has notified its banks that they will be looking for action plans going forward that address the 2023 deadline.”.

Community Bank 91

Community Bank Community Software New York City 91

Jeff For Banks

JULY 8, 2017

I believe that we are in this era of weak growth, now eight years old, for the long haul unless changes are made to regulation and we stop adding debt at break-neck speed. trillion in 2008. million at the end of December, 2007, before the crisis hit in 2008. million in December, 2008 and the peak occurred in October, 2009 at 21.4

Marketing 60

Marketing Community Bank Security Data 60

Insights on Business

MAY 3, 2018

Today, IBM proudly accepted two distinguished RegTech Awards 2018 for our innovations within IBM Watson Regulatory Compliance: “Best AI Solution for Regulatory Compliance”. Best Regulatory Alert Management Solution”. The business challenge of demonstrating compliance. This is understandable.

Compliance 70

Compliance Innovation Regulation System 70

Abrigo

DECEMBER 22, 2023

Takeaway 2 Management reports, probability of default, and model validation topics were found in the top blogs for risk professionals. Takeaway 3 Updates on interest rate forecasting and best practices for managing CRE risk were among the most-read blogs. The FASB’s description of proposed changes can be found here.

Risk Management 221

Risk Management Regulation Management Lending 221

NCR

JULY 27, 2016

Back in 2008, the financial services provider was 158 years old, had been highly regard throughout its existence, and was the fourth-largest investment back in the country. And if that’s even a little bit true, let’s acknowledge it could affect wide swaths of the entire banking industry, and what all of us do.

Survey 40

Survey Regulation Boston Industry 40

PYMNTS

AUGUST 12, 2016

RGS Events , an Olympic sponsor and project manager of global sporting events, is trying to sell a wide swath of items, including: 135,000 chairs, 42,000 tables, 20,000 beds and 10,000 wardrobes, according to a press statement. The bidding has begun.

Payments 100

Payments Retail Strategy Cards 100

CB Insights

FEBRUARY 19, 2020

Cover Genius partners with auto dealer management system. Cover Genius , a Sydney-based distribution platform, has partnered with Automatrix, an auto dealer management system, to provide auto insurance at the point of sale. Customers will be able to get full damage and liability coverage as a result of this partnership.

San Francisco 38

San Francisco Oakland Nevada Regulation 38

CB Insights

OCTOBER 26, 2020

This regulation reduced trading profits and created a need to cut costs, spurring investment banks to spin off unprofitable divisions or eliminate them entirely. In the world of asset management, the biggest players are now dedicated firms like Vanguard. The disruption of asset management. Table of contents.

Management 78

Management Capital Company Marketing 78

Perficient

FEBRUARY 23, 2021

The financial crisis of 2008 and 2009 highlighted the need for timely data to identify and monitor liquidity risks at individual firms, as well as in aggregate across the financial system, especially with respect to intra-company flows and exposures within a consolidated institution.

Report 309

Report Risk Management Data System 309

Lex Sokolin

DECEMBER 25, 2019

a wealth management service from Set Protocol. For example, you could get free financial advice from the Schwab roboadvisor, but you will pay the management fee pn the ETFs from which the portfolio is made. well, we know what 2008 looks like. Certainly, regulators will be asking the same question as the space grows more popular.

blockchain 52

blockchain Bitcoin Software Lending 52

PYMNTS

JANUARY 31, 2017

Treasury management has taken on an active role in the enterprise, said treasury management firm Hazeltree in a new whitepaper. The value of treasury management has an inverse relationship with the availability and cost of liquidity,” explained Hazeltree CEO Sameer Shalaby in a statement announcing the paper. “The

Strategy 100

Strategy Management Regulation Analytics 100

CB Insights

FEBRUARY 13, 2020

These APIs handle everything from acceptance and processing to settlement and reconciliation, while ensuring compliance and security. Stripe Connect and billing services help companies manage marketplaces, subscriptions. Stripe Billing optimizes subscription and invoice management. Broadly enabling online commerce.

Online 98

Online Company Retail Payments 98