Abrigo

FEBRUARY 24, 2020

The number of institutions banking cannabis grew significantly in 2019. Despite Federal ambiguity, Illinois State Regulators defined their stances on cannabis banking. Compliance and anti-money laundering (AML) is going green… or is it? While they are working towards a resolution, it leaves bankers in a cloud of smoke.

Illinois 195

Illinois Regulation United States California 195

CFPB Monitor

NOVEMBER 22, 2022

As previously reported in February 2019 federal regulators issued a joint final rule (the “Joint Final Rule”) to implement provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (the “Act”) that require regulated financial institutions to accept private flood insurance policies.

Policies 148

Policies Meeting Exercises Regulation 148

Abrigo

FEBRUARY 2, 2020

Key Takeaways The global AML community has long seen the U.S. The importance of FinCEN’s Customer Due Diligence (CDD) Rule , effective May of 2018, is evident, and regulator expectations are high. The CDD Rule amended the Bank Secrecy Act regulations to strengthen customer due diligence requirements for financial institutions.

United States 195

United States Regulation Delaware Policies 195

Independent Banker

NOVEMBER 30, 2022

Stacy Watkins (left), president and CEO, and Hilary Nelson (right), senior vice president and director of operations and compliance, at the Las Vegas Strip. When it comes to supporting outliers in the Las Vegas community, Lexicon Bank knows how to play its cards. We have found a way to service that and get the regulators comfortable.

Las Vegas 129

Las Vegas Community Bank Community Wisconsin 129

CFPB Monitor

MARCH 25, 2020

On March 23, 2020, the FDIC’s Office of Minority and Women Inclusion (OMWI) announced that it will request 2019 diversity self-assessments from FDIC-regulated financial institutions. The FDIC regulates insured state banks that are not members of the Federal Reserve System and insured state thrifts.

FDIC 60

FDIC Policies Regulation Training 60

Jeff For Banks

APRIL 4, 2024

Shadow bank lending is similar to bank lending but is not subject to the same regulations, and compensating deposit balace requirements. Regulation and the Political Environment "Last month, the CFPB reported how banks have become more dependent on these fees to feed their profit model on checking accounts.

Banking Trends 113

Banking Trends Trends Millennials Oregon 113

PYMNTS

JUNE 18, 2020

The London-based trade group for Europe’s ePayments community is waiting for the European Banking Authority , the European Union (EU) banking regulator, to provide the 27-nation bloc with an update on Strong Customer Authentication (SCA). The implementation delay gives regulators an opportunity to get it right, Rodgers said.

Groups 131

Groups Regulation Fraud Security 131

CFPB Monitor

JULY 8, 2019

Supreme Court’s Inclusive Communities decision and confirms its plans to hold a symposium on disparate impact and the ECOA. The Bureau identifies mortgage lending discrimination, including redlining, as the focus of its fair lending enforcement efforts.

Lending 60

Lending Report Policies Compliance 60

CFPB Monitor

AUGUST 5, 2019

Supreme Court ruling in Texas Department of Housing and Community Affairs v Inclusive Communities Project, Inc. Initially filed in 2013, the plaintiffs filed an amended complaint following Inclusive Communities to allege that the Rule was inconsistent with that opinion.

Community 68

Community Policies Compliance Regulation 68

Abrigo

DECEMBER 2, 2021

Indeed, deposit levels to transaction accounts among community banks exploded 74% to $896.5 31, 2019, and June 3, 2021, according to the Community Banking in the 21st Century report. It's "business as usual" as far as expectations for compliance staff to remain alert for illicit financial activity. billion from $515.3

Conference 195

Conference San Antonio Lending Fraud 195

Abrigo

JUNE 13, 2022

The ABA study found four key findings on banks’ proactive measures toward preventing elder fraud: More than half of the banks surveyed offer products with terms that are favorable for older customers (60% in 2021 compared to 53% in 2019). More banks are reporting to APS, rising from 62% in 2017 to 81% in 2019 and 78% in 2021.

Fraud 195

Fraud Training United States Survey 195

Abrigo

DECEMBER 20, 2021

Now is the time for community financial institutions to pay attention. The CBOT penalty is a solid reminder to all community financial institutions that a robust AML program is critical in guarding against money laundering and terrorist financing risks regardless of size and risk. and CDD will be top of regulators' minds for some time.

Resources 195

Resources Texas Analysis System 195

PYMNTS

MARCH 25, 2019

A federal judge late last week ordered a stay on the August 2019 compliance date tied to the “ payday lending rule ” mandated roughly two years ago by the Consumer Financial Protection Bureau (CFPB). The CFPB had asked the court to wait until a separate case had been decided. This is still illegal federally.”

Lending 128

Lending Illinois Compliance Chicago 128

CFPB Monitor

OCTOBER 25, 2019

The CFPB announced today that it will hold a symposium on Dodd-Frank Act Section 1071 on November 6, 2019. In its Spring 2019 rulemaking agenda, the CFPB indicated that it expected to resume Section 1071 pre-rulemaking activities in 2019. John Taylor, President and Founder, National Community Reinvestment Coalition.

Tampa 60

Tampa Lending California Community 60

Abrigo

APRIL 18, 2022

Takeaway 3 As global interest in digital assets continues to rise, expect to see more regulation and even centralization of digital currency. It experienced a downward correction from 2018 to 2019, sometimes referred to as the "crypto winter." Rapid Growth. The rise of digital assets. Promote U.S.

cryptocurrency 195

cryptocurrency Fraud United States Leadership 195

Abrigo

NOVEMBER 15, 2019

Regulators consider an effective loan review system vital for financial institutions’ efforts to meet safety and soundness standards. However, many community financial institutions derive a significant portion of income from lending. CRE Lending Market Simplified: Key Insights for 2019. Portfolio Risk & CECL. Learn More.

System 150

System Lending Compliance Risk Management 150

PYMNTS

APRIL 18, 2019

The last several years have seen a surge in efforts among the cryptocurrency community to legitimize the technology. Between 2018’s fourth quarter and 2019’s first, the average cost of a ransomware attack spiked by a whopping 89 percent to $12,762. Shaping Regulations. ”

Bitcoin 143

Bitcoin cryptocurrency Compliance Community 143

CFPB Monitor

MAY 7, 2020

The CFPB’s annual fair lending report covering its 2019 activities is scheduled to be published in tomorrow’s Federal Register. The Bureau states that “neither ECOA nor Regulation B mandate the use of any particular list of reasons. No-Action Letter Policy) to address potential compliance issues. Small business lending.

Lending 78

Lending Report FDIC Policies 78

PYMNTS

MARCH 14, 2019

Both corporates and banks have said Know Your Customer ( KYC ) regulations are their most pressing compliance concerns, with nearly three-quarters of businesses with more than $1 billion in revenues pointing to KYC as their top challenge. ” and an overall rise in complexity of current regulations.

Fraud 115

Fraud Survey Taxes Regulation 115

Abrigo

FEBRUARY 15, 2023

Develop your risk assessment with the AML/CFT priorities in mind Evaluating each FinCEN priority and addressing them in your financial institution's risk assessment is key to compliance. The 2019 FinCEN advisory extensively discusses typologies, case studies, and red flags for DTO activity. from the U.S. This checklist can help.

Fraud 195

Fraud United States Training Policies 195

Cisco

MAY 10, 2022

It is the premier destination for Cisco customers and partners to gain knowledge and to build a community. Al Slamecka presenting at Cisco Live 2019. Dan Nadir, Chief Product Officer at Theta Lake, discusses solving the security and compliance challenges of hybrid work. Cisco Live 2019 FSI booth. Broadcast Agenda.

Las Vegas 127

Las Vegas Industry Leadership Technology 127

Independent Banker

JULY 28, 2016

Establishing a comprehensive Compliance Management System. Does it sound like “reality compliance”? The demands of managing regulatory compliance are uncontested, and depending on the disposition of the participants inside and outside of the bank, compliance management exists with varying degrees of problems and adversity.

Compliance 70

Compliance Training Community Bank Regulation 70

CFPB Monitor

FEBRUARY 3, 2021

With regard to the 2020 Rule, the memorandum provides that: The effects of the 2020 Rule that the HUD Secretary must examine include “the effect that amending the [2013 Rule] has had on HUD’s statutory duty to ensure compliance with the Fair Housing Act.”. In Inclusive Communities , which was decided in 2015, the U.

Massachusetts 78

Massachusetts Leadership Analysis Community 78

Independent Banker

OCTOBER 31, 2021

The CARES Act extended the CECL implementation deadline for many larger community banks until the end of the COVID-19 pandemic. Community bankers tell us that while the extension is welcome, they’re already down the road to implementation. ICBA tells FASB CECL isn’t feasible for community banks. June 4, 2019. April 2011.

Community Bank 91

Community Bank Community Software New York City 91

Accenture

JULY 19, 2017

As it stands, agreement on the final text for the RTS between the EBA, EC and European Parliament may extend into August or September 2017, and with RTS coming into effect 18 months later, now Q1 2019 is the earliest. However, PSD2 compliance is independent of these challenges, which do not impact the need to be compliant in January 2018.

Security 174

Security Online Compliance Fraud 174

CFPB Monitor

JANUARY 28, 2021

The fate of the OCC’s Community Reinvestment Act (“CRA”) final rule , issued on May 20, 2020, hangs in the balance following the inauguration of President Biden on January 20 and the resignation of former Acting Comptroller Brian Brooks, who was a major proponent of the rule, on January 14.

Community 131

Community FDIC Lending Survey 131

PYMNTS

FEBRUARY 4, 2020

Congress can regulate sports gambling directly, but if it elects not to do so, each state is free to act on its own.”. RotoGrinders is a website that provides the DFS community with various bits of data, including game-specific weather forecasts. The industry is big business – and getting bigger by the day.

Online 134

Online New Hampshire Rhode Island District of Columbia 134

Abrigo

NOVEMBER 9, 2022

The Q1 2023 compliance date is near for smaller SEC-reporting financial institutions and private or not-for-profit banks and credit unions, and progress is decidedly mixed, according to the Abrigo 2022 CECL Survey. For community banks specifically, they’re already reserving for a lifetime of credit losses,” he said.

Survey 195

Survey Software Resources Meeting 195

CFPB Monitor

FEBRUARY 14, 2019

A new executive order signed by President Trump on February 11, 2019 is intended to maintain American leadership in artificial intelligence (AI) research and development (R &D). The order directs certain federal agencies to pursue various strategic objectives to promote and protect American advancement in AI.

Lending 84

Lending Community National Leadership 84

Gonzobanker

DECEMBER 14, 2023

Not the financial industry’s “Troublemakers ” – those regional and community banks, credit unions and supporting fintech entrepreneurs who continue to engage customers and communities and find niches that keep the grassroots of our country’s financial system alive and kicking. We are in awe. Seriously in awe.

Fintech 194

Fintech Community Regional Technology 194

CFPB Monitor

APRIL 22, 2021

Based on questions received by the Agencies regarding private flood insurance rules that went into effect on July 1, 2019, the new proposal includes 24 proposed Q&As on private flood insurance. Those proposed Q&As contained only two proposed questions on private flood insurance. However, please see the following bullet point.

Policies 60

Policies Compliance Meeting Regulation 60

PYMNTS

JULY 15, 2019

billion is estimated to have been lost to cryptocurrency scams, thefts and fraud in the first quarter of 2019, and cybercriminals and scammers are not the only ones putting digital asset users at risk. More than $1.2 Thwarting fraud and making usage as secure as possible are key concerns for Canadian trading platform Bitbuy. Facing Fraud.

cryptocurrency 193

cryptocurrency Fraud Security Bitcoin 193

CFPB Monitor

JANUARY 12, 2021

The CFPB created the Taskforce in October 2019 to examine ways to harmonize and modernize federal consumer financial laws. The report consists of two volumes. Volume II (100 pages) contains the Taskforce’s specific recommendations (which number 102) for improving and strengthening the application of financial laws and regulations.

Report 78

Report Regulation Policies Compliance 78

FICO

JANUARY 13, 2020

The laws and rules governing anti-money laundering and combating the financing of terrorism compliance have not been substantively updated since the Bank Secrecy Act was adopted in 1970. While regulators have formed an inter-agency working group to develop viable reform measures, Congress has recently taken action to address the problem.

Policies 52

Policies Las Vegas FDIC Washington 52

Abrigo

JULY 23, 2021

The regulations are forthcoming, but institutions now should begin the process of performing a threat-focused risk assessment which will guide them where to focus their efforts. It is a concept that we have all heard of, however, the concept remains somewhat of a mystery in the community bank world. financial system. Since the U.S.

National 195

National Training United States Regulation 195

CFPB Monitor

APRIL 1, 2021

AI use by community institutions. The RFI includes as an appendix a list of laws, regulations, supervisory guidance, and other agency statements that might be relevant to AI. Financial institutions should use the RFI as an opportunity to bring those areas to the regulators’ attention. Uses of AI. Overfitting (i.e.

Risk Management 78

Risk Management Training Lending FDIC 78

CFPB Monitor

JULY 30, 2020

On July 28, 2020, the CFPB issued a request for information (“RFI”) seeking public input on how best to create a regulatory environment that expands access to credit and ensures consumers and communities are protected from discrimination in all aspects of credit transactions. How to facilitate greater usage of special purpose credit programs.

Regulation 78

Regulation Lending Industry Innovation 78