Perficient

MARCH 3, 2022

Federal bank regulators work together to design Comprehensive Capital Analysis and Review (“CCAR”) stress tests that are designed to ensure that even in the case of a severe recession, significant banks can lend to households and businesses. As repeated by federal bank regulators, the required economic scenarios are not forecasts.

Capital 294

Capital Regulation Exercises United States 294

Gonzobanker

DECEMBER 17, 2021

Gonzo readers, 2021 was just plain schizophrenic. 2021 fintech investments, merger activities, and overall focus were off the charts. Two, read and enjoy the 2021 GonzoBanker awards, our annual take on the best things we saw during the year. So which merger was the best in 2021? Doug Larson. THE BANKER AWARDS.

Fintech 143

Fintech Strategy Leadership Lending 143

PYMNTS

DECEMBER 8, 2020

In today’s top news, economists expect the economy to recover back to pre-pandemic levels by the end of 2021, and China’s banking watchdog warns of further Big Tech regulations. Economists: Stimulus, Vaccine Key To Full Recovery By Year-End 2021. Plus, online lending startup SoFi is looking to go public through a SPAC.

San Francisco 130

San Francisco Community Bank Video Capital 130

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

Abrigo

JANUARY 30, 2023

You might also like this webinar, " AML Compliance and Sanctions Requirements for Non-Bank Financial Institutions " WATCH NOW Takeaway 1 The CRE market’s complex financing methods and unique ownership structures make it conducive to hiding money laundering schemes. billion in 2021, nearly doubling the previous year’s figure.

Marketing 195

Marketing Fraud Compliance Training 195

CFPB Monitor

OCTOBER 12, 2022

The Bill was introduced in December 2021 and a public hearing on the Bill was held on September 22, 2022. They also argue that the Bill is unnecessary and duplicates existing laws and regulations such as the Equal Credit Opportunity Act and the Gramm-Leach-Bliley Act. (In Politico has reported that the head of AI policy for the U.S.

Regulation 144

Regulation District of Columbia Policies Groups 144

Abrigo

JANUARY 22, 2024

These tips can help ensure compliance while improving your offerings. Banks of all sizes need practical tools to win the fight against fraud, so it should be no surprise that 31% of financial services organizations plan to add new technology systems to fight fraud, compared to 10% in 2021. billion globally last year.

Fraud 221

Fraud Training Risk Management Software 221

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

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

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

Abrigo

JANUARY 31, 2023

Recap and forecast The current state of AML/CFT regulations Terminology change Financial crime professionals have long referred to Bank Secrecy Act (BSA) compliance in conjunction with anti-money laundering efforts as “BSA/AML.” billion to fraud in 2021, a 70% increase over the prior year. That represents nearly 2.8

Fraud 195

Fraud Training Regulation Trends 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

JUNE 15, 2023

has lagged in passing laws and regulations preventing criminal proceeds from flowing into real estate. At the end of 2021, the Biden administration announced they would pay closer attention to corruption in the real estate market, focusing on the all-cash transactions in commercial and residential real estate. “The However, the U.S.

Training 195

Training Regulation Compliance System 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

Abrigo

DECEMBER 1, 2022

Review the issue and what your financial institution should do for BSA compliance. The fact that this market has been loosely regulated in the United States leaves the industry open to illegal actors in the dark market and open trade, such as auction houses and the internet. DOWNLOAD . Using art and antiquities to launder money.

Regulation 195

Regulation Study Training Resources 195

PYMNTS

SEPTEMBER 21, 2020

Regulations . EU Regulators Plan New Rules For Big Tech . European Union watchdogs intend to gear new regulations aimed at fighting election-related disinformation toward Big Tech firms such as Apple and Facebook as opposed to smaller tech players. India Telecom Watchdog Decides To Not Regulate OTTs .

Google 147

Google Taxes Compliance Regulation 147

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

PYMNTS

JANUARY 1, 2021

The new brick-and-mortar branch is located in Jaipur and the backers say they hope to add 14 more in January 2021 and 100 more in other areas over the next two years. Treasury Department announced Wednesday (Dec. If the U.S.

Miami 201

Miami Bitcoin cryptocurrency Florida 201

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

JUNE 21, 2021

As previously reported , the bill signed into law by President Biden on June 17, 2021 to create the Juneteenth National Independence Day actually results in an important change under the Truth in Lending Act (TILA) and Regulation Z. The bill amends 5 U.S.C 6103(a), Saturday June 19 was not a business day.

Lending 78

Lending Compliance Regulation National 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

JANUARY 28, 2021

The referrals involved “redlining in mortgage origination based on race and national origin, discrimination in mortgage origination based on receipt of public assistance income, and discrimination in auto origination based on race and national origin.” On Tuesday, February 2, 2021, from 12:30 p.m. to 1:30 p.m.

Report 78

Report Leadership Lending Regulation 78

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. financial system to move funds that will be used for weapons against the United States or the United Nations countries. This checklist can help.

Fraud 195

Fraud United States Training Policies 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

CFPB Monitor

AUGUST 6, 2021

As previously reported , the creation on June 17, 2021 of the Juneteenth National Independence Day resulted in an important change under the Truth in Lending Act (TILA) and Regulation Z. 6103(a) to add “Juneteenth National Independence Day, June 19” as a specified legal public holiday. Business Day Version Approach.

Regulation 78

Regulation Lending National Examples 78