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

Community Bank Community Fintech Risk Management 159

Cisco

JULY 12, 2022

A number of our financial institution customers are regulated by multiple, and different, regulatory bodies. The FFIEC’s scope is much broader than simply the IT aspects of digital financials, as it includes credit markets, fraud, BSA/AML, liquidity, and other areas of interest for regulatory bodies. Infrastructure Management.

Regulation 71

Regulation FDIC System Software 71

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.

Regulation 195

Regulation Policies Compliance Washington 195

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.

Compliance 52

Compliance Regulation Data Risk Management 52

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

Fraud Compliance Examples Analysis 195

Independent Banker

MAY 31, 2022

Fraud and cyber attacks are on the rise, and at great expense to the industry. Here are some ideas for strengthening fraud defenses. Fraud and cybercrimes continue to increase, causing challenges for community banks. Illustration by Cnythzl/iStock. By William Atkinson. Cybercrime could cost $10.5

Community Bank 134

Community Bank Community Fraud Texas 134

Abrigo

JANUARY 22, 2024

6 Steps t o mitigate fraud risk tied to new products Your AML and fraud teams' input is key when it comes to offering new bank products. You might also like this infographic, "Beyond immediate fraud losses: How the costs and impacts of fraud snowball." download NOW Takeaway 1 Fraud losses totaled $485.6

Fraud 222

Fraud Training Risk Management Software 222

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

Montana Policies Resources FDIC 152

CFPB Monitor

APRIL 1, 2021

Comments on the RFI must be received by June 1, 2021. fraud detection and financial crime monitoring). Augmenting risk management and control practices. They describe the following “particular risk management challenges” created by the use of AI: Lack of explanability as to how and AI uses inputs to produce outputs.

Risk Management 78

Risk Management Training Lending FDIC 78

Abrigo

FEBRUARY 8, 2024

Client fraud education to prevent banking losses Financial institutions play a crucial role in safeguarding customers and members from fraud. Fraud education is key. You might also like this infographic: 5 Fraud typologies impacting you and your customers or members. DOWNLOAD Takeaway 1 U.S.

Fraud 195

Fraud Resources social media Software 195

CFPB Monitor

JUNE 30, 2022

Of special note, the OCC also believes compliance risk is “heightened” for Bank Secrecy Act/Anti-Money Laundering (BSA/AML) and Office of Foreign Assets Control (OFAC) compliance because of world events and compliance staffing concerns. BSA/AML Compliance Risks.

Compliance 78

Compliance Fraud Technology Operations 78

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

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

Analytics Data Software Digital Strategies 52

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.

Data 91

Data How To Community Bank California 91

FICO

OCTOBER 7, 2022

Buy Now, Pay Later: BNPL Fraud and Regulatory Update. Buy now, pay later or BNPL financing is experiencing tremendous growth, but that growth can bring potential growing pains like fraud and regulatory scrutiny. As payments professionals well know, change creates opportunities for fraud. So is regulation. by TJ Horan.

Fraud 52

Fraud South Carolina San Francisco Regulation 52

FICO

MAY 3, 2023

Operating at highly organized and relentless levels, fraud networks have become a multibillion-dollar, global problem. The banking and financial services industry must evolve their fraud-fighting strategies at an equally relentless pace to stay one step ahead. Last year in the UK, nearly 41% of fraud losses were due to scams.

Fraud 52

Fraud Strategy Analytics South Carolina 52

FICO

NOVEMBER 7, 2022

Fighting Scams and Authorized Push Payment Fraud in the US. US regulators seem poised to update the status quo for bank liability for authorized user/authorized push payment fraud, but just how big is the potential? In multiple geographies around the world, there has been a strong focus on authorized push payment fraud.

Fraud 52

Fraud US Payments South Carolina 52

Abrigo

NOVEMBER 22, 2021

Consumer lending compliance — like other aspects of enterprise risk management at financial institutions — saw a huge impact from the COVID-19 pandemic. Major consumer loan compliance regulations. Regulation B, implementing the Equal Credit Opportunity Act (ECOA) for fair lending. Pandemic Issues.

Compliance 195

Compliance Lending Risk Management Regulation 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. However, the U.S.

Training 195

Training Regulation Compliance System 195

CFPB Monitor

NOVEMBER 22, 2022

The report was issued in response to President Biden’s July 2021 Executive Order on promoting competition. In particular, the report’s recommendations deserve attention because they are likely to influence future actions by the federal banking regulators and the CFPB. (The

Fintech 78

Fintech Report Data Lending 78

South State Correspondent

MAY 13, 2024

The major themes of fraud, artificial intelligence (AI), expansion of instant payments, open banking, and regulation were particularly relevant to your roles as executives, risk managers, compliance officers, and technology leaders. Each type of financial crime has a specific profile.

Conference 195

Conference Payments Fraud Data 195

FICO

FEBRUARY 12, 2023

The most popular posts in our Customer Development category dealt with digital banking, optimizing credit line increases, loan pricing and machine learning for credit risk models. Product teams, business models and customer development strategy were all challenged in the last year as adaptation became the name of the game.

Digital Banking 52

Digital Banking eBook Analytics Customer Experience 52

Abrigo

FEBRUARY 15, 2023

Introduction Incorporating the AML/CFT priorities into a risk assessment Not all risks to a financial institution are equal. Since the AML/CFT priorities are still relatively new, the residual risk is most likely considered low to moderate when solid mitigating processes are in place. or internationally.

Fraud 195

Fraud United States Training Policies 195

Gonzobanker

DECEMBER 14, 2023

Nearly 2 million customers and $20 billion in deposits since entering the country with a digital bank in 2021. The Bank Regulator Working for Merchants Award! Seems like maybe this has been forgotten when it comes to these regulations. The Champion Becomes a Challenger Award – JPMorgan Chase for Chase U.K.

Fintech 194

Fintech Community Regional Technology 194