Abrigo

JANUARY 24, 2024

FDIC list The state of acquisitions in a rising rate environment According to the FDIC, there were 44 banks on the problem bank list in the third quarter of 2023, and the agency expects that number to continue to climb in 2024. Absolutely not, as the industry continues to be very well-capitalized.

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FDIC Regulation Strategy Data 195

Abrigo

DECEMBER 22, 2023

The most-read lending & credit blogs in 2023 Probability of default, CECL model validation, and stress testing were among Abrigo's top blogs on ALM, CECL, and portfolio risk this year. download NOW Takeaway 1 The most popular blog posts on the Abrigo site reflect many of the priorities community banks and credit unions had in 2023.

Lending 221

Lending Risk Management Community Management 221

Abrigo

DECEMBER 19, 2022

Checklists, guides, and more to help you and your AML-CFT staff Thousands of FinCrime professionals have accessed these guides, checklists, and other resources produced in 2022 by Abrigo's team, which includes former bankers, BSA officers, and regulators. . Would you like other articles like this in your inbox? From crypto to cannabis.

Resources 195

Resources Training Fraud Compliance 195

Abrigo

JUNE 19, 2022

New Fed Tool: ELE for 2023 CECL implementation The Federal Reserve's new Expected Loss Estimator, or ELE, tool for CECL is a spreadsheet-based option for smaller financial institutions to implement the current expected credit loss standard. You might also like these webinars especially for 2023 CECL adopters: "CECL Streamlined."

Tools 195

Tools Regulation Data Resources 195

Abrigo

MAY 24, 2023

Download now Takeaway 1 Under current federal law, banks and credit unions face federal prosecution and penalties if they provide services to legal marijuana-related businesses. Takeaway 2 Considering the urgent need for a legislative solution, the SAFE Banking Act of 2023 could bridge the gap between state and federal marijuana laws.

Lending 195

Lending Fraud Operations Ohio 195

Abrigo

DECEMBER 28, 2022

Cybercrime, sanctions compliance, and cryptocurrency troubles are bound to be trends for anti-money laundering/countering the financing of terrorism (AML/CFT) and fraud professionals to track in the coming months. Those read most often in the past year include several that offer practical advice for operating AML and fraud programs.

Fraud 195

Fraud Training Compliance Regulation 195

Abrigo

JANUARY 6, 2023

Increasingly, recruiters and operators of walkers advertise their mules on underground Telegram channels. Instead, they interact directly with a walker operator who oversees the deposit attempts. Operators aim to make their walkers look like legitimate customers to avoid any hassle at a branch. BSA Rules and Regulation.

Fraud 195

Fraud Regulation Training Operations 195

Gonzobanker

JUNE 14, 2023

Cross River Bank recently found itself in hot water with the FDIC when the agency declared that the bank engaged in unsafe or unsound banking practices in relation to its compliance with fair lending laws and regulations, specifically the Equal Credit Opportunity Act and the Truth-in-Lending Act. If only it were so easy.

Compliance 109

Compliance FDIC Strategy Fintech 109

PYMNTS

FEBRUARY 7, 2020

The National Payments Corporation of India (NPCI) provided the firm with permission to put WhatsApp Pay into operation in a phased manner, The Business Standard reported. . There are forecasted to be over one billion mobile phone users in the country, and the digital payments market could have a value as high as $1 trillion by 2023.

Mobile 267

Mobile Compliance Payments National 267

Abrigo

SEPTEMBER 7, 2023

Often, those alerts mostly likely are routed to the operations area of the financial institution. The operations area should communicate with the BSA/AML area if this function is failing. ACH warnings/exceptions matter. Don’t ignore warnings and exceptions generated from the ACH system. Raise your hand about ACH risks.

Fraud 221

Fraud Training System Trends 221

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

JULY 21, 2022

On July 13, 2022, the House of Representatives (the “House”) adopted an amendment to the 2023 National Defense Authorization Act (“NDAA”) offered by Maxine Waters (D. in a manner that the Secretary determines appropriate to assess compliance” with the amendment.

United States 78

United States Taxes Regulation Compliance 78

The Banker

JANUARY 25, 2023

With AML compliance at the top of the FCA’s enforcement agenda for this year, we highlight important focus points for banks and other regulated firms operating in the UK. By Ruby Hamid, Anthony Asindi, Matthew Russell and Tristan Bramble of law firm Ashurst.

Compliance 36

Compliance Regulation Operations 36

Bank Innovation

APRIL 3, 2019

Regulations such as PSD2 and GDPR (General Data Protection Regulation) have put regtech companies at the front and center of the global fintech ecosystem. billion by 2023. In fact, a recent report shows that the global regtech market is expected to grow from $4.3 billion last year to $12.3

Regulation 170

Regulation Fintech Data Marketing 170

Abrigo

NOVEMBER 17, 2023

billion to fraud in 2022, a 44% increase over the prior year and a trend that has continued into 2023. Additionally, the human capital investment—in terms of both hiring fraud prevention experts and training existing staff—represents a significant operational expense. According to the Federal Trade Commission (FTC), consumers lost $8.8

Fraud 195

Fraud Training Trends Compliance 195

Abrigo

OCTOBER 14, 2022

Takeaway 3 Utilize regulatory guidance to understand regulators' expectations, which are likely to include consistent stress testing. In a recent Abrigo webinar, four experts weighed in to pinpoint the following areas for focus and improvement in 2023. Get to know regulator expectations and priorities. Cultivate talent.

Risk Management 195

Risk Management Management Policies Lending 195

CFPB Monitor

DECEMBER 8, 2022

However, institutions that satisfy the 25-loan threshold for 2021 and 2022 will need to collect and report closed-end mortgage loan HMDA data for 2023. In these limited circumstances, in allocating the CFPB’s enforcement and supervisory resources, the CFPB does not view action regarding these institutions’ HMDA data as a priority.

Report 78

Report Resources Data Policies 78

Jeff For Banks

APRIL 4, 2024

Shadow Banking refers to banking-like operations that take place outside of the mainstream banking industry. Shadow bank lending is similar to bank lending but is not subject to the same regulations, and compensating deposit balace requirements. and 53% indirect costs: operations, IT, human resources, etc.

Banking Trends 115

Banking Trends Trends Millennials Oregon 115

FICO

MAY 2, 2023

I sat down with UK lenders in two roundtable discussions in March to explore the different approaches being taken to Consumer Duty compliance. Get the Best out of Data To get past this challenge, firms should be seeking to ensure that their decision making is at a customer level and does not operate in departmental or product siloes.

Compliance 52

Compliance How To Tools Strategy 52

Abrigo

JANUARY 24, 2024

A second fraud management and prevention consideration for credit unions is that FedNow will operate around the clock every day of the year. For example, an ATM scheme that operated through July 2023 targeted credit unions in six states, stealing nearly $6 million. million stolen. Careful product design is vital.

Fraud 221

Fraud Payments Software Policies 221

American Banker

SEPTEMBER 1, 2023

But time and again, bankers have been shown to operate on the assumption that good times are permanent. Banking crises always recur.

Regulation 68

Regulation Operations Compliance 68

CFPB Monitor

NOVEMBER 18, 2021

Earlier this week, the CFPB issued a Request for Information (RFI) regarding an assessment of the significant amendments to the Home Mortgage Disclosure Act rules, known as Regulation C, adopted in October 2015 and subsequently revised in several additional rulemakings (the “HMDA Rule”).

Compliance 78

Compliance Data Lending Operations 78

PYMNTS

OCTOBER 29, 2020

trillion by 2023. Compliance and privacy regulations aren’t necessarily getting easier — in many cases, [the process is] getting more complex, and it's also expensive,” Swanback said. Digital payments have become commonplace for businesses and individuals alike, with the global payments market expected to be valued at $6.7

Payments 213

Payments Fraud Meeting Security 213

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 bill, known as Senate Bill 2023, is co-sponsored by Senator Toi Hutchinson and Michael Frerichs, state treasurer.

Lending 128

Lending Illinois Compliance Chicago 128

Abrigo

JULY 17, 2019

Securities and Exchange Commission filers until January 2023 for CECL implementation. Other public business entities: January 2023, compared with the current effective date of January 2021. • All others (privately held banks and credit unions): January 2023, compared with the current effective date of January 2022.

Resources 150

Resources Exercises Data Meeting 150

Abrigo

DECEMBER 16, 2019

Key Takeaways An SEC filer with a 2020 CECL deadline recommends starting ASAP on implementation -- even if your deadline is 2023. Regulators, investors, and other stakeholders will be watching and listening for updates on the impacts of the accounting change. Assess data before selecting your methodology or methodologies. Get started.

West Virginia 195

West Virginia Virginia Data Community 195

Independent Banker

OCTOBER 31, 2021

Regulators implement ICBA-supported three-year transition. FASB approves CECL delay until 2023. In response, the FASB gave community banks with assets of less than $1 billion an additional two years for CECL adoption, pushing the new deadline to January 2023. says his bank is also waiting until 2023. June 4, 2019.

Community Bank 91

Community Bank Community Software New York City 91

Cisco

MAY 10, 2022

A modern digital infrastructure is needed to power this operational transformation milestone, however, managing the complexity of the IT estate requires a new approach and new solutions. Dan Nadir, Chief Product Officer at Theta Lake, discusses solving the security and compliance challenges of hybrid work.

Las Vegas 129

Las Vegas Industry Leadership Technology 129

CFPB Monitor

AUGUST 10, 2021

In August 2020, the OAG finalized CCPA regulations that require businesses to honor user-enabled global privacy controls, such as a browser plug-in or privacy setting, device setting, or other mechanism, that communicate or signal the consumer’s choice to opt-out of the sale of their personal information.

California 78

California Tools Conference Policies 78

CFPB Monitor

JUNE 2, 2022

In a surprising development, the California Privacy Protection Agency (CPPA) published proposed amendments to the CCPA regulations recently. The proposed amendments—which in effect are the draft CPRA regulations—were issued without advance notice, ahead of the schedule previously announced by the CPPA. .

Regulation 78

Regulation California Exercises Compliance 78

Abrigo

DECEMBER 29, 2023

Takeaway 2 Readers in 2023 were most interested in learning how the 1071 rule will impact banks and credit unions and about how automation improves processes. Concerns about credit risk have been in the headlines often in 2023, and financial institutions across the U.S. Papers, checklists What were lending and credit risk pros reading?

Resources 221

Resources Lending Risk Management Policies 221

Independent Banker

OCTOBER 1, 2022

But as the prevalence of security breaches grows, so do the opportunities for community banks to position themselves as guardians of their customers’ personal data through compliance, technology and relationship building. CCPA was modeled closely after the European Union’s General Data Protection Regulation (GDPR). Effective Jan.

Data 91

Data How To Community Bank California 91

PYMNTS

JANUARY 17, 2020

The latest issue involves eSports – one of the rising trends in digital commerce , and one of the ways through which some mall and brick-and-mortar operators hope to revive those retail properties. The sector is projected to receive more than $10 billion in delivery fees by 2023, which represents a huge leap over the $4.4

Taxes 132

Taxes Online Policies Philadelphia 132

Money and Payments

AUGUST 14, 2023

Well, it's a long story with quite some history (see this blog here , here and here ) but I will try to summarize the situation as of mid August 2023. Where can I find the disputed requirement(s) in the EU regulation? Blog may be adapted over time by the way. What is this annulment procedure all about? So this begs the question.

Regulation 36

Regulation Data Maine Operations 36

Money and Payments

AUGUST 8, 2023

Well, it's a long story with quite some history (see this blog here , here and here ) but I will try to summarize the situation as of mid August 2023. Where can I find this requirement in the EU regulation? Blog may be adapted over time by the way. What is this anullment procedure all about? Why is the requirement challenged?

Regulation 36

Regulation Data Maine Operations 36

Money and Payments

OCTOBER 12, 2023

And finally, the judge brings clarity: regulators and supervisor overstepped their mandate. For me, there is no use in doing compliance work if supervisors don't stick to the law themselves. This will mean that 75% of the costs of crypto supervision in 2021, 2022 and 2023 will have to be dropped. I told you so.

Regulation 42

Regulation Compliance Industry Management 42

Abrigo

DECEMBER 22, 2023

The most popular financial crime blogs in 2023 Check fraud, the SAFER Banking Act, and BSA exam topics were among Abrigo's top blogs on AML/CFT and fraud this year. Abrigo, a leading technology provider of software solutions for financial institutions, published more than 30 risk management articles on its industry-focused blog in 2023.

Fraud 221

Fraud Training Compliance Trends 221