Abrigo

I Can’t Connect to E-Tran – What Now?

Abrigo

Key Takeaways Friday's rollout of the PPP program was met with confusion, frustration, and glitches. E-Tran has been the subject of many frustrations. New lenders must follow a two-stage process to set up access to E-Tran.

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Want to Become an SBA Paycheck Protection Program Lender?

Abrigo

Key Takeaways The SBA has provided guidance for lenders to apply to become PPP lenders. It has provided instructions for lenders that are not active SBA lenders.and those that have a form 750. The SBA is also offering guidance on signing up for E-Tran.

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Elder Financial Exploitation During a Pandemic: An Issue We Can’t Forget

Abrigo

Key Takeaways Elderly persons are more susceptible to fraud during crises like the coronavirus pandemic. The BBB Senior Medicare Patrol issued a COVID-19 Consumer Tip Sheet to protect potential targets of these scams.

Breaking Down SBA Lending: What is E-Tran?

Abrigo

Key Takeaways E-Tran is the SBA's application portal Lenders have two options to access E-Tran. While significantly more efficient than mailing forms to the SBA, there are some shortfalls to E-Tran, and a vendor can help.

How to Become an SBA Lender for the CARES Act’s Paycheck Protection Program

Abrigo

Key Takeaways The Small Business Administration (SBA) and Treasury Department released information on how lenders can become eligible to originate Paycheck Protection Program loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

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Breaking down the Buzzwords: The CARES Act’s SBA Loans for Coronavirus Relief

Abrigo

Key Takeaways The CARES Act and its $349 billion Paycheck Protection Program give financial institutions a tremendous opportunity to help small businesses in their communities access much-needed capital during the coronavirus crisis.

FATF Updated List of Jurisdictions with AML/CFT Deficiencies

Abrigo

Key Takeaways Albania, Barbados, Nicaragua among the countries added to the FATF watchlist. Trinidad and Tobago is removed from the FATF list. Iran and the DPRK are kept on the watchlist.

Abrigo Poll: Bankers Expecting a Recession for at Least 2 Quarters; Troubled Debt and Liquidity Top List of Concerns

Abrigo

Key Takeaways Three out of four bankers expect a recession will last at least two quarters Economic uncertainty has shifted questions regarding estimating the allowance for credit losses under CECL Managing troubled loans and liquidity top bankers' list of concerns.

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Federal Reserve Suspends Exams for Banks Under $100 Billion

Abrigo

Key Takeaways The Fed will temporarily suspend exams for banks with less than $100 billion in assets. Banks over $100 billion in assets will have some exam activity deferred. The Fed extended time for existing remediation responses by 90 days.

Top BSA/AML Blog Posts: Cannabis, SARs Topped the List in 2019

Abrigo

Key Takeaways The most popular BSA/AML and fraud blog posts in 2019 related to staying on top of regulatory changes. BSA and compliance officers wanted to read about SARs, risks tied to cannabis-related businesses, and preparing for CAMS exams. Regulatory change in focus.

Return of the TDR: How to Prepare for Coronavirus-Related Loan Restructurings

Abrigo

Key Takeaways For the first time in more than a decade, bankers may be dealing with large numbers of TDRs due to the coronavirus crisis. The FDIC recently reiterated that financial institutions should determine whether loans affected by COVID-19 should be reported as TDRs.

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Coronavirus – Cybercriminals Strike in Times of Fear

Abrigo

Key Takeaways. There has been an uptick in phishing scams in Europe and North America related to the coronavirus. Assets available on the dark web include a real-time heatmap of COVID-19 cases. Educate your employees and stakeholders to stay protected.

Holiday Sales on the Dark Web

Abrigo

Key Takeaways Holiday sales, including Black Friday and Cyber Monday, are aggressively promoted by criminal sellers on the Dark Web seeking to grow sales and customers.

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5 Inefficiencies Community FIs Must Resolve to Prepare for Economic Uncertainty

Abrigo

Key Takeaways In today's uncertain economic climate, community financial institutions must resolve to manage risk and drive growth.

The 5 Essentials to Avoid Banking CRBs

Abrigo

With more and more states approving the sale of cannabis, either marijuana or hemp, the risks involved with banking this industry has remained at the forefront of compliance officers’ minds.

The 6 Items Critical to CRB Banking

Abrigo

With more and more states approving the sale of cannabis, either marijuana or hemp, the risks involved with banking this industry has remained at the forefront of compliance officers' minds.

Countdown to CECL: A Timeline for Credit Unions

Abrigo

Large SEC filers have officially adopted the current expected credit loss standard, or CECL, for recognizing credit losses, and other financial institutions are eager to learn from their implementation efforts.

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Formula for Business Lending Success: Minimize Delays

Abrigo

Key Takeaways Financial institutions who want to maintain a healthy share of business lending this year and through potentially tougher economic times ahead want to be in the best position possible before trouble hits.

FinCEN Strengthens Commitment to Digital Innovation

Abrigo

Key Takeaways FinCEN hires Digital Innovation Officer to prove commitment to innovation in BSA/AML. Abrigo embraces innovation with the introduction of artificial intelligence scenarios. Our Transparent AI is easy to explain to regulators. .

FinCEN Steps up Efforts to Protect Against the Six Biggest Threats to the U.S. Financial System

Abrigo

The Financial Crimes Enforcement Network (FinCEN) is tasked with protecting the financial system both within the United States and internationally. Financial criminals are working hard, using technology and innovation to their advantage, to stay one step ahead of FinCEN and financial institutions.

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Cannabis Banking in Illinois: Mitigating Reputation Risk to Financial Institutions

Abrigo

Key Takeaways. The number of institutions banking cannabis grew significantly in 2019. Despite Federal ambiguity, Illinois State Regulators defined their stances on cannabis banking.

Kleptocracy – What Does it Mean to Community Financial Institutions?

Abrigo

The term kleptocracy has been used in the financial crimes profession for years, but many AML professionals do not understand its meaning and therefore are not adequately monitoring for it within their BSA/AML program. So, what is a kleptocrat?

Creating a Customer-Centric, Digital Financial Institution

Abrigo

A farmer, a university student, and a business owner walk into a bank. It sounds like the beginning of a joke, but for many community financial institutions, a spectrum of different customers and banking needs is something that they see every day.

The Benefits of Leveraging a CRM to Be More Community-Focused

Abrigo

Key Takeaways To better serve their community, as well as stay competitive in this fast-moving environment, savvy CFIs are carefully blending digital innovations with their hallmark relationship banking practices.

FinCEN Clarifies Requirements of Reporting Financial Transactions

Abrigo

In an effort to enhance regulatory efficiency and capture complete, accurate Currency Transaction Report (CTR) data to law enforcement, FinCEN has issued an administrative ruling regarding CTRs (FinCEN Form 112).

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2020 CRE Outlook: Trends Expected to Shape Commercial Real Estate Lending

Abrigo

Key Takeaways Commercial real estate lending will be a top focus for many financial institutions in 2020. The Mortgage Bankers Association expects 9% growth in CRE originations in 2020.

A Strong January Employment Report

Abrigo

This morning’s Employment Situation report from the Bureau of Labor Statistics showed decent strength in labor markets. In January, there were 225,000 new jobs added, significantly higher than the 161,000 jobs predicted.

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OFAC Symposium 2019 – Maximum Pressure and Who’s Feeling It

Abrigo

Key Takeaways The OFAC Symposium highlighted the "maximum pressure strategy" to address tensions. The OFAC has increased sanctions activity. The OFAC modernized communication to increase efficiency.

Guidance on TDRs Eases Coronavirus Workout Pressures

Abrigo

Key Takeaways Banking regulators say short-term, COVID-19-related loan modifications shouldn't automatically be categorized as TDRs. FASB affirmed this guidance for borrowers who were current prior to relief. The guidance makes it more palatable for institutions seeking to help borrowers affected by the coronavirus crisis. Regulators also announced other guidance tied to reporting and risk-based capital rules.

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Beneficial Ownership: Is the U.S. Doing Enough to Pierce the Corporate Veil?

Abrigo

Key Takeaways The global AML community has long seen the U.S. as behind in KYC. The CDD Rule has strengthened U.S. CDD expectations – both at onboarding and with ongoing monitoring.

Five Ways to Build a Solid Foundation With Your Examiners

Abrigo

One of the most important business relationships you will have is the one you maintain between your institution and your examination staff. This is not a relationship that only needs attention during the exam process. Instead, this relationship should be nurtured by both sides on an ongoing basis.

Coronavirus – Lessons Learned from Italy

Abrigo

Key Takeaways We can learn about potential fraud from previous cases such as Italy. Fraudsters capitalized on vulnerabilities from shifts in daily life due to coronavirus. Organizations must learn from the lessons learned in Italy to protect themselves from cybercrime. .

Coronavirus and BSA/AML – Is Your Financial Institution Prepared?

Abrigo

Key Takeaways. There has been an uptick in phishing scams in Europe and North America related to the coronavirus. Assets available on the dark web include a real-time heatmap of COVID-19 cases. Educate your employees and stakeholders to stay protected. Having a cohesive business continuity plan (BCP) is part of the essential documents for most businesses.

The Current State of Ag Lending: Challenges for Borrowers, Lenders, and How to Overcome Them

Abrigo

Key Takeaways The FDIC issued an advisory to FIs encouraging safe and sound lending practices in today's ag lending environment. Ag producers are predominately concerned about liquidity and income; lenders are most concerned about credit quality, competition, and weaker loan demand.

2020 Goals for Credit Unions Based on NCUA Supervisory Priorities

Abrigo

Key Takeaways Make sure your credit union is filing SARs and CTRs properly. Thoughtfully consider whether or not your CU can safely and properly serve hemp-related businesses. Strengthen credit risk by improving your credit union's loan underwriting standards.