Abrigo

Relating Fair Value and CECL: Misconceptions, Challenges, and Solutions

Abrigo

Key Takeaways The coronavirus pandemic has upended financial institutions' long-term business strategies, but now FIs have an opportunity to consider how consolidation can create greater efficiencies and better results – especially in the area of CECL and valuation calculations.

Key Lender Steps Before Using the SBA’s PPP Forgiveness Platform

Abrigo

Key Takeaways The SBA's PPP Forgiveness Platform opened to lenders on Aug. 10, Before lenders can begin submitting their decisions on the forgiveness applications, they must acquire credentials to use the SBA platform.

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FinCEN Releases New Advisory on Cybercrime During COVID-19

Abrigo

Key Takeaways Criminals are using common typologies to exploit people during the COVID-19 pandemic. Cybercriminals are targeting remote platforms and processes. There has been an increase in business email compromise schemes during the pandemic. .

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Best Practices for Managing Credit Risk in Recession

Abrigo

Key Takeaways This recession is significantly different than the 2008 financial crisis, creating a unique credit environment for financial institutions. Economic downturns alter the credit memo's content and process to capture credit risk.

The Best Sales Forecasting Models for Weathering Your Goals

Every sales forecasting model has a different strength and predictability method. It’s recommended to test out which one is best for your team. This way, you’ll be able to further enhance – and optimize – your newly-developed pipeline. Your future sales forecast? Sunny skies (and success) are just ahead!

New PPP 3508 Forgiveness Applications Include ‘EZ’ Form; No Blanket Forgiveness

Abrigo

Key Takeaways New PPP loan forgiveness applications are out from the SBA, including an EZ Form 3508 aimed at streamlining the process. Neither of the new forgiveness application forms nor revised guidance mentioned any kind of “blanket forgiveness” for PPP loans under a certain dollar amount.

Capital Assessment, Capital Planning Are Critical as Coronavirus Creates Chaos

Abrigo

Key Takeaways Stress tests and capital planning are vital to financial institutions in volatile times like these, when the coronavirus and pressures on the energy sector result in a financial crisis. Regulators will have elevated interest in credit risk and the resulting impact in the months ahead.

PPP Forgiveness Platform Opens Aug. 10 for Lenders: Here’s the 411

Abrigo

Key Takeaways The SBA's PPP Forgiveness Platform is expected to begin accepting applications for loan forgiveness from lenders on Aug. 10, the SBA said.

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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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.

B2B Pocket Playbook: End-to-End Guide to Sales Enablement

Sales enablement is the strategic process of providing sales teams with the content, guidance, and mentorship needed to engage targeted buyers. It’s all about equipping sales professionals with the tools they need to put their best-selling foot forward. And if sales teams want to continuously sell better -- and faster -- their sales enablement process must have a game-winning strategy. It's time for you to start selling smarter - and hitting your sales number - with the best B2B database in the market. Get started today.

4 Sure Signs Your PPP Loan Will NOT Be Forgiven

Abrigo

Key Takeaways Borrowers must document how their PPP loans are used Borrowers must maintain employee and compensation levels At least 75% of the loan must be used for payroll and other permissible expenses Borrowers must have "economic need" for a PPP loan.

FinCEN Calls on Financial Institutions to Protect Consumers from COVID-19 Fraud

Abrigo

Key Takeaways It's important for financial institutions to find a balance between detecting suspicious activity without being so broad that BSA professionals are bogged down with false positives. Rules-based and behavior-based approaches both have pros and cons when used exclusively.

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Balancing Act: Applying Rules-Based and Behavior-Based Analytics in BSA/AML Software

Abrigo

Key Takeaways It's important for financial institutions to find a balance between detecting suspicious activity without being so broad that BSA professionals are bogged down with false positives. Rules-based and behavior-based approaches both have pros and cons when used exclusively.

How the PPP + Technology Means MBL Growth and More for Credit Unions

Abrigo

Key Takeaways Credit unions participating in the Paycheck Protection Program (PPP) found that the right technology helped them serve business members when they needed help and also gain new members.

Pressure Points: How to Ensure Your B2B Pipeline Passes Inspection

This eBook highlights best practices for developing a pipeline management process that helps sales leaders and their team C.L.O.S.E (you’ll see what we mean in this eBook) more revenue through data-driven prospecting, stage analysis, and subsequent sales enablement.

FinCEN Releases Long Awaited Hemp Guidance

Abrigo

Key Takeaways FinCEN released guidance for financial institutions around banking hemp-related businesses. CDD requirements are risk-based and require the grower to provide their compliance with licensing requirements.

Staying Connected in a Remote Financial Services Workforce

Abrigo

Key Takeaways Work-from-home mandates have brought new challenges to an already stressful job held by banking professionals.

Customer Support at Abrigo Provides Peace of Mind

Abrigo

Key Takeaways The Abrigo Assurance Plan was created to make sure your BSA/AML software is running at its most efficient. Throughout your journey with Abrigo, you will have a team dedicated to your success.

Making Qualitative Adjustments and Stress Testing in Uncertain Economic Times

Abrigo

Key Takeaways The unpredictability of the economy has created questions around reporting losses. Without historical data to rely on, institutions can explain why it determined a forecast and provide support for that determination.

Marketing-Led Post-COVID-19 Growth Strategies

Businesses are laying off workers, shutting their doors (some permanently), and struggling to react to the radical destruction that coronavirus (COVID-19) is doing to our society and communities. Most have already sustained massive damage, and we still have yet to see the scope of impact of the global pandemic that has upended the globe. Any return to normalcy may seem far-off, but sales and marketing are on the front lines of restarting the economy. When the dust settles, we have a responsibility to turn our shock and grief into fierce determination, and lead the charge of responsible, strategic, sustainable future growth. However, there’s no team better suited to lead that charge than the marketing department. Marketers are uniquely positioned to provide creative solutions to aid their organization in times of change and chart a course for navigating success.

How the Pandemic and PPP Have ‘Turbo-charged’ New Business Lending Strategies

Abrigo

Key Takeaways The Paycheck Protection Program (PPP) has been a critical foothold for community financial institutions seeking to obtain and diversify business lending relationships. The key to making the PPP a profitable investment is to deepen these relationships into strong business relationships.

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.

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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Main Street Lending Program Broadened to Attract More Lenders, Borrowers

Abrigo

Key Takeaways The soon-to-begin Main Street Lending Program (MSLP) aims to fulfill a need for mid-sized businesses to access relief funds amid the coronavirus pandemic. The MSLP was introduced in April, but the scope of the program has changed several times to increase participation.

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How ZoomInfo Helps Overcome the Top Pain Points of Inside Sales

Recent digital transformation has shifted the B2B landscape by ushering in the era of buyer empowerment. With more access to user reviews, analyst opinion, and industry research, decision-makers are more informed than ever while navigating what is now known as the “buyer’s journey.”

Ensuring AML Programs Minimize Personal Liability

Abrigo

Key Takeaways The recent case where a former top risk officer was fined reminds financial institution executives and BSA professionals of the personal liability tied to implementing and maintaining effective AML programs.

Benefits of Leveraging Technology for Document Preparation

Abrigo

Banks and credit unions closed their lobbies and branches amid shelter-in-place orders in response to the coronavirus pandemic. Financial institutions that had already made the shift towards digital offerings found themselves with a distinct advantage to serve their customers and members.

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.

May Employment Report Shows Unexpected Improvement

Abrigo

This morning’s employment situation report for the month of May was genuinely amazing – and unexpected. Market expectations were for a headline unemployment rate of about 19.7% and job losses for the month to total between 8.3-8.5 million. That wasn’t the result.

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Marketing Ops: The New Revenue Hero

As data continues to play a starring role in today’s B2B organizations, both marketing and sales operations professionals are poised to solidify their place as critical revenue drivers. In particular, the evolution of the Marketing Operations (Ops) role has created a new standard in marketing and has become a vital component of an organization’s success.

Key Considerations Tied to the Pandemic and CECL, Allowance-Related Issues

Abrigo

Key Takeaways CFOs have numerous considerations related to the impact of the coronavirus pandemic on the allowance for credit losses, whether it is calculated under the incurred-loss model or CECL.

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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Your Financial Institution Issued a PPP Loan – Now What?

Abrigo

Key Takeaways Lenders participating in the Paycheck Protection Program (PPP) have obligations after issuing the loan to a small business. Banks and credit unions are seeking guidance on these critical next stages of the PPP.

Will Cannabis Banking Turn Over a New Leaf After COVID-19?

Abrigo

Key Takeaways Cannabis-related businesses have thrived during the pandemic, without help from the federal government. Despite their continued growth, CRBs remain largely underbanked. Perceptions around banking CRBs are changing as well, opening the door for more financial institutions.

What We Learned From Our Own Data-Driven ABM Strategy

ZoomInfo has created the following eBook to help other B2B organizations gain insights on how to launch their own data-driven ABM strategy. In this eBook, we will reveal the good and the bad from our own campaign and highlight some key takeaways on how to improve your ABM strategies moving forward.