CFPB Monitor

AUGUST 31, 2021

The OCC, FDIC, and Federal Reserve Board have issued a guide that is intended to assist community banks in conducting due diligence when considering relationships with financial technology (fintech) companies (Guide). Banks are instructed to reference relevant guidance from the agencies that is listed in a footnote.

Community Bank 78

Community Bank Community Fintech Company 78

Abrigo

JULY 13, 2023

In the context of financial crime, this troubling analogy refers to a manipulation technique used to exploit vulnerabilities in a victim through frequent interactions and social engineering. Educate customers and members: Provide educational opportunities for your community so they know when to say “no” to investment scams.

Fraud 195

Fraud cryptocurrency Training social media 195

Independent Banker

JANUARY 31, 2023

With technology upgrades and customer experience consistently ranking as chief priorities for community banks, there’s no question that innovation serves as a strategic imperative. Lean on those references and reach out to peers who are using the solution. But the best tactical implementation approach remains uncertain.

Fintech 139

Fintech Innovation Community Community Bank 139

Jeff For Banks

APRIL 4, 2024

Shadow Banking refers to banking-like operations that take place outside of the mainstream banking industry. Although shadow banking mostly serves larger corporations, think money market funds buying commercial paper, bankers fear the trend will continue going downstream to more traditional community bank customers.

Banking Trends 115

Banking Trends Trends Millennials Oregon 115

Abrigo

DECEMBER 8, 2021

A reference guide with these acronyms and what they represent can be helpful during training. Set board expectations The board plays an integral role in creating a culture of compliance. Discuss how the community benefits from being instrumental in stopping illicit activity.

Training 195

Training Resources Video Compliance 195

ABA Community Banking

OCTOBER 1, 2019

Heated competition for bank funding is an increasingly important focus for community bank leaders, according to an annual survey released today by the Federal Reserve, the FDIC and the Conference of State Bank Supervisors. The post Survey Finds Cost of Funds Top of Mind for Community Bankers appeared first on ABA Banking Journal.

Survey 49

Survey Community FDIC Community Bank 49

CFPB Monitor

SEPTEMBER 29, 2021

Effective October 1, 2021, certain financial institutions (banking institutions, credit unions, savings and loan associations, community development financial institutions, and certain credit grantors) must adhere to the rules concerning evaluations of applications under federal law, specifically 12 C.F.R. Financial Institutions (FI) § 1-212.

Maryland 78

Maryland Compliance Policies Community 78

PYMNTS

DECEMBER 16, 2019

Bart Claeys, Head of KYC and Reference Data at SWIFT, said its global KYC registry offers “huge benefits to the 5,000 banks and financial institutions which are currently using it.” . KYC compliance is a pain point for banks and corporates, with more than 90 percent of treasurers agreeing that it’s harder today than it was five years ago.

Groups 130

Groups Data Compliance US 130

Abrigo

SEPTEMBER 10, 2021

Before the September 11 attacks, the BSA did not refer to terrorist financing as part of the illicit activity that law enforcement was concerned with preventing. The role of BSA staff was typical compliance and very task-oriented. See Part I: Implications for Community Financial Institutions. Before 9/11. BSA through the years.

Training 195

Training Risk Management Pennsylvania Resources 195

CFPB Monitor

JUNE 13, 2022

The ABA acknowledged that CRA compliance issues are appropriate considerations in bank merger applications, but that the prudential regulatory agencies are already assigned authority under the Bank Merger Act to evaluate such issues. A separate role of the CFPB would therefore be superfluous to existing considerations.”

FDIC 78

FDIC Groups Community Meeting 78

Jeff For Banks

DECEMBER 10, 2023

As a reference, the best SIFI bank in five-year total return this year was JPMorgan Chase at 29th overall. As a point of reference, the S&P US BMI Bank Total Return Index for the five years ended December 7, 2023 was 23.32%. Communities First Financial Corporation (Now FFB Bancorp) (OTCQX: FFBB) #2. Congratulations! #5

Fresno 103

Fresno North Carolina Raleigh FDIC 103

Independent Banker

SEPTEMBER 25, 2014

Compliance officer James E. Pennsylvania community bank compliance officer, James E. Mastroianni, touts ICBA compliance education. Mastroianni, as vice president for Sweickley Savings Bank, leads much of the compliance efforts at the $330 million-asset community bank in Coraopolis, Pa. Mastroianni.

Compliance 70

Compliance Community Bank Resources Pennsylvania 70

PYMNTS

SEPTEMBER 7, 2018

Working with the wrong partner can lead to issues around late payments, inadequate services or even non-compliance. Flockgen recently announced a partnership with Paro , a community of third-party accountants, bookkeepers and CFOs who provide outsourced financial services to business clients.

Marketing 100

Marketing Community Compliance Payments 100

PYMNTS

FEBRUARY 15, 2019

As noted in this space late last year, five federal agencies spoke out, and presented a statement that detailed how credit unions and banks could share resources to make Bank Secrecy Act compliance efforts more streamlined. The unit ultimately wrote off $685 million. The company has since said it would sue the FT.

Compliance 122

Compliance Fraud United States FDIC 122

PYMNTS

MARCH 26, 2018

Those that are retiring include Jim Richards, head of financial crimes risk management, Kevin Oden, head of operational risk and compliance, Keb Byers, enterprise risk head and Vic Albrecht, community banking risk group head. All are retiring in April, May or June. The Fed has never before placed limits on how large a company can grow.

Risk Management 100

Risk Management Management Compliance Groups 100

Independent Banker

JANUARY 31, 2022

Here’s how four community banks are thriving in this environment. Clearly, community banks in the region have plenty of opportunities to do what they do best: forge deep and lasting relationships with their customers and communities. These include family-owned businesses, community businesses and operating companies.

Texas 182

Texas San Antonio Community Bank Community 182

Abrigo

JUNE 13, 2022

In what's now being referred to as the "Age Wave," ten thousand baby boomers will turn 65 every day until 2030, creating a larger pool of potential victims for fraudsters and scammers. The latest survey indicates that COVID-19 has impacted bank community engagement. Banking Cannabis – Finding More ROI in Your Compliance Department.

Fraud 195

Fraud Training United States Survey 195

Jeff For Banks

DECEMBER 16, 2022

As a reference, the best SIFI bank in five-year total return this year was JPMorgan Chase at 82nd overall. As a point of reference, the S&P US BMI Bank Total Return Index for the five years ended December 9, 2022 was -1.21%. Not so over the eleven years I have been keeping track. Triumph Bancorp, Inc. Nasdaq: TBK) #4.

Puerto Rico 78

Puerto Rico Virgin Islands Community Community Bank 78

CFPB Monitor

OCTOBER 9, 2018

The Statement potentially represents another step in an ongoing AML reform process, which increasingly acknowledges the costs of AML compliance to industry. Ultimately,” the Statement warns, “each bank is responsible for ensuring compliance with BSA requirements. Sharing resources in no way relieves a bank of this responsibility.

Resources 68

Resources Compliance Community Bank Community 68

Independent Banker

SEPTEMBER 25, 2014

Saving money by conducting inside risk management and compliance reviews. As a group, community banks spend substantial funds hiring outside consultants to help with various management functions, and a substantial share of dollars are spent to help oversee their risk management and compliance activities. By Vanessa Drucker.

Community Bank 70

Community Bank Compliance Risk Management Community 70

Abrigo

JUNE 4, 2020

“Eight weeks at the beginning of this PPP process may have seemed sufficient, but with states opening back up at various paces and staging and delays of the businesses openings referred to as non-essential, the longer covered period is a welcome update.’” 15 due to compliance with requirements or guidance from the U.S. Learn More.

Lending 195

Lending Risk Management Management Community 195

PYMNTS

JUNE 11, 2018

Change across the regulatory compliance landscape is de rigueur, and global in scope. community banks hailed some changes to the Dodd-Frank regulations, particularly in regard to how small to medium banks are treated. Closer to home, in the U.S.,

Regulation 100

Regulation Community Bank Lending Industry 100

PYMNTS

MAY 7, 2020

We believe those local communities that have separate timelines should be afforded the capacity to advance those timelines. If they choose not to come into compliance with the state guidelines, they have that right,” Newsom said. “We are not telling locals that feel it’s too soon, too fast, to modify. For example, the Bay Area.

Retail 141

Retail Texas Guidelines New York 141

Abrigo

JUNE 5, 2023

the Community Bank Leverage Ratio (CBLR) and the minimum Tier 1 leverage ratio). Curated insights into sources of risk can show which customer types are contributing to additional work related to anti-money laundering/countering the financing of terrorism (AML/CFT) compliance.

Report 195

Report Risk Management Capital Data 195

PYMNTS

APRIL 10, 2017

Notably, most of the cases referred to by the OCC had already been announced and, in some cases, were over a decade old. The OCC also lowered its overall score of Wells Fargo’s compliance with community banking laws to “needs to improve.”. Maxine Waters, U.S.

Regulation 100

Regulation California Community Bank Cards 100

CFPB Monitor

APRIL 22, 2021

The Agencies divide the new proposed Q&As on private flood insurance into three main categories: (1) mandatory acceptance (nine proposed Q&As), (2) discretionary acceptance (four proposed Q&As), and (3) general compliance (11 proposed Q&As). However, please see the following bullet point.

Policies 60

Policies Compliance Meeting Regulation 60

CFPB Monitor

DECEMBER 19, 2019

The OCC and FDIC have issued a joint proposal to revise their regulations implementing the Community Reinvestment Act (CRA). Under the current rules, the activities that qualify for CRA consideration generally fall into two categories: retail banking activities and community development (CD) activities.

FDIC 78

FDIC Regulation Community Retail 78

Abrigo

AUGUST 19, 2016

Being viewed positively by their communities and clients is nothing new for accountants. Accountants looking to truly advise clients and generate income from their status as trusted advisors must first identify clients who are currently receiving only one service or are tied solely to compliance-related services.

How To 150

How To eBook Survey Industry 150

CFPB Monitor

JUNE 15, 2020

On May 20, 2020, the OCC issued a final rule to “strengthen and modernize” its existing Community Reinvestment Act (“CRA”) regulations. of Community Development Fund Advisors. ET, Ballard Spahr will hold a webinar, “The OCC Issues Final CRA Rule – What Changed and What’s Next?” Thomas, Ph.D.,

Community 60

Community FDIC Lending Examples 60

CFPB Monitor

JULY 8, 2019

The Bureau also references former Acting Director Mulvaney’s statement in May 2018 that the Bureau intended to reexamine the disparate impact doctrine in light of the U.S. The Bureau also references former Acting Director Mulvaney’s statement in May 2018 that the Bureau intended to reexamine the disparate impact doctrine in light of the U.S.

Lending 60

Lending Report Policies Compliance 60

CFPB Monitor

AUGUST 19, 2022

New developments are often opposed by small groups prioritizing their own self-interest over the interests of the community at large. Opt out notices are required in all electronic communications. This bill was reintroduced and referred to a committee on January 5, 2022 where it remains pending. Community Impact.

DC 78

DC Regulation social media Maryland 78

CFPB Monitor

SEPTEMBER 25, 2015

It also alleged that during the relevant time period, the bank did not accept first lien mortgage loan applications at all of its branches and referred applicants to one of seven retail loan officers working at branches outside of and not in proximity to majority-Black-and-Hispanic areas. million civil money penalty to the CFPB.

NJ 60

NJ New Jersey New York Philadelphia 60

PYMNTS

MAY 31, 2017

Looking at the top-five banks in the country, “if you look at the percentage of new, millennial accounts being opened, and you compare that to how many branches those same have as a percentage of overall branches, these banks are three times as likely to open an account with millennials as compared to your average community bank.”

ATM 100

ATM Millennials Cards Management 100

Gonzobanker

DECEMBER 17, 2021

Simultaneously the bank invested in Paladin Fraud, Trabian Technology, and Chartwell Compliance to provide compliance and risk management solutions in the complex and connected web of fintech partnerships. Goes to Eric Sprink, Coastal Community Bank , Everett, Wash. Like how does that play into our communities?

Fintech 143

Fintech Strategy Leadership Lending 143

Abrigo

NOVEMBER 11, 2021

Cashing Out Through Foreign CVC Exchanges : To launder and cash out their illicit proceeds, cybercriminals often use CVC exchanges that have lax compliance controls or that operate in jurisdictions with little regulatory oversight. This may include community financial institutions and credit unions.

Fraud 195

Fraud cryptocurrency System Trends 195

Abrigo

NOVEMBER 11, 2021

Cashing Out Through Foreign CVC Exchanges : To launder and cash out their illicit proceeds, cybercriminals often use CVC exchanges that have lax compliance controls or that operate in jurisdictions with little regulatory oversight. This may include community financial institutions and credit unions.

Fraud 195

Fraud cryptocurrency System Trends 195

Independent Banker

JUNE 30, 2022

We asked community bankers and experts for their advice on ensuring employees feel a sense of belonging. The latter part of this equation, inclusion, refers to the goal of every single employee feeling able to bring their whole self to work—to feel valued and accepted just as they are. By Roshan McArthur.

Community Bank 91

Community Bank Community Leadership Millennials 91