CFPB Monitor

NOVEMBER 8, 2021

The law contains exemptions and carve-outs for, among other things, depository institutions, financings of more than $500,000, closed-end loans with a principal amount of less than $5,000, and transactions secured by real property. Comments on the fourth modifications are due by November 22, 2021.

CA 78

CA Regulation California Compliance 78

CFPB Monitor

FEBRUARY 13, 2020

On February 7, 2020, the California Attorney General’s (AG) Office released modifications to the proposed regulations to the California Consumer Privacy Act (CCPA). The modifications incorporate amendments to the CCPA signed into law after the AG’s Office issued the proposed regulations in October 2019. Removal of Webform Requirement.

California 78

California Regulation Compliance Guidelines 78

PYMNTS

MARCH 24, 2017

In short, the definition ties in with “some type of crime relating to trust.”. Compliance is also becoming an enterprise-wide endeavor, and compliance officers must adopt a global mindset. The roster of players here can extend across the organization from both insiders and external culprits, she continued.

Compliance 157

Compliance Fraud Regional Examples 157

Abrigo

MAY 30, 2023

But compliance deadlines are tiered. June 28, 2023, based on the Code of Federal Regulations and the March 30 publication). However, compliance deadlines for affected financial institutions are tiered so that small business lenders originating the most transactions begin reporting data earlier than less active small business lenders.

Compliance 195

Compliance Lending Data Regulation 195

Perficient

MARCH 1, 2021

The secret to understanding timing and creating truly impactful communications hinges on a deeper understanding of HIPAA’s definition of marketing. Most of us have had to go through HIPAA training, and we understand about data-security and protected information. HIPAA was created nearly 25 years ago.

Marketing 508

Marketing Training Data US 508

PYMNTS

SEPTEMBER 20, 2016

Payments is already a highly regulated and complex space, but when it comes to moving money for Global Citizens , the rules that govern these kinds of payments are well beyond just the basics. If there are licenses required, Butterfield suggested investing in practical legal advice and potentially working with locally situated regulators.

Compliance 100

Compliance Payments Regulation Security 100

Insights on Business

AUGUST 22, 2018

According to some studies, as many as 30,000 to 40,000 regulatory changes can occur in a given year, and they are projected to culminate into 300,000,000 pages of regulation by the end of 2020. Given these issues, it is critical that governance, risk and compliance (GRC) systems are leveraged to enhance this process.

Compliance 79

Compliance Innovation Technology Policies 79

CFPB Monitor

DECEMBER 8, 2022

In early November, Pennsylvania amended its data breach notification law broadening the definition of personal information. Coupled with this addition is a breach notification exception for businesses that are (1) subject to and (2) in compliance with HIPAA’s privacy and security standards.

Pennsylvania 78

Pennsylvania Data California Compliance 78

PYMNTS

OCTOBER 19, 2016

According to Brad Fauss, president and CEO of the Network Branded Prepaid Card Association, the recently released regulations on prepaid cards from the Consumer Finance Protection Board could be another instance of good intentions gone wrong. The updated regulations are slated to take effect Oct. Around the Digital Banking world.

Regulation 100

Regulation Cards Digital Banking social media 100

Abrigo

NOVEMBER 1, 2021

Takeaway 1 BSA and fraud functions have historically been siloed, and IT has been external to compliance. Bank Secrecy Act (BSA) and fraud functions have historically been siloed within financial institutions' structures in the compliance world. Similarly, IT security professionals generally do not have a compliance background.

Fraud 195

Fraud Video Training Compliance 195

PYMNTS

NOVEMBER 6, 2018

PCI compliance is vitally important for businesses that process credit cards. The standards put forth by the PCI Security Standards Council – the PCI Data Security Standards – offer a framework for ensuring data security, and they must be followed in order to avoid fines and other penalties. Gearing up for GDPR.

Compliance 179

Compliance Data Security eBook 179

CFPB Monitor

OCTOBER 21, 2020

The CFPB recently issued a final rule that amends the Regulation Z ability to repay/qualified mortgage rule by extending the sunset date for the qualified mortgage (QM) based on a loan meeting certain product requirements and being eligible for sale to Fannie Mae or Freddie Mac. The QM often is referred to as the “GSE Patch.”

Compliance 97

Compliance Regulation System Analysis 97

CFPB Monitor

JUNE 14, 2021

The new law became effective immediately upon signing notwithstanding the authority it gives the Illinois Department of Financial and Professional Regulation (“IDFPR”) to adopt rules “consistent with [the] Act.”. Proposed Regulations. The IDFPR has proposed regulations to implement the Act.

Illinois 78

Illinois Regulation Report Lending 78

CFPB Monitor

OCTOBER 4, 2022

The CFPB indicated that simultaneously with issuing the Special Edition, but after apparently having already conducted exams based on its interpretation of Dodd Frank , it had updated its Education Loan Examination Procedures regarding the definition of “private education loans” for purposes of its authority to supervise nonbanks.

Policies 146

Policies Compliance Payments Training 146

PYMNTS

SEPTEMBER 29, 2017

But the banks themselves also have complex demands for their own treasury departments, which, like other corporations, must be able to manage finances, risk and compliance. Compliance with domestic and international standards is considered a must,” Beaulande recently told PYMNTS.

Fintech 141

Fintech Risk Management Compliance Management 141

Insights on Business

JANUARY 3, 2019

But while mobile devices give us great power and convenience, they also create new security and privacy challenges. Simultaneously, regulators and auditors are issuing new cybersecurity regulations and guidelines. Simultaneously, regulators and auditors are issuing new cybersecurity regulations and guidelines.

Risk Management 128

Risk Management Management Regulation Guidelines 128

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. Data privacy and security is a hot topic and is only getting hotter. By Katie Kuehner-Hebert. Bob Hickok.

Data 91

Data How To Community Bank California 91

CFPB Monitor

JULY 29, 2021

A knowing violation of the new requirement is deemed a deceptive trade practice under Nevada’s UDAP law and non-compliance allows “the aggrieved party” to rescind the transaction. The definition includes “any subsequent document that makes substantial changes to the rights and obligations of the parties.”

Nevada 78

Nevada Cards Regulation Compliance 78

CFPB Monitor

MAY 4, 2022

Data Minimization and Security. It contains fundamental obligations for covered controllers and processors to limit the collection of personal data to that which is reasonably necessary to the purposes of processing and to implement, establish, and maintain reasonable administrative, technical, and physical security measures.

Connecticut 148

Connecticut Utah Colorado California 148

PYMNTS

APRIL 26, 2018

A month away, and the General Data Protection Regulation (GDPR) looms large. Many of the larger EU-based firms have been preparing for GDPR for years and have processes in place that anticipate the formal debut of GDPR and its compliance mandates. As Shakespeare wrote centuries ago (without data mapping in mind), the readiness is all.

Regulation 128

Regulation Data Compliance Examples 128

CFPB Monitor

JULY 6, 2021

The Priorities have been much-anticipated because, under the AML Act, regulators will review and examine financial institutions in part according to how their AML/CFT compliance programs incorporate and further the Priorities, “as appropriate.”. A prime example of this problem is the inclusion of “fraud” as a Priority.

United States 78

United States Fraud Regulation Compliance 78

CFPB Monitor

MARCH 8, 2019

The Safeguards Rule requires financial institutions to have a comprehensive information security program. The proposed rule amendment will more clearly define the requirements for such information security programs. Requiring periodic reports submitted to the boards of directors to ensure compliance.

Cyber Security 68

Cyber Security Guidelines Security Compliance 68

CFPB Monitor

OCTOBER 27, 2022

Specifically, SB 1311 voids any security interest in a motor vehicle if it would cause a loan procured by a servicemembers in the course of purchasing the motor vehicle to be exempt from the Military Lending Act (“MLA”) and if the loan also funds the purchase of a credit insurance product or credit-related ancillary product.

California 148

California Security Regulation United States 148

PYMNTS

APRIL 30, 2018

During the exchange, lawmakers raised the specter of regulating Facebook — which boasts more than 2.2 similar regulations are already being put to the test in other regions around the world. Each EU member nation has a DPA in place to both monitor compliance and respond to potential violation complaints.

Data 119

Data Compliance social media Regulation 119

FICO

JANUARY 25, 2021

Customer identity management is a term that is subject to a number of definitions. I will define it here for financial services and regulated companies as the business strategy and processes by which an organization establishes who a customer is and ensures that activity on their accounts is carried out by them.

Management 98

Management Fraud Customer Experience Compliance 98

PYMNTS

JANUARY 22, 2018

There is another market segment, however, that similarly struggles to secure this Goldilocks effect, with products that aren’t too small and aren’t too large: the middle market. There are two key focuses for mid-market expense management tools, he said: infrastructure and regulatory compliance.

Management 116

Management Compliance Taxes Marketing 116

CFPB Monitor

OCTOBER 27, 2020

Proposed change would expand BSA definition of “money” to include virtual currency. The proposed regulation would reduce the current $3,000 threshold to only $250 for international transfers, thereby substantially expanding the scope of these rules. Even by FinCEN’s own estimates, the effect would be broad.

United States 78

United States Compliance Regulation Payments 78

PYMNTS

APRIL 30, 2018

The deadlines for compliance with new European data regulations are right around the corner, and the impact of these changes won’t be limited to the European Union. The General Data Protection Regulation (GDPR) goes into effect on May 25 of this year. According to Ethoca, neither should preparations for the shift.

Fraud 138

Fraud Regulation Data Compliance 138

CFPB Monitor

AUGUST 21, 2018

The report raises a number of issues with screen scraping while promoting the benefits of application programming interfaces (APIs) “that allow for the inclusion of robust security features, greater transparency and access controls for consumers, improved data accuracy, and more predictable and manageable information technology costs.”

Data 84

Data Report Regulation Security 84

CFPB Monitor

OCTOBER 31, 2022

The CFPB has taken a significant step towards issuing regulations to implement Section 1033 of the Dodd-Frank Act by releasing an outline of the proposals it is considering in preparation for convening a small business review panel (Panel). In the outline, the CFPB asks the Panel for input on a variety of issues relating to screen scraping.

Data 78

Data Compliance Regulation Policies 78

FICO

JANUARY 18, 2023

The third annual State of Responsible AI in Financial Services report released today, alerting the industry to come together and self-regulate its use of AI. More than ever, I believe this year’s report sounds the alarm bell for financial services firms, signaling that the industry must come together to self-regulate its use of AI.

Analytics 52

Analytics San Diego Regulation Compliance 52

CB Insights

JUNE 27, 2018

In June, the SEC’s head of corporate finance William Hinman stated that ether, the cryptocurrency associated with the Ethereum network, is not a security. See how venture firms, corporates, regulators, and builders are shaping the future of blockchain technology. The SEC wants to regulate most tokens like securities.

Regulation 39

Regulation Bitcoin cryptocurrency blockchain 39

PYMNTS

MARCH 25, 2019

Cohen described the numbers tied to ill-gotten gains as “eye-opening and [likely to] raise flags for the regulators. The more comprehensive such efforts are at the enterprise level, the executive said, the odds increase rapidly that they will be well-aligned with different regions, organizations or even regulators. The Crypto Factor.

cryptocurrency 196

cryptocurrency Compliance Fraud System 196

PYMNTS

APRIL 3, 2020

There is a lot to consider, said Manish Vrishaketu, chief operating officer at supplier payments automation firm Tipalti , from vendor onboarding processes to tax compliance across borders. ” From Onboarding to Compliance. A Payments Balancing Act. “We started out with spreadsheets just like everybody else,” he said.

Taxes 131

Taxes Compliance Payments Data 131

PYMNTS

MAY 10, 2016

But Tungsten Head of Compliance Lucy Ashdown offered her take on the company’s research to discuss why FinServ firms might be seeing more invoice fraud than other industries. officials to combat fraud, Ashdown also discussed who carries the torch of responsibility when it comes to fighting this kind of security lapse in the enterprise.

Fraud 100

Fraud Compliance Security Industry 100

PYMNTS

OCTOBER 24, 2018

When it comes to data privacy, it’s not all about General Data Protection Regulation (GDPR), and it’s not all about Europe. There are monetary penalties involved in the event that data is used in non-compliance with laws. Here in the U.S.,

Data 122

Data US California Guidelines 122

PYMNTS

FEBRUARY 28, 2020

Credit unions possess vast troves of personal information such as credit card data and Social Security numbers that could devastate members if leaked. At least two local CUs — First Choice Federal Credit Union and Inspired Federal Credit Union — even filed class-action lawsuits against Wawa for not adhering to best security practices.

Data 131

Data California Security Pennsylvania 131