CFPB Monitor

JUNE 30, 2022

Of special note, the OCC also believes compliance risk is “heightened” for Bank Secrecy Act/Anti-Money Laundering (BSA/AML) and Office of Foreign Assets Control (OFAC) compliance because of world events and compliance staffing concerns. BSA/AML Compliance Risks. Cybersecurity Risks.

Compliance 78

Compliance Fraud Technology Operations 78

Perficient

JUNE 1, 2022

Transactions that are not reported within the specified timeframe are classified as late (FINRA TRACE reporting requirements always reference Eastern Time). This includes implementing and operating computer systems that commence the trade reporting process at the time of execution without delay. Interested in learning more?

Report 294

Report Security Regulation System 294

Perficient

MAY 27, 2022

Since 2014, New York has only allowed crypto companies to operate in the state if they obtain a BitLicense, and even then, licensed companies are limited in the types of digital assets they can sell. As a result, option contracts that reference a virtual currency qualify as “commodity options” and “commodity option transactions.”

cryptocurrency 332

cryptocurrency Regulation Management Bitcoin 332

Perficient

FEBRUARY 22, 2023

The next offering for adoption within automation is more human-like Advance AI, which is being referred to as Autonomous Enterprise. In the banking industry, RPA is being used to automate a wide range of processes, from loan origination and account opening to back-office processes, such as compliance and accounting.

Trends 474

Trends North Carolina Customer Experience Charlotte 474

PYMNTS

NOVEMBER 25, 2018

Shopping comparison website operators sent a letter to the European Union’s Competition Commissioner Margrethe Vestager late last week contending that Google isn’t complying with a ruling by the EU in regards to how it should display shopping services.

Google 108

Google Comparison Compliance System 108

Abrigo

MAY 19, 2023

Takeaway 2 Examining the following objectives and evaluating your loan review system based on them can ensure regulatory compliance. The complexity and scope of a loan review system will vary based on an institution’s size, type of operations, and management practices.

System 195

System Regulation How To Lending 195

Perficient

MARCH 22, 2021

Tiered support refers to the way that a support center is organized to handle incoming support issues in the most effective and efficient manner possible. SLA compliance based on incident priority. Refer to runbook to resolve the issue as needed. The Necessity of Tiered Support. Scheduled and proactive maintenances. Monitoring.

Analysis 294

Analysis System Groups Knowledge Base 294

Perficient

APRIL 2, 2021

Finally, views are sought for compliance with applicable laws and regulations, including those related to consumer protection. AI technologies, such as voice recognition and natural language processing (NLP), are being used to improve customer experience and to gain operational efficiencies. Personalization of Customer Services.

Regulation 309

Regulation Industry Risk Management Analysis 309

PYMNTS

AUGUST 14, 2019

The second was the rise of cryptocurrency (though during his remarks he tended to refer to it as Convertible Virtual Currency or CVC). It concerns me when I hear about some compliance budgets being cut by casinos looking to trim costs and retain gamblers,” he noted. The Team Oriented Nature Of Compliance .

Compliance 163

Compliance Las Vegas Mobile Data 163

Independent Banker

JANUARY 31, 2023

Depending on the product, you may need technology leaders, marketing experts, risk and compliance teams, back-office operations, customer support representatives, and other team members engaged in the decision-making process, so loop them in early for the biggest benefit.

Fintech 139

Fintech Innovation Community Community Bank 139

PYMNTS

JULY 28, 2020

Robust international operations require winning over many sellers and operating smoothly around the world, activities that can be challenging for platforms. Marketplaces must also operate according to the sanctions lists in each country they serve. Domestic Seller Currencies. Some marketplaces try to pay all vendors in U.S.

Marketing 159

Marketing Regulation National Operations 159

CFPB Monitor

OCTOBER 21, 2020

The QM often is referred to as the “GSE Patch.” The CFPB addressed this issue in the final rule by providing that the GSE Patch is available for applications received by a creditor before the mandatory compliance date for the final rule implementing the new general QM.

Compliance 97

Compliance Regulation System Analysis 97

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. Massive financial losses can destabilize their operations, impact profitability, and harm their reputation. What exactly is a pig butchering scam?

Fraud 195

Fraud cryptocurrency Training social media 195

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 company has since said it would sue the FT. Beyond individual company news, Newsweek reported that, per the U.S.

Compliance 122

Compliance Fraud United States FDIC 122

CFPB Monitor

DECEMBER 20, 2021

Those interested in submitting feedback should refer to OCC Bulletin 2021-62 for instructions. Incorporation of climate-related financial risk information into a bank’s internal reporting, monitoring, and escalation processes to facilitate timely and sound decision making.

Risk Management 78

Risk Management Management Policies Operations 78

Bank Innovation

MARCH 30, 2018

These changes were established by the Bank of England in 2011, and is referred […]. The major U.K. bank said it will be switching off access to 24 million customers as the bank restructures itself as required by national regulation.

Online 220

Online National Regulation Mobile 220

PYMNTS

FEBRUARY 18, 2019

which the institution plans to deploy in its corporate payments operation. Indeed, what will drive crypto adoption, Chell told PYMNTS, is in the technology’s ability to reduce payments friction, and integrate compliance and security. BitRail doesn’t yet operate in the B2B payments space. ”

cryptocurrency 175

cryptocurrency Payments blockchain Compliance 175

Jeff For Banks

APRIL 4, 2024

Shadow Banking refers to banking-like operations that take place outside of the mainstream banking industry. Technology Advancement and Generative Artificial Intelligence In the third quarter of 2023, the total operating expense to operate a branch was 47% direct cost: branch salaries and benefits, lease expense, etc.

Banking Trends 113

Banking Trends Trends Millennials Oregon 113

CFPB Monitor

MAY 3, 2016

The CFPB recently published a fact sheet for small creditors operating in rural or underserved areas. The fact sheet also refers to the application process for requesting a county or census block to be designed as rural, which we previously addressed. The fact sheet explains the changes made to these definitions.

Resources 60

Resources Compliance Regulation Lending 60

CFPB Monitor

MAY 31, 2022

On May 19, 2022, the Associate Director of the Enforcement and Compliance Division of the Financial Crimes Enforcement Network (“FinCEN”), Alessio Evangelista, spoke at the Chainalysis Links Conference in New York City on the topic of “The Intersection of Cryptocurrencies and National Security.”

cryptocurrency 146

cryptocurrency Innovation DC National 146

PYMNTS

FEBRUARY 26, 2018

Circle , the payments firm that operates an app-based peer-to-peer payments network based on blockchain and which has financial backing from Goldman Sachs, said Monday (Feb. In reference to the price tag, in a Twitter post , Fortune staff writer Robert Hackett said Circle paid about $400 million for Poloniex. 26) it acquired the U.S.

blockchain 101

blockchain Bitcoin cryptocurrency Compliance 101

CFPB Monitor

APRIL 2, 2020

The CFPB has issued a policy statement concerning COVID-19 considerations that will be relevant to how the CFPB chooses to exercise its supervisory and enforcement authority regarding compliance with the Fair Credit Reporting Act and Regulation V, especially in light of the CARES Act.

Report 78

Report Policies Compliance Exercises 78

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

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. If so, what were they?

Compliance 70

Compliance Community Bank Resources Pennsylvania 70

CFPB Monitor

FEBRUARY 28, 2019

With only one month left until the Prepaid Rule’s April 1 effective date and two months until the May 1 deadline for submission, issuers and the rest of the prepaid industry will need to act quickly to ensure all materials and processes are in place for timely compliance. no scanned documents).

Compliance 68

Compliance Resources Industry Groups 68

CFPB Monitor

NOVEMBER 29, 2021

The 2022 clarity promised by the “roadmap” presumably will supersede, once issued, Interpretive Letter #1179, which appears to function as a general stop-gap until the 2022 publications hopefully provide more detail regarding exactly how banks can attain compliance. Federal banking regulators have been busy in this space.

Compliance 78

Compliance cryptocurrency Regulation FDIC 78

PYMNTS

AUGUST 5, 2019

In a new PYMNTS discussion, Karen Webster and Zac Cohen, general manager at Trulioo , used that lawsuit as a stepping off point to talk about how criminals get past anti-money laundering and other laws designed to keep payments honest, and what above-the-board firms and operations can do to stop it. Onboarding Stage.

Company 163

Company Payments Fraud Meeting 163

CFPB Monitor

OCTOBER 4, 2022

In its conclusion, the Bureau recommended that servicers, originators, and loan holders review the findings and implement changes in their operations to ensure that the risks identified are thoroughly addressed.

Policies 146

Policies Compliance Payments Training 146

CFPB Monitor

APRIL 12, 2021

The rescission document notes that the rescinded statement recognized the impact of the COVID-19 pandemic on the operations of many financial institutions, including staffing and related resource challenges.

Policies 78

Policies Exercises Operations Regulation 78

PYMNTS

JUNE 9, 2017

Referring to those services, Epperson says the perspective outside the industry has been that financial services as a whole has focused on the user-facing products and services and on headlines generated by apps and the way payments are done. Re-Examining the ‘Culture of No’.

Innovation 109

Innovation Compliance Technology Data 109

PYMNTS

FEBRUARY 13, 2017

For merchants, conducting cross-border trade often means following another nation’s local rules around payment acceptance, compliance, taxes and physical requirements and a host of other factors that vary between borders. These things happen,” he said, referring to the Brexit vote. “As Political uncertainly and global trade.

Compliance 100

Compliance Taxes Regulation Operations 100

PYMNTS

AUGUST 21, 2019

In an interview with PYMNTS, Noel Flynn, CEO of ancora Software , pointed to a number of driving forces behind accounts payable automation, including the desire by executives to reduce operating costs. I like to refer to these as ‘common data elements in uncommon locations.’”. The Compliance Factor.

Data 116

Data Compliance System Course 116

Perficient

SEPTEMBER 29, 2020

Detailed user guides designed for specific roles and aligned with your PV Operational processes. Establishing not only case processing guidelines but having an early and thoughtful discussion on configuration of your system before it becomes out of control is a must for maintaining a well-functioning PV Operations team.

Guidelines 294

Guidelines System Data Report 294

Abrigo

JUNE 5, 2023

In addition, even before the recent banking troubles, regulators have emphasized the financial institution’s responsibility to provide leaders with information on key areas of planning, operations, and risk management. Visualizing the institution’s lending footprint can lead to improved targeting of growth areas.

Report 195

Report Risk Management Capital Data 195

PYMNTS

JUNE 4, 2020

APIs’ automation accelerates these transactions’ speeds, with critical steps like authentication and other security or compliance measures handled by them directly rather than redundant processes at each end of the payment. This customer-focused perspective could help ease banks’ operations beyond the field of B2B payments.

Security 151

Security Fraud Payments Compliance 151

PYMNTS

JUNE 11, 2018

Change across the regulatory compliance landscape is de rigueur, and global in scope. In reference to smaller-scale lending, the Comptroller of the Currency, Joseph Otting, has said that banks operating on a national scale, as well as federal savings and loan outfits, should make small dollar installment loans.

Regulation 100

Regulation Community Bank Lending Industry 100

Abrigo

DECEMBER 9, 2015

If you are following the large accounting industry news outlets, it’s no surprise that the role of an accountant has been, is currently and will continue to shift from compliance work to consulting engagements. Secondly, accountants are attached to their old systems, spreadsheets and service offerings. What services do I sell?

Industry 150

Industry Compliance Analytics Resources 150