Gonzobanker

JUNE 14, 2023

Cross River Bank recently found itself in hot water with the FDIC when the agency declared that the bank engaged in unsafe or unsound banking practices in relation to its compliance with fair lending laws and regulations, specifically the Equal Credit Opportunity Act and the Truth-in-Lending Act. If only it were so easy.

Compliance 109

Compliance FDIC Strategy Fintech 109

South State Correspondent

JANUARY 16, 2024

BSBY was not well received by US regulators from its inception, but the market eventually embraced SOFR over BSBY. Unfortunately, some banks adopted BSBY as one of their preferred indexes and in doing so created risk in derivatives and operations. No additional reporting or regulatory compliance for the lender or the borrower.

Community Bank 195

Community Bank Community Compliance CA 195

Payments Source

MAY 31, 2019

It's a multibillion-dollar industry in a state of payments-regulation limbo and as a result, the U.S. cannabis business has mainly operated on a cash basis.

Case Study 123

Case Study Study Maine Regulation 123

Insights on Business

JANUARY 23, 2017

Today, banks are dealing with an overwhelming morass of regulations – more than 20,000 new ones in 2015 alone. By the year 2020, there may be 300 million pages of banking regulations. Wouldn’t it be nice if the specific regulations that applied to your business were highlighted? We call it cognitive compliance.

Compliance 70

Compliance Regulation Training Study 70

PYMNTS

APRIL 24, 2019

Regulators want to have a greater stake in the way sharing platforms operate. Many of these regulators also now expect sharing and payment services to comply with shifting data regulations, like GDPR. A reclassification could lead to significant changes in how the mobile payment service can operate in the country.

Marketing 179

Marketing Regulation Case Study Security 179

PYMNTS

JULY 21, 2020

Open banking is appealing to financial institutions (FIs) and regulators in many markets, even as the pandemic sweeps across the world. Regulators in other regions, including Latin America, are also shaping and announcing plans to enable open banking and better support digital financial systems.

Mobile 229

Mobile Report America Regulation 229

PYMNTS

FEBRUARY 26, 2020

Back then, FinTechs asked for forgiveness instead of permission, rushing headlong into markets, disrupting them and operating in newly invented spheres of finance that regulators barely understood. For a case study in the new privacy rules at scale, people are looking to China and its Multi-Level Protection Scheme 2.0

Regulation 130

Regulation Case Study Fraud Study 130

PYMNTS

AUGUST 9, 2019

Yet this was compliance-ready, not operationally ready. Additionally, they see potentially 25 to 30 percent of transactions being declined in the short term unless a compliance timeline is agreed upon. . But it’s the retailers that are going to be affected if they don’t comply with new regulations. 14 deadline.

Compliance 152

Compliance Regulation User Experience Retail 152

South State Correspondent

OCTOBER 26, 2023

As can be seen, the conference largely revolved around payments, artificial intelligence, fintech partnerships/management, regulation, and fraud/identity in its various forms. The discussions were healthier, more compliance-focused, and with little expectations that banks were going to offer crypto to their customers any time soon.

Conference 221

Conference Las Vegas Fraud Case Study 221

Bobsguide

JUNE 10, 2022

The incoming EMIR Refit regulation will increase sell-side and investment firms’ reporting requirements to a level where submitting new data fields and new combinations of actions and events could cause significant delays and run the risk of fines, a study from Acuiti has found.

Regulation 88

Regulation Resources Study Compliance 88

PYMNTS

FEBRUARY 24, 2020

Financial institutions (FIs) and merchants from other regions have been dipping their toes into the Chinese market, but open banking has compounded the difficulty involved in setting up operations. The country’s government and regulators are keeping pace with those in the European Union and the U.S. The law is still ambiguous.

Regulation 160

Regulation Policies Data Compliance 160

PYMNTS

APRIL 26, 2018

is only weeks away from bringing its Global Data Protection Regulation (GDPR) rules into effect, and corporates are ill-prepared for the data security requirements, according to new research. Seventy-one percent said they are aware noncompliance could be detrimental to their companies’ international operations.

Data 148

Data Compliance Survey Regulation 148

Insights on Business

FEBRUARY 14, 2019

Many financial services organizations are struggling to manage their risk and compliance exposure in the face of ever-increasing challenges. Massive volumes of regulations are being developed across global financial market segments. ” In a case study presentation titled, “Managing IT Risk with IBM OpenPages with Watson 8.0

Compliance 125

Compliance Risk Management Case Study Meeting 125

Abrigo

JANUARY 24, 2024

A second fraud management and prevention consideration for credit unions is that FedNow will operate around the clock every day of the year. For example, an ATM scheme that operated through July 2023 targeted credit unions in six states, stealing nearly $6 million. According to news reports, one credit union alone had more than $1.7

Fraud 222

Fraud Payments Software Policies 222

PYMNTS

DECEMBER 11, 2019

“We had to deal with credit and trust issues very quickly,” he said, echoing other FinTech leaders and entrepreneurs who operate in the Middle East and in the Gulf countries. “We Regulators the world over are beginning to take a closer look at the alternative and marketplace lending business model. More Focus on P2P Lending.

Fintech 144

Fintech Lending Regional Regulation 144

PYMNTS

JULY 12, 2018

New York’s Department of Financial Services is recommending that online lenders are subjected to the same scrutiny and regulations that traditional banks face. Cuomo on June 1, 2017, required DFS to study online lending in New York State and submit a report of its findings. A bill signed by Governor Andrew M. Superintendent Maria T.

Online 100

Online New York Lending Regulation 100

BankUnderground

MAY 15, 2024

These models form the bedrock of revolutionary technologies like large language models (LLMs), opening up new ways for regulators, such as the Bank of England, to analyse text data for prudential supervision and regulation. Analysing text data forms a core part of regulators’ day-to-day work.

Training 68

Training Regulation Policies Data 68

Chris Skinner

JANUARY 26, 2017

I was surprised the other day when I met Pawel Kuskowski, CEO and Co-founder of Coinfirm, a start-up firm offering Compliance-as-a-Service.

Compliance 150

Compliance Training Operations Case Study 150

Insights on Business

FEBRUARY 15, 2018

New methodologies and technologies such as artificial intelligence are empowering firms to finally gain control of their risk and compliance efforts. Transforming the way compliance departments operate to meet the new reality requires an investment in technology.

Las Vegas 87

Las Vegas Compliance NV Meeting 87

PYMNTS

MAY 30, 2018

Banks, he noted, have to be compliant with a host of extremely stringent regulations, and often across multiple jurisdictions – all with different rules. There are a lot of market factors and regulations that are pushing banks – but they certainly don’t like it when they see firms like Apple, Google and Samsung operating customers’ wallets.”.

Fintech 160

Fintech Regulation Compliance Innovation 160

Insights on Business

JULY 30, 2019

Regulators in the US and across the globe are supporting and even encouraging experimentation with new ways to handle financial crime detection, operations and management. As regulators see the initial application of AI in some firms, they will begin expecting it at others. But the most important statistic was 87%.

Study 107

Study Survey Regulation System 107

PYMNTS

DECEMBER 11, 2020

Invisible” is the operative word here, as the tsunami of remote onboarding triggered by COVID lockdowns has given fraudsters yet more cover to add to their anonymity. Online account openings increased by as much as 15 percent when social distancing mandates were implemented, and one study revealed that 73 percent of U.S.

Video 204

Video Security National Digital Banking 204

PYMNTS

JANUARY 29, 2019

Much of that spend (nearly one-third, by Gartner accounts), will go toward investment in consulting and implementation services as companies seek guidance for changing cybersecurity regulations like GDPR in Europe. Less than half of IT professionals in the U.S.

Training 148

Training Survey Compliance Data 148

PYMNTS

FEBRUARY 28, 2019

The digital platform provides hiring, training, compliance management and payroll solutions to its clients, and is geared toward the facilities management, private security and logistics industries, to name a few. To read the Case Study, download the Playbook. Further east, Airbnb is taking off in South Korea, with a reported 2.9

Payments 183

Payments User Experience Training Case Study 183

PYMNTS

MAY 23, 2018

A February 2018 study from the Federal Reserve Bank of Minneapolis found that 75 percent of American financial institutions incurred losses due to fraud last year. Governments and regulators around the world are also stepping into the fight against fraud. Notable Digital ID News. DPAs Prepare for Looming GDPR Deadline .

Trends 125

Trends Strategy Minneapolis Fraud 125

Gonzobanker

APRIL 28, 2016

The amount of regulation in the financial industry is staggering and has understandably been top of mind for most CEOs. My colleagues (shout out to Vincent Hui and Kaleb Seymour ) and I conducted a study for the credit union industry to determine the impact of regulation. Everyone go search “BSA” on Google!

Regulation 60

Regulation Management Community Bank System 60

PYMNTS

DECEMBER 12, 2018

watchdog, released the findings of a study Wednesday (Dec. In a press release announcing the results, the FCA said that despite growing public awareness about cybersecurity and increased regulation placed on companies, the board members of scores of companies have a limited understanding of the risks. ”

Security 124

Security Management Study Compliance 124

Independent Banker

JULY 28, 2016

Establishing a comprehensive Compliance Management System. Does it sound like “reality compliance”? The demands of managing regulatory compliance are uncontested, and depending on the disposition of the participants inside and outside of the bank, compliance management exists with varying degrees of problems and adversity.

Compliance 70

Compliance Training Community Bank Regulation 70

FICO

FEBRUARY 14, 2017

I’m going to explore the impact advanced analytics can have on the current state of regulatory compliance. At our FICO TONBELLER User Group , we shared Baker & McKenzie’s view on the use of AI for financial crime compliance: At FICO TONBELLER , we have a head start. That’s what a compliance officer is looking for.

Analytics 40

Analytics Compliance Meeting System 40

PYMNTS

SEPTEMBER 28, 2020

They also need to collect and verify vendors’ details to comply with anti-crime regulations, adhere to tax reporting requirements and deliver convenient digital payments to these suppliers. Smooth B2B operations depend on robust data gathering, but many companies rely on manual methods to collect information and complete supplier enrollment.

Data 166

Data Management Taxes Meeting 166

FICO

MAY 20, 2021

In my Financial Crimes Predictions 2021: More AI & Ransomware post , I talked about how banks will move to operationalize their Anti-Money Laundering (AML) compliance programs to achieve greater efficiencies and how robotic process automation (RPA) adoption will drive the paradigm shift. Source: FICO customer case study.

Compliance 52

Compliance United States Study Case Study 52

Insights on Business

JULY 30, 2019

Regulators in the US and across the globe are supporting and even encouraging experimentation with new ways to handle financial crime detection, operations and management. As regulators see the initial application of AI in some firms, they will begin expecting it at others. But the most important statistic was 87%.

Study 79

Study Survey Regulation System 79

PYMNTS

MAY 26, 2017

In a recent study professional services company Accenture did with benchmark provider McLagan on the blockchain technology’s operational impact on businesses, it was found that there was quite a large amount of savings that could be reached for financial institutions. years away) if blockchain technology were implemented.

blockchain 117

blockchain Bitcoin cryptocurrency System 117

FICO

DECEMBER 21, 2016

That means 2017 should be a risky year from a compliance standpoint. To help in those efforts, regulators are requiring firms to improve their KYC programs with more detailed data and advanced analytics. Today, it’s really only Tier 1 banks that use analytics in AML, KYC and tax compliance areas. We expect that to change.

Compliance 40

Compliance Analytics Taxes Groups 40

PYMNTS

SEPTEMBER 18, 2018

In addition, the “digital sandbox” will, in part, focus on regulatory compliance and — as is typical of such testing environments — allow an operating license to be granted in the wake of a proven business model. Announcements came Monday (Sept. Startup accelerators are in place. While In New York, New York….

Fintech 166

Fintech New York US National 166

Abrigo

APRIL 21, 2023

Kirby “If you do it correctly, you can shrink your scope size and look at riskier portfolios,” said Kent Kirby, a retired banker with 39 years of experience in all aspects of commercial banking: lending, loan review, back-room operations, credit policy, portfolio management, and portfolio analytics.

Lending 195

Lending Risk Management Software System 195

Insights on Business

SEPTEMBER 8, 2016

Late last year, I read an article in the Financial Times that said there were three possible reasons for the turmoil in the worldwide banking industry: a blip induced by excessive regulation, a return to normal after an exceptional pre-crisis boom, or the slow death of banking. This is what I mean by operating at a strategically lower cost.

Study 70

Study social media Compliance Operations 70