CFPB Monitor

APRIL 19, 2022

Attorney’s Office for the Eastern District of Virginia. This lawsuit should serve as a stark reminder to the industry to ensure compliance with statutes and regulations protecting servicemembers or otherwise run the risk of swift retribution by the DOJ. On April 15, 2022, the U.S.

Virginia 78

Virginia Compliance Regulation Industry 78

Abrigo

SEPTEMBER 7, 2023

District Court case in Virginia. A robust model validation program to independently review these settings should be part of the compliance program and your institution’s model risk management. The plaintiff is a construction company that fell victim to ACH fraud initiated by business email compromise.

Fraud 221

Fraud Training System Trends 221

PYMNTS

NOVEMBER 15, 2018

million to a Virginia company to handle “large cash payments for processing cannabis federal taxes.”. The Internal Revenue Service (IRS) is paying $1.7 According to Quartz , the U.S. government collected approximately $4.7 billion in taxes last year on nearly $13 billion in revenue from legal cannabis companies.

Taxes 208

Taxes Denver Colorado Virginia 208

American Banker

JANUARY 26, 2024

The Virginia bank is one of three that have been publicly admonished by regulators this week due to problems related to their banking-as-a-service programs.

Virginia 31

Virginia Regulation Technology Compliance 31

American Banker

OCTOBER 16, 2023

Billy Beale joined the small Virginia bank in May, several months after its fintech partnership strategy landed it in hot water with regulators. There's still a lot of just blocking and tackling that we've got to do to get the bank to work the way it's supposed to," he says.

Virginia 41

Virginia Regulation Strategy Fintech 41

CFPB Monitor

MARCH 8, 2022

Following the lead of California, Colorado, and Virginia, Utah is set to become the fourth state to pass a comprehensive privacy law. The UCPA closely resembles the Virginia Consumer Data Privacy Act, but with some interesting changes. As of March 4, the Utah Consumer Privacy Act ( SB 227 ) cleared both houses of the Utah legislature.

Utah 78

Utah Virginia Colorado California 78

American Banker

NOVEMBER 1, 2023

Citing the need to conserve capital, Blue Ridge Bankshares indefinitely extended a dividend suspension that it announced in July. The bank remains well-capitalized, but it saw its ratios shrink in the third quarter.

Virginia 36

Virginia Capital Compliance Regulation 36

Independent Banker

AUGUST 31, 2022

Community banks can get up to speed on current legislation and regulations to both protect their customers from unauthorized or false deposit account transactions and to prevent them from happening in the future. The primary resource for deposit account error resolution is Regulation E—the Electronic Funds Transfer Act (EFTA).

Community Bank 91

Community Bank Regulation Community Training 91

CFPB Monitor

MAY 4, 2022

The CTDPA follows the form and content of other privacy laws passed in the prior year, including the Colorado Privacy Act (CPA), Virginia Consumer Data Protection Act (VCDPA), and Utah Privacy Act (UPA). The law now awaits the Governor’s signature. Biometrics. Conclusion.

Connecticut 148

Connecticut Utah Colorado California 148

American Banker

OCTOBER 10, 2023

Blue Ridge Bank in Virginia changed course after its rapid growth in the fintech partnership business landed it in hot water. But the path back to a traditional community banking model is also proving to be bumpy.

Virginia 45

Virginia Fintech Community Bank Community 45

American Banker

OCTOBER 7, 2022

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West Virginia 69

West Virginia Virginia Compliance Regulation 69

PYMNTS

DECEMBER 27, 2019

Laws enabling remote sales taxes mean retailers must now navigate each state’s policies, so they are no longer able to dodge compliance expenses and shield their consumers by lacking physical presences in states that tax these items. NorthShore’s sales tax compliance costs wipe out approximately 1 percent of its sales revenue, Greenberg said.

Taxes 146

Taxes Policies Compliance Retail 146

American Banker

DECEMBER 7, 2023

The bank in Richmond, Virginia, failed to properly disclose its overdraft practices to roughly 8,500 consumers who enrolled by phone or in branches from 2017 to 2020, according to the Consumer Financial Protection Bureau. The company admitted no wrongdoing.

Virginia 36

Virginia Company Compliance Regulation 36

Independent Banker

FEBRUARY 24, 2016

Customer complaint management, now considered a component of a bank’s compliance management, has become a rest stop during compliance exams. The general expectation of the regulators is reflected in the FDIC’s Compliance Examination Manual, in Section II–3.4: “An institution should be prepared to handle consumer complaints promptly.

Compliance 70

Compliance Regulation Community Bank Virginia 70

Abrigo

DECEMBER 16, 2019

Regulators, investors, and other stakeholders will be watching and listening for updates on the impacts of the accounting change. Be willing to change as needed. . All eyes will be on the large SEC registrants in January as they become the first financial institutions to adopt the current expected credit loss model , or CECL.

West Virginia 195

West Virginia Virginia Data Community 195

Abrigo

AUGUST 22, 2019

Ongoing training is at the very heart of a satisfactory Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program in financial institutions. 5 in Richmond, Virginia Oct. Networking is especially important for BSA officers to be able to stay informed. 16 in Chicago, Illinois Oct. 21 in Houston, Texas Nov.

Training 150

Training Las Vegas Alabama Minneapolis 150

Independent Banker

AUGUST 25, 2016

Audit to check and balance the compliance management process. While the saying irritated the Russians to distraction, the phrase can be a useful reminder for the essential role that effective auditing plays in the compliance process. In compliance management, the process is only as effective as the bank’s efforts to.

Compliance 70

Compliance Training Community Bank Regulation 70

Independent Banker

OCTOBER 29, 2014

New BSA guidance reinforces having an appropriate ‘culture of compliance’. Community bank compliance professionals know three things about effective compliance management: It starts at the top. As a result, most compliance officers were likely not surprised by the August 2014 “Advisory to U.S. By Mary Thorson.

Compliance 80

Compliance Leadership Resources Virginia 80

American Banker

JANUARY 3, 2022

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Virginia 73

Virginia Compliance Regulation 73

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

Independent Banker

DECEMBER 13, 2015

New Military Lending Act regulations kick in next fall. 1, 2015, and compliance with the rule is required by Oct. Credit card accounts are exempt from compliance until Oct. Transactions not covered by Regulation Z are excluded from coverage under the rule. 3, 2016, compliance date. By Mary Thorson Wright.

Lending 70

Lending Compliance Regulation Virginia 70

American Banker

NOVEMBER 5, 2021

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Virginia 58

Virginia Community Bank Community Compliance 58

American Banker

AUGUST 9, 2022

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Virginia 69

Virginia Compliance Regulation 69

Independent Banker

AUGUST 25, 2016

Designate a compliance officer. As a result, BSA/anti-money laundering compliance programs will have to include ongoing customer due-diligence procedures covering the beneficial owners. Mary Thorson Wright , a former Federal Reserve manager, is a financial writer in Virginia. Establish an ongoing employee training program.

Compliance 70

Compliance Community Bank Training Virginia 70

American Banker

JANUARY 21, 2022

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Virginia 69

Virginia Compliance Lending Regulation 69

Jeff For Banks

NOVEMBER 24, 2019

September 1st, 1999, regulators from the Federal Deposit Insurance Corp, at the behest of the Office of the Comptroller of the Currency, descended on a small coal mining town in Keystone, West Virginia. Clearly, blue-suit regulators stood out. All from Keystone, West Virginia. He set the tone for antagonizing regulators.

National 78

National West Virginia Virginia Pennsylvania 78

CFPB Monitor

JUNE 2, 2022

In a surprising development, the California Privacy Protection Agency (CPPA) published proposed amendments to the CCPA regulations recently. The proposed amendments—which in effect are the draft CPRA regulations—were issued without advance notice, ahead of the schedule previously announced by the CPPA. .

Regulation 78

Regulation California Exercises Compliance 78

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. CCPA was modeled closely after the European Union’s General Data Protection Regulation (GDPR).

Data 91

Data How To Community Bank California 91

CFPB Monitor

SEPTEMBER 10, 2020

The DBO indicated that it “is investigating whether LoanMart’s role in the arrangement is so extensive as to require compliance with California’s lending laws. While several states oppose the preemption of state usury laws in the context of bank/nonbank partnerships, federal banking regulators have taken a different stance.

Utah 78

Utah California FDIC West Virginia 78

American Banker

NOVEMBER 17, 2016

Carter Bank in Virginia had been enjoying record profit until it was ordered to beef up Bank Secrecy Act compliance. The institution is the latest community bank to take a hit from enhanced oversight.

Virginia 28

Virginia Community Bank Community Compliance 28

CFPB Monitor

MARCH 15, 2022

The OCC’s attempt to provide a clear bright line test for determining when a bank is the “true lender” in a bank-model program through a regulation was overturned by Congress under the Congressional Review Act.) Maryland, New York, North Carolina, Ohio, Pennsylvania, West Virginia, and Colorado.

California 78

California Innovation Utah West Virginia 78

PYMNTS

JUNE 14, 2018

A certain amount of anonymity must be sacrificed to meet regulations like anti-money laundering (AML) compliance standards. Mezu promises anonymity, but to comply with laws and regulations, it must collect some information from users, even if that personal data is never shared or sold. Challenges.

Tools 118

Tools Virginia Cards Payments 118

PYMNTS

JUNE 24, 2016

This week it was Minnesota, and then yesterday Walmart really got warmed up and announced the expansion of their new payments service in: Michigan, Virginia, the Carolinas, Indiana, Iowa, Kentucky, Nebraska, North Dakota, South Dakota, Tennessee, Louisiana, Missouri, Mississippi and Washington, D.C. A pretty clear-cut sizzle. Costco Card.

Lending 101

Lending Online South Dakota North Dakota 101

Gonzobanker

DECEMBER 17, 2021

Goes to Larry Mazza and the crew at MVB Bank in West Virginia. 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. regulated financial institutions!

Fintech 148

Fintech Strategy Leadership Lending 148

PYMNTS

NOVEMBER 26, 2019

Businesses depend on the public services tax revenues pay for: roads that facilitate deliveries, courts where firms resolve legal disputes and regulators that help protect businesses from fraud. Wayfair ruling have made tax compliance challenges highly visible. Wayfair ruling have made tax compliance challenges highly visible.

Taxes 141

Taxes South Dakota District of Columbia Compliance 141

PYMNTS

MAY 31, 2016

But psychologists at the University of Virginia, who’ve tracked a bunch of cool kids between the ages of 13 and 22 over a 10-year period, recently threw a bit of shade on the whole cool kid’s phenomenon. And the very pragmatic advice to make friends with a cool kid in order to fast track admission to the exclusive cool kid’s club.

San Francisco 100

San Francisco Meeting Video Course 100

Independent Banker

JANUARY 31, 2023

Learn what this means for the industry and how community banks can stay in compliance. Sound compliance management requires consistent written disclosures, procedures and actual practices. Illustration by Jozefmicic/Adobe The CFPB recently issued new guidance on overdraft fees that was unanticipated by community banks.

Community Bank 91

Community Bank Community Compliance Regulation 91