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

Perficient

MAY 27, 2022

Of particular significance is that in Virginia, banks may offer this service in either a fiduciary or non-fiduciary capacity. In addition, the classification of cryptocurrencies as securities can create a unique compliance burden for SEC-registered investment advisers (RIAs) trading these instruments.

cryptocurrency 332

cryptocurrency Regulation Management Bitcoin 332

Bank Innovation

APRIL 26, 2019

In Richmond, Virginia, finance job openings grew 31.3% Demand for bankers and financial services workers appears to be waning following a wave of cutbacks at the start of the year. But a few cities are bucking the trend with double-digit growth in finance employment opportunities.

Virginia 170

Virginia Trends Operations Marketing 170

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

CFPB Monitor

FEBRUARY 16, 2022

Connecticut , Missouri , New Jersey , North Carolina , and Virginia previously introduced bills requiring small business commercial disclosures which are in various stages of implementation, with Missouri differing from the other jurisdictions in that its proposed legislation does not require disclosure of the annual percentage rate.

North Carolina 78

North Carolina Missouri Maryland Mississippi 78

Abrigo

JUNE 27, 2023

The institutions are the ones shouldering the costs of compliance, examinations, and fines. Reporting Since the real estate industry was exempted from AML requirements in 2002, the onus has been on financial institutions to identify and report suspicious or fraudulent activity.

El Paso 195

El Paso Miami United States New York City 195

American Banker

OCTOBER 7, 2022

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West Virginia 69

West Virginia Virginia Compliance Regulation 69

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

PYMNTS

JUNE 20, 2019

The settlement was reached on Thursday (June 20) in a Virginia federal court. Walmart valued international growth and cost-cutting over compliance,” Charles Cain, Chief of the SEC Enforcement Division’s FCPA Unit. The SEC will get $144 million and the DOJ will get $138 million to settle the criminal bribery charges.

Virginia 108

Virginia Compliance New York System 108

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

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 32

Virginia Regulation Technology Compliance 32

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

DECEMBER 5, 2022

CarMax has 180 days to implement these practices, and has agreed to compliance monitoring for a period of five years. Additionally, CarMax is prohibited from directly or indirectly stating in marketing, advertising, or during sale (including vehicle labeling) that a vehicle is “safe” or has been repaired for “safety issues.” .

Rhode Island 78

Rhode Island West Virginia South Carolina North Carolina 78

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.

Connecticut 148

Connecticut Utah Colorado California 148

PYMNTS

AUGUST 1, 2019

Although the investigation came around at the same time a Seattle woman hacked a database of credit-card issuer Capital One Financial that was stored on the eCommerce giant’s cloud server, examiners were reportedly not aware of the breach when they visited Amazon’s Virginia facility.

Regulation 108

Regulation Washington Virginia Seattle 108

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

JANUARY 3, 2022

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Virginia 73

Virginia Compliance Regulation 73

Abrigo

DECEMBER 16, 2019

MST Loan Loss Analyzer (which Summit uses) and Sageworks ALLL , Abrigo’s Allowance for Loan and Lease Losses (ALLL)/CECL solutions, have been identified by the ABA as best-in-class solutions that meet the operational needs of financial institutions as they prepare for CECL compliance deadlines. Assess data first, then move to methodology.

West Virginia 195

West Virginia Virginia Data Community 195

American Banker

NOVEMBER 5, 2021

(..)

Virginia 58

Virginia Community Bank Community Compliance 58

American Banker

AUGUST 9, 2022

(..)

Virginia 69

Virginia Compliance Regulation 69

American Banker

JANUARY 21, 2022

(..)

Virginia 69

Virginia Compliance Lending Regulation 69

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

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

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

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

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. Cost for these regional meetings is $100, and dates and locations are: Sept. 16 in Chicago, Illinois Oct. 21 in Houston, Texas Nov.

Training 150

Training Las Vegas Alabama Minneapolis 150

Independent Banker

AUGUST 31, 2022

No discussion of bank compliance would be complete without mention of the Unfair, Deceptive or Abusive Acts or Practices (UDAAP) Act. Mary Thorson Wright is a writer in Virginia. UDAAP considerations. UDAAP is the “shape shifter” of regulatory rules.

Community Bank 91

Community Bank Regulation Community Training 91

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

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

MARCH 21, 2016

A dozen banks from Arkansas to Virginia are nearing $10 billion in assets, where they will face higher compliance costs and caps on interchange fees. Mergers among those institutions could create a new class of regional bank.

Arkansas 28

Arkansas Virginia Regional Compliance 28

Independent Banker

DECEMBER 13, 2015

1, 2015, and compliance with the rule is required by Oct. Credit card accounts are exempt from compliance until Oct. 3, 2016, compliance date. Mary Thorson Wright , a former Federal Reserve managing examiner, is a financial writer in Virginia. The effective date of the final rule was Oct.

Lending 70

Lending Compliance Regulation Virginia 70

PYMNTS

JULY 26, 2016

“Public disclosure of unverified consumer complaint narratives raises significant consumer privacy issues and risks tarnishing the reputation of individual companies,” said Virginia O’Neill, senior vice president of the American Bankers Association’s Center for Regulatory Compliance.

Virginia 100

Virginia Comparison Compliance Fraud 100

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. All from Keystone, West Virginia. The town, already depressed from coal's decline, had a population of 600. billion in assets.

National 78

National West Virginia Virginia Pennsylvania 78

CFPB Monitor

DECEMBER 19, 2014

Mishkin As part of this week’s flurry of enforcement-related announcements, the CFPB announced the settlement of a lawsuit filed jointly with the Attorneys General of North Carolina and Virginia against Freedom Stores, Inc.

North Carolina 74

North Carolina Retail Company Virginia 74

CFPB Monitor

MARCH 15, 2022

Given such continuing threats, non-bank participants would be well-advised to revisit their vulnerability to “true lender” challenges and their compliance with state licensing laws. Maryland, New York, North Carolina, Ohio, Pennsylvania, West Virginia, and Colorado. The DFPI is not alone in asserting a “true lender” claim.

California 78

California Innovation Utah West Virginia 78

FICO

APRIL 3, 2019

Most of the issues with procure-to-pay compliance arise because many staff reviewing transactions are more focused on completing their review than on the quality of the review. This article from the State of West Virginia is a perfect example: "More than 17% of Purchase Card transactions lacked sufficient documentation".

Analytics 45

Analytics West Virginia Virginia System 45