Abrigo

MAY 15, 2020

Key Takeaways Like other federal relief programs, the PPP has become subject to fraud. The first federal charges of PPP loan fraud have been made – and they're unlikely to be the last. From 9/11 to Hurricane Sandy, and now, during COVID-19, federal relief funds aimed to help people rebuild after a disaster becomes subject to fraud.

Lending 195

Lending Rhode Island Fraud Los Angeles 195

PYMNTS

MARCH 20, 2020

FinTechs continue to push the envelope to see how far open banking frameworks can go in improving the SMB banking experience, and increasingly, SMB lending is shifting to the center of these collaborative efforts. “Regulation around open banking has certainly been of great benefit to businesses in the U.K., In the U.K.,

Lending 233

Lending Data User Experience Fraud 233

Jeff For Banks

AUGUST 14, 2022

In 2012 the Obama administration launched "Operation Choke Point" ("OCP") which was designed to ensure banks considered the risk of banking payday lenders that were engaged in abusive practices. But in January 2021, the new OCC announced it would pause the "Fair Access" rule that was intended to prevent another Operation Choke Point.

Operations 78

Operations Lending FDIC Industry 78

Abrigo

OCTOBER 17, 2023

Why change management is vital for banks and credit unions Regulators promote change management to manage risk, but banks and credit unions can also achieve important benefits when they manage change. This article describes recent comments by financial regulators about managing change.

Management 195

Management Lending Risk Management Strategy 195

Abrigo

DECEMBER 5, 2023

AML Compliance Ten qualities of a successful BSA officer Hiring a Bank Secrecy Act (BSA) Officer for a financial institution involves looking for a unique experience level and skillset that ensures compliance with the BSA and related regulations. You might also like this webinar , "Pros and cons of combining BSA and fraud departments."

Training 221

Training Compliance Regulation Software 221

PYMNTS

AUGUST 6, 2018

China has ordered a lockdown of Beijing’s financial district Monday (August 6) to prevent individuals from protesting a crisis in the peer-to-peer (P2P) lending marketplace. Leading up to the police action, investors have been withdrawing funds from P2P lending platforms amid a wave of defaults across the industry in China.

Lending 116

Lending Fraud Training Security 116

PYMNTS

OCTOBER 31, 2019

Shanghai regulators are ordering more than 40 peer-to-peer (P2P) lenders to get ready to close shop, the Financial Times (FT) reported on Thursday (Oct. China’s P2P sector emerged during a wave of deregulation and has operated with little oversight. Scandals also turned a negative spotlight on the P2P sector.

Regulation 100

Regulation Lending Meeting Fraud 100

PYMNTS

AUGUST 20, 2020

million SMBs operate across the country and account for 64 percent of new jobs. Only 35 percent of such businesses make it past their first decade in operation. SMB Lending Risks. One of the most pressing issues plaguing SMB lenders is the risk of fraud. Fraud targeting SMB lenders has increased by 7.3

Fintech 177

Fintech Fraud Lending Regulation 177

PYMNTS

SEPTEMBER 17, 2019

challenger bank Metro Bank, the financial institution is reportedly looking to reduce its corporate loan exposure and wind down commercial lending operations. The market shift follows a year of ups and downs for the financial institution marked by a high-profile accounting error, a valuation plummet and fraud investigations.

Metro 100

Metro Lending Fraud Capital 100

Abrigo

MAY 19, 2023

They should be knowledgeable of both sound lending practices and their own institution’s specific lending guidelines. In addition, they should be familiar with pertinent laws and regulations affecting credit and lending activities.

Training 195

Training Lending Risk Management Guidelines 195

Abrigo

MAY 24, 2023

“Without full access to the banking and payments system, legal cannabis businesses are forced to operate in the shadows,” said Sen. As such, companies are forced to operate in a cash-only model, which can result in robbery, money laundering, and organized crime. Sherrod Brown, D-Ohio, in the same hearing.

Lending 195

Lending Fraud Operations Ohio 195

Abrigo

APRIL 6, 2022

Takeaway 2 The change includes an obligation to inform regulators of a “notification incident” ASAP and no later than 36 hours after a reportable event occurs. Background Historically, the federal banking regulators required financial institutions to file two types of reports for certain cybersecurity incidents.

Security 195

Security Regulation District of Columbia United States 195

PYMNTS

JANUARY 9, 2020

China’s peer-to-peer (P2P) lending market is headed for more turbulence in 2020 as more of its popular platforms face potentially being shut down as the government tightens regulatory reins. Gansu, Hebei, Hunan, Chongqing and Sichuan were among Chinese provinces ordering a total shutdown of P2P lending in 2019. billion yuan (US$70.4

Lending 131

Lending Regulation Capital Industry 131

Abrigo

OCTOBER 14, 2022

Takeaway 3 Utilize regulatory guidance to understand regulators' expectations, which are likely to include consistent stress testing. They are having to outsource a lot and increase their operating expenses without any offsetting revenue and while dealing with supply chain issues.” Get to know regulator expectations and priorities.

Risk Management 195

Risk Management Management Policies Lending 195

PYMNTS

OCTOBER 4, 2019

Chase On Using Machine Learning To Crack Fraud’s Goldilocks Conundrum. The global threat of fraud shows no signs of slowing down. Losses related to fraud are valued at $14.7 billion, according to the most recent DataVisor Fraud Index Report. Mastercard: Fraud-Fighting’s New Mantra — Test, Protect, Prevent.

Fraud 108

Fraud Google Apple Chicago 108

PYMNTS

DECEMBER 13, 2019

The CEO of lending platform Fincera, Li Yonghui, was arrested on Friday (Dec. Fincera had been one of the biggest peer-to-peer (P2P) lending platforms in the Hebei province, before the industry as a whole was the subject of governmental crackdowns, and many firms had to close.

Lending 131

Lending Regulation Fraud Meeting 131

Jeff For Banks

APRIL 4, 2024

Such as direct lending funds, and insurance companies. Shadow Banking refers to banking-like operations that take place outside of the mainstream banking industry. Shadow bank lending is similar to bank lending but is not subject to the same regulations, and compensating deposit balace requirements.

Banking Trends 115

Banking Trends Trends Millennials Oregon 115

CFPB Monitor

SEPTEMBER 8, 2022

Although bank lending partnerships with fintechs continue to receive OCC attention, recent remarks by OCC officials indicate that OCC scrutiny is now also directed at partnerships outside of the lending arena. Mr. Hsu expressed significant concern about the safety and soundness implications of these developments.

Fintech 146

Fintech Risk Management Conference Lending 146

PYMNTS

DECEMBER 4, 2019

The rise in alternative small business lending players was first viewed as a competitive force against traditional financial institutions (FIs), although some legacy banks eventually embraced the new market entrants with partnerships and acquisitions to bolster their own small business lending activity. Despite the U.K.’s

Lending 131

Lending Fraud Tools Payments 131

PYMNTS

MARCH 8, 2019

Because of these new regulations, however, businesses of all types are seeing their relationships with their customers change. Having access to the data that they have with their banking partner allows us to accelerate that opt-in … It may have been different in the past when that data operability just didn’t exist.”.

Lending 135

Lending Data Security Regulation 135

FICO

FEBRUARY 28, 2018

But how can it best be used to fight application fraud? It was not much before Deep Blue, in 1992, that FICO pioneered the use of artificial intelligence and machine learning to fight credit card fraud. Fraud losses on US credit cards were reduced by over 70% since the introduction of FICO’s real-time anti-fraud analytics.

Fraud 69

Fraud Analytics Regulation Examples 69

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. Regulators review them to assess safety and soundness.

Report 195

Report Risk Management Capital Data 195

Abrigo

NOVEMBER 21, 2019

Key Takeaways Now is a good time to plan 2020 BSA/AML training and efforts to educate clients and colleagues about BSA and fraud red flags. Given the time constraints of our day-to-day operational responsibilities, we need to be selective in how we use any spare time to improve our BSA/AML programs and/or enhance our industry knowledge.

Compliance 195

Compliance Training Fraud US 195

Independent Banker

SEPTEMBER 25, 2014

The better prepared, the less likely they are to run afoul of the continually shifting regulations. Regulators and industry consultants agree that community banks are generally doing a great job handling their regulatory oversight and requirements. increased operational risks. Be aware of existing or emerging risk concerns.

Compliance 101

Compliance Regulation Community Bank Community 101

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. Don’t get complacent.

Compliance 109

Compliance FDIC Strategy Fintech 109

PYMNTS

JANUARY 23, 2020

Every day is now a delivery day at FedEx,” Raj Subramaniam, president and chief operating officer at FedEx, said in a statement, announcing expanded home delivery to include Sundays. A Wells Fargo regulator is planning a civil suit against 10 former company executives for their roles in its retail banking scandals. Fair Isaac Corp.,

Fraud 131

Fraud Community Bank Analytics Study 131

PYMNTS

DECEMBER 8, 2020

Jumio said the offering can reduce operational costs by as much as 90 percent, eliminate in-person visits and paper costs, and simplify archival processes. The company said its technology prevented one fraud attempt every 51 seconds during the month, totaling 22,000 thwarted attacks. About The Tracker .

Video 211

Video Report Meeting United States 211

PYMNTS

APRIL 25, 2016

Visa is determined to make EMV faster, Starbucks wants to make getting that cuppa joe faster, too, and is crushing it with mobile order ahead and the CFPB might be moving closer to having a fast exodus of the payday lending business once its rules drop. Overall, year over year, online fraud attacks have spiked 215 percent.

Lending 100

Lending Mobile Cards Fraud 100

Independent Banker

MAY 31, 2022

Fraud and cyber attacks are on the rise, and at great expense to the industry. Here are some ideas for strengthening fraud defenses. Fraud and cybercrimes continue to increase, causing challenges for community banks. Illustration by Cnythzl/iStock. By William Atkinson. Cybercrime could cost $10.5

Community Bank 134

Community Bank Community Fraud Texas 134

CFPB Monitor

JUNE 30, 2022

In addition, the OCC warns that banks face an “elevated” risk of cyber attacks and fraud or cybersecurity risks related to digital assets. The OCC devotes a paragraph to discussion of BSA/AML and OFAC concerns related to “environmental crimes.” The OCC then zeroes in on another perennial concern: fraud in government relief programs.

Compliance 78

Compliance Fraud Technology Operations 78

PYMNTS

JULY 23, 2018

Investors have been withdrawing funds from peer-to-peer lending platforms amid a wave of defaults across the industry in China. According to a report in the Financial Times , the move on the part of investors is causing some of the peer-to-peer lending platforms to collapse.

Industry 100

Industry Lending Fraud Online 100

Abrigo

APRIL 7, 2022

Today’s financial marketplace is challenged by increasing regulation, high expectations for fast and mobile financial services, and new fintech companies joining the already competitive arena. When two financial institutions come together, the AML and fraud compliance functions will need to be consolidated. BSA Rules and Regulation.

Compliance 195

Compliance Policies Fraud Analysis 195

PYMNTS

AUGUST 11, 2017

FBI documents have revealed a global financial network run by a senior Islamic State official that funneled money to an alleged ISIS operative in the U.S. The affidavit indicates that several other alleged operatives had been arrested in Britain and Bangladesh. through fake eBay transactions.

US 106

US Maryland social media United States 106

Gonzobanker

MAY 8, 2015

The annual LendIt conference was held last month at Times Square in New York City and GonzoLender descended boldly on the scene to evaluate the mysterious underbelly of digital lending. The lending attack on community banks and credit unions has been waged. LENDING VERTICALS. peer-to-peer or Marketplace) and lending vertical.

Conference 60

Conference Lending Community Bank Community 60

Abrigo

NOVEMBER 9, 2022

How has CECL implementation impacted their operations and reserves for credit losses? CECL's impact on operations. Use a software tool [and] ensure your auditors and regulators are in the loop on progress.” CECL Regulation. Fraud Prevention. Lending & Credit Risk. Process changes. Learn More. Whitepaper.

Survey 195

Survey Software Resources Meeting 195

CFPB Monitor

APRIL 11, 2022

A Connecticut federal district court has refused to dismiss claims filed by the CFPB against a mortgage company and three of its principals for alleged Truth in Lending Act (TILA), Mortgage Act and Practice (MAP) Rule, and Consumer Financial Protection Act (CFPA) violations.

Connecticut 78

Connecticut Company Regulation social media 78

Insights on Business

OCTOBER 3, 2018

These technologies bring capabilities that speed risk modeling, automate fraud detection, ensure regulatory compliance, enable distributed trust, and protect sensitive financial information. Transforming how financial institutions operate. Regulatory compliance today is a costly and labor-intensive business.

Industry 155

Industry Innovation blockchain Compliance 155