Abrigo

AUGUST 5, 2020

is officially in a recession, according to the National Bureau of Economic Research. Now, banks and credit unions must determine how to safely and effectively manage risk in the portfolio while also driving growth at their institution. The national effects remain opaque and will continue to change – do not get complacent.

Management 195

Management Risk Management Trends Industry 195

PYMNTS

AUGUST 30, 2018

China is struggling to bridge its small businesses to financing for growth, with broader fiscal policy at odds with the initiative, according to reports. The publication pointed to the government’s conflicting policy of stricter lending rules as one reason why efforts to boost small business loan volumes hasn’t taken off.

Policies 100

Policies Lending Regulation Community 100

PYMNTS

MAY 7, 2018

China introduced new tax initiatives aimed at bolstering the nation’s entrepreneurs, according to local news reports on Friday (May 4). Vice finance minister Cheng Lihua introduced seven new tax policies during a press conference Friday, with the goal of saving small businesses $9.45 billion a year, reports from Xinhua said.

Taxes 100

Taxes Policies Conference Training 100

PYMNTS

MARCH 3, 2020

In today’s top news, Apple manufacturer and supplier Foxconn has returned to production, the Department of Justice charged two Chinese nationals with laundering over $100 million in cryptocurrency, and TurboTax’s deal to buy Credit Karma has sparked antitrust concerns. Two Chinese Nationals Charged With Laundering $100M In Crypto.

Apple 132

Apple National cryptocurrency Payments 132

Abrigo

NOVEMBER 2, 2021

On January 1, 2021, the Senate voted into law the National Defense Authorization Act (NDAA). One of AMLA's primary objectives is for financial institutions to spend time doing what is truly necessary for detecting criminal activity and not spin their wheels with policies and procedures on tasks that bring no benefit to law enforcement.

Compliance 195

Compliance Regulation Resources Policies 195

PYMNTS

SEPTEMBER 27, 2019

The association meant to manage and handle the debut of Facebook’s proposed cryptocurrency Libra has been dealing with some setbacks involving its acceptance, especially from Germany and France, who say they won’t allow the currency to move forward. We are not in the area of implementing any monetary policy with the (Libra) reserve,” he said.

cryptocurrency 158

cryptocurrency Regulation National Conference 158

PYMNTS

AUGUST 29, 2017

federal and state laws require financial institutions to set policies and procedures to detect and prevent illicit money transfers, including screening customers and reporting suspicious transactions to regulators. The Pakistan bank said it will “vigorously contest” the fine in U.S. That bank still has a New York branch.

New York 102

New York Regulation Compliance United States 102

Abrigo

JULY 16, 2021

Takeaway 1 FinCEN published its first list of priorities for AML/CFT policy, as required by the Anti-Money Laundering Act of 2020 (AMLA). Takeaway 2 Regulations haven't been written, but there are steps community financial institutions can take now to prepare. financial system. Would you like others articles like this in your inbox?

Community 195

Community Regulation Training Policies 195

PYMNTS

DECEMBER 29, 2020

“Though the industry moved to enable interoperability of mobile wallets in 2018, this is limited to only P2P payments, and is yet to be expanded to both merchant and agent interoperability and even to work seamlessly at P2P,” according to the draft of the Kenya National Payments System 2021-2025 report.

National 160

National Policies Mobile Payments 160

Abrigo

JULY 21, 2021

Key Priority: Foreign and Domestic Terrorist Financing Among FinCEN's first list of key priorities for AML/CFT policy is detecting, reporting, and preventing foreign and domestic terrorism. You may find their 2020 publication of the National Strategy for Combating Terrorist and Other Illicit Financing 2 to be quite informative.

Training 195

Training National Strategy Regulation 195

Abrigo

MARCH 24, 2021

Anti-Money Laundering Act of 2020 BSA professionals should prepare for changes as new regulations and guidance from FinCEN unfold. Takeaway 2 While the AMLA is now law, regulations, guidance, and other information still needs to be written. These include conducting studies, writing regulations, and publishing guidance.

Regulation 195

Regulation Training Study Policies 195

Abrigo

FEBRUARY 8, 2022

Takeaway 2 NBFIs should ensure their AML programs are sound and pass the scrutiny of FinCEN and their primary regulators. Stay up to date on regulations affecting NBFIs and other BSA trends. Below are 10 things NBFIs should do to ensure their AML programs are sound and pass the scrutiny of FinCEN and their primary regulators.

Compliance 195

Compliance Training Regulation Fraud 195

PYMNTS

JULY 11, 2019

Lawmakers went on the assumption that reforming federal marijuana laws is a given and used the hearing to discuss regulation. Proposals introduced this session ranged from legislation allowing states to set their own policies to bills that would fully deschedule cannabis and include social equity provisions. “It Karen Bass, D-Calif.

Policies 199

Policies Washington America Meeting 199

BankUnderground

JUNE 29, 2023

This post explores how the funding choices of banking systems and corporates affected their resilience during the early stages of Covid and whether subsequent policy actions were effective at mitigating financial stress. Each of these episodes also raised questions about the impact of the extensive post-2008 regulatory reforms.

Policies 83

Policies Regulation US Analysis 83

CFPB Monitor

JULY 12, 2022

However, regulators themselves have been criticized for encouraging de-risking by driving highly risk-adverse decisions by FIs, who are unwilling to take the chance and assume the compliance costs of doing business with specific customers who may in fact be “legitimate,” but whose risk profile is deemed to be high due to their group affiliation.

Regulation 78

Regulation ATM Operations Policies 78

PYMNTS

JANUARY 7, 2021

The World Health Organization (WHO) is warning that Europe is likely entering into the “acute” phase of the COVID-19 pandemic as nations scramble to quell the latest surge in infections. The approval is the second by European regulators, who greenlighted a vaccine developed by Pfizer and Germany’s BioNTech last month.

National 195

National Regional United States Policies 195

PYMNTS

FEBRUARY 15, 2018

He said that in his own state of Washington, state regulators have been looking at those issues for some time to determine the possibility of some sort of reciprocity or sharing of information. “It The pilot being run with those initial seven states will provide some answers for how state regulators can streamline the process.

Washington 101

Washington Regulation Conference Fintech 101

Perficient

JUNE 5, 2020

Secure software practices are at the heart of all system development; doubly so for highly regulated industries such as health-care providers. Intake, Construction, Release Management), and DevOps pipeline tooling. Secrets Management. For example, if a developer creates a user interface element (i.e. Third Party Component.

Compliance 332

Compliance Security Software System 332

CFPB Monitor

OCTOBER 4, 2022

Lakeland’s pattern or practice of discrimination was intentional and willful and implemented with reckless disregard for the rights of individuals based on their race, color, and national origin. Based on these allegations, the DOJ alleged violations of the Fair Housing Act and Equal Credit Opportunity Act by Lakeland.

New Jersey 147

New Jersey Lending Community National 147

BankUnderground

NOVEMBER 2, 2022

Cyber attacks are regularly cited as one of the top risks faced by firms in the financial sector and one of the most challenging to manage. FMIs are utility-like entities, and their services are expected to be reliable and founded on sound risk management, much like our expectations for electricity provision.

Operations 93

Operations Policies System Regulation 93

Abrigo

JUNE 2, 2021

The guidance emphasizes a risk-focused approach to examinations and refocuses the regulators to scope each exam according to the unique financial institution, not to use a one-size-fits-all approach. The following six areas are critical when developing your exam planning: BSA/OFAC Policy integration. 6 Critical Areas.

How To 195

How To Training Compliance Policies 195

Abrigo

AUGUST 31, 2023

Critical KYC Asking uncomfortable questions: the personal touch Senior management may view KYC as a regulatory obligation that burdens the client experience, thus affecting the relationship. When customers have no legally issued ID, alternative know-your-customer policies are indispensable. However, 16% of Americans do not drive.

Compliance 195

Compliance Community Training System 195

Abrigo

DECEMBER 17, 2021

What better w ay to strengthen your financial institutions ' culture of compliance and build your use case for your senior management than through a comprehensive staffing assessment? Remember, regulators don't care how much you have in your budget for staffing. BSA Rules and Regulation. Be Prepared. Download our guide.

Compliance 195

Compliance Training Fraud Resources 195

Jeff For Banks

AUGUST 2, 2014

My firm will occasionally provide feedback on correspondence to our clients'' regulators. I thought about what we should have said to the regulator, versus the sweet words I was encouraging our client to use. Below is a sample letter to your regulator, saying it like you mean it. Warm Regards, Schmidlap National Bank.

Regulation 93

Regulation DC FDIC Analytics 93

PYMNTS

APRIL 7, 2020

In a prepared statement , the country’s central bank and financial regulator said the “banks have sufficient capital to see them through the current economic slump while continuing to supply credit to the economy to support businesses and individuals.”. The central bank did not move to “restrict banks’ dividend policies.”

Lending 151

Lending Capital Policies Regulation 151

CFPB Monitor

AUGUST 20, 2020

federal and state financial institution regulators have taken meaningful, proactive steps to acknowledge financial inequality issues, reach out to traditionally underserved populations to expand access to credit, and further protect consumers from discrimination. This blog post contains a summary of those efforts.

Regulation 78

Regulation FDIC Community Lending 78

Abrigo

JULY 6, 2017

It’s been more than six months since the National Credit Union Administration (NCUA) issued its revised member business lending (MBL) rule in January 2017. The NCUA recently updated the Examiner’s Guide to include what it described as a clear framework for supervisory expectations for managing a commercial lending program.

Risk Management 170

Risk Management Lending Policies Management 170

PYMNTS

FEBRUARY 4, 2019

Banks, credit unions and other financial institutions have a significant responsibility, one that goes far beyond managing customers’ financial assets: They’re tasked with safeguarding the financial services ecosystem against bad actors, money launderers and other criminals. A DIY Approach To AML/KYC. Following a joint investigation with U.S.

How To 161

How To Regulation Compliance Meeting 161

PYMNTS

NOVEMBER 20, 2019

“Our responsibility to preserve consumer privacy while meeting regulatory and public safety obligations will become increasingly complex and challenging as we field a growing number of government requests for data every year,” said Uttara Sivaram, global privacy and security public policy manager at Uber. regulators and 1.8

Data 116

Data US Regulation Apple 116

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. Be aware of existing or emerging risk concerns.

Compliance 101

Compliance Regulation Community Bank Community 101

Abrigo

FEBRUARY 6, 2020

foreign policy and national security goals to secure the global financial system and protect the United States from the threats of terrorism, human and drug trafficking, and economic damages. If you have questions about sanctions compliance or new regulations, contact us or another member of our risk advisory services team.

United States 195

United States Compliance Strategy National 195

Abrigo

SEPTEMBER 26, 2014

Within the financial industry, the word “regulation” often receives a mixed reaction. What’s been mostly out of the mainstream news cycle, though, is the effects of regulation following the financial crisis on the community banks– specifically, credit unions. ” The piece was written by B.

Capital 191

Capital National Regulation Risk Management 191

Abrigo

JUNE 19, 2022

And while regulators said some institutions would find the ELE tool useful for CECL, they acknowledged it did not represent a preferred method of regulators or a “safe harbor” method for GAAP compliance. Are you using national data or local? Stay up to date on CECL and other portfolio management best practices.

Tools 195

Tools Regulation Data Resources 195

PYMNTS

DECEMBER 11, 2019

Wang Qiang, who is the deputy general manager of planning and design for the starfish-shaped building, said the facility will process over 100 million passengers per year by 2040. China Central Television, which is owned by the state, has asked for laws to regulate the technology, and a professor sued a zoo over it as well.

Training 142

Training Technology Policies Course 142

CFPB Monitor

FEBRUARY 17, 2021

companies regulated by the CFPB appear to take consumer issues reported to the Bureau seriously, and if any are slow to respond, it would be a small fraction of only 3% of CFPB-regulated entities. What does all of this mean for regulated financial institutions and financial services companies? Based on that statistic, U.S.

Regulation 78

Regulation Study Community Leadership 78

CFPB Monitor

MAY 6, 2015

The CFPB along with five other federal agencies have issued a final rule that establishes minimum state registration and substantive requirements for appraisal management companies (AMCs), as required by Section 1473 of the Dodd-Frank Act. credit transactions involving a federally regulated depository institution) in the state.

Company 60

Company Management National Exercises 60

Abrigo

MARCH 24, 2023

Step two Identify inherent risk vs. residual risk Inherent risk is any activity or factor posed to the credit union, notwithstanding applying any management or risk mitigation tools. After adjusting the inherent risk for the credit union’s risk management controls, residual risk represents the bank or credit union’s current risk.

Fraud 195

Fraud Compliance Examples Analysis 195