CFPB Monitor

NOVEMBER 29, 2021

The 2022 clarity promised by the “roadmap” presumably will supersede, once issued, Interpretive Letter #1179, which appears to function as a general stop-gap until the 2022 publications hopefully provide more detail regarding exactly how banks can attain compliance. Federal banking regulators have been busy in this space.

Compliance 78

Compliance cryptocurrency Regulation FDIC 78

CFPB Monitor

MAY 31, 2022

On May 19, 2022, the Associate Director of the Enforcement and Compliance Division of the Financial Crimes Enforcement Network (“FinCEN”), Alessio Evangelista, spoke at the Chainalysis Links Conference in New York City on the topic of “The Intersection of Cryptocurrencies and National Security.”

cryptocurrency 146

cryptocurrency Innovation DC National 146

FICO

NOVEMBER 23, 2021

FICO has announced its panel of independent judges for the 2022 FICO® Decisions Awards , which honor businesses achieving outstanding results using analytics and decision management technology to grow their business, manage risk and reduce costs. 2022 Judges (Left to Right): Sidhartha Dash, Paul Deall, Senthil Erulappan, Armando Junior.

Meeting 52

Meeting Analytics Risk Management Management 52

FICO

AUGUST 3, 2022

Fraud Ideas from FICO World 2022 – and Excitement for 2023! FICO World 2022 was an excellent event with a stellar fraud protection and compliance track - here's some of what we learned. Wed, 08/03/2022 - 12:40. Convergence – Beyond Fraud and Financial Crime Compliance. Tue, 07/02/2019 - 02:45. by TJ Horan.

Fraud 52

Fraud Analytics Trends Innovation 52

CFPB Monitor

FEBRUARY 16, 2022

Around the nation, regulators are preparing to implement and enforce new consumer-like disclosure laws for small business commercial finance providers. New York regulators have yet to issue final regulations implementing the state’s Commercial Finance Disclosure Law (CFDL), which went into effect on January 1, 2022.

North Carolina 78

North Carolina Missouri Maryland Mississippi 78

Abrigo

APRIL 6, 2022

New Rule Outlines Computer-Security Incident Notification Obligations for Banks Financial institutions and their service providers should prepare to meet new computer-security notice requirements by May 1, 2022. . The new requirements become effective on April 1, 2022, but compliance is not required until May 1, 2022.

Security 195

Security Regulation District of Columbia United States 195

PYMNTS

FEBRUARY 8, 2018

banks before it can become interoperable with other nations’ schemes, according to Art Brieske, head of faster payments at JPMorgan Chase. Facilitating cross-border payments means resolving questions of regulatory compliance and foreign exchange, Brieske said. To achieve its true potential, though, RTP must be adopted by all U.S.

National 109

National Payments System Marketing 109

CFPB Monitor

NOVEMBER 22, 2022

HUD also issued Mortgagee Letter 2022-18 addressing with regard to FHA-insured loans general flood insurance requirements, flood insurance requirements for condominiums, manufactured homes and home equity conversion mortgage (HECM) loans (i.e., Both the final rule and Mortgagee Letter are effective December 21, 2022. .

Policies 148

Policies Meeting Exercises Regulation 148

Perficient

JUNE 25, 2024

Learning from history, he referenced the lack of regulatory controls in derivatives and financial engineering before the 2008 financial crisis, and more recently, the unregulated growth of cryptocurrencies leading to the “Crypto Winter” of 2022.

Case Study 221

Case Study Risk Management Analysis Innovation 221

PYMNTS

NOVEMBER 12, 2020

The RTR is forecasted to roll out in 2022. EDPB Recommends Steps For Data Exporters To Ensure GDPR Compliance. Mastercard’s Vocalink’s offering supports the requirements of Payments Canada, such as the Bank of Canada’s risk management criteria and ISO 20022. It will be run by Payments Canada and regulated by the Bank of Canada.

Payments 142

Payments Fintech Exercises Risk Management 142

South State Correspondent

JANUARY 4, 2023

A potential economic slowdown, slower rate rises, an inverted yield curve, and deposit stress likely make 2023 a trying year compared to 2022. Without the windfall of profit accrued to banks in 2022 because of faster-than-expected rate increases, banks will need to be better allocators of capital.

Community Bank 195

Community Bank Capital Marketing Lending 195

Abrigo

SEPTEMBER 13, 2022

In an economic and regulatory environment where compliance resources and budgets are stretched thin, financial institutions must carefully evaluate their priorities when it comes to their BSA/AML program. Risk-based approach. Transaction monitoring: a BSA/AML cornerstone.

Software 195

Software Resources Training Compliance 195

CFPB Monitor

APRIL 12, 2021

On March 31 st the CFPB rescinded seven policy statements , including statements that provided flexibility from supervisory or enforcement actions for loss mitigation and credit reporting activity in connection with the COVID-19 national emergency. CFPB issues mortgage servicing notice of proposed rulemaking.

Compliance 78

Compliance Policies Industry Strategy 78

CFPB Monitor

AUGUST 23, 2022

The FDIC has issued new supervisory guidance (FIL-40-2022) on multiple non-sufficient funds (NSF) fees arising from the re-presentment of the same unpaid transaction. The FDIC discusses the following three categories of risk: Consumer compliance risk. Potential risks. Litigation risk.

FDIC 78

FDIC Compliance System Regulation 78

Abrigo

FEBRUARY 10, 2022

AMLA will see changes in 2022 Now is an optimal time to evaluate the effectiveness of your beneficial ownership and due diligence program. . The notice is open for public comment until February 7, 2022. AML Compliance and Sanctions Requirements for Non-Bank Financial Institutions. 10 NBFI AML Compliance Essentials.

Training 195

Training Regulation Report Compliance 195

CFPB Monitor

APRIL 8, 2021

The full compliance date for the final rule is January 1, 2022. On April 1, 2021, the FDIC’s final rule issued in December 2020 revising its brokered deposits regulation became effective.

FDIC 78

FDIC Resources Regulation Compliance 78

CFPB Monitor

NOVEMBER 4, 2022

The UAD information is derived from more than 47 million appraisals conducted between 2013 and June 30, 2022. The FHFA also notes that in 2021 on a national basis, 15.2% As the name suggests, the UAD standardizes various data elements regarding an appraisal. of appraisals were below the contract sales price, 26.7%

North Carolina 78

North Carolina Charlotte Compliance National 78

Perficient

MAY 27, 2022

In addition, the classification of cryptocurrencies as securities can create a unique compliance burden for SEC-registered investment advisers (RIAs) trading these instruments. This piece was written in collaboration with Chandni Patel, Director of Financial Services and member of Perficient’s Digital Assets Working Group.

cryptocurrency 332

cryptocurrency Regulation Management Bitcoin 332

Gonzobanker

DECEMBER 19, 2022

Who saw 2022 coming and accurately predicted the headlines? A few modest examples of the 2022 roller coaster ride: The Fed rate hikes in 2022 totaled 425 basis points. In 2022, there was… wait for it… exactly one. Goes to 2022. Goes to all the hot tech and defi players that bought pricey ads at the 2022 Super Bowl.

Community 216

Community Fintech Industry Innovation 216

Abrigo

JANUARY 3, 2024

The Final Rule for Beneficial Ownership Reporting , issued in September 2022, establishes definitions for reporting provisions of the FinCEN BOI database. The final access rule does not dictate how to receive consent and allows for flexibility based on differences in FIs across the nation. Below is a short recap of each.

Fraud 221

Fraud Regulation Report Compliance 221

Abrigo

NOVEMBER 17, 2023

billion to fraud in 2022, a 44% increase over the prior year and a trend that has continued into 2023. As overseers tighten the leash with stringent regulations aimed at protecting consumers, the cost of compliance grows. This is the first-time fraud has been addressed at a high level as part of AML compliance, but it makes sense.

Fraud 195

Fraud Training Trends Compliance 195

Bobsguide

SEPTEMBER 13, 2022

In response to the growing drive for higher corporate governance standards – both globally and at a national market level – Broadridge Financial Solutions announced it has commenced live operations of its new “golden copy” event notification and direct vote execution service for the Danish market.

Meeting 88

Meeting Security Operations Marketing 88

CFPB Monitor

MARCH 3, 2022

Black and Hispanic people, and young and low-income individuals of all races and ethnicities, are more likely to have medical debt than the national average. As a result these populations may be more heavily impacted by outdated credit models that overestimate the predictiveness of medical debt.

Report 147

Report United States Policies Compliance 147

Perficient

AUGUST 15, 2024

A major step in this direction is the European Union Markets in Financial Instruments Directive II (EU MiFID II) Regulation requiring financial firms to incorporate sustainability preferences into their advisory and portfolio management processes since 2022. And more demand means rising prices of stocks and hence more profits.

Risk Management 221

Risk Management Resources Regulation Community 221

CFPB Monitor

AUGUST 8, 2022

Eight national trade groups have filed a petition with the CFPB that urges the Bureau to engage in rulemaking to define larger participants in the market for data aggregation services.

Groups 78

Groups Data National Marketing 78

CFPB Monitor

FEBRUARY 28, 2022

In addition to the CFPB, the other agencies required to engage in the rulemaking are the Comptroller of the Currency, Federal Deposit Insurance Corporation, Federal Housing Finance Agency, Federal Reserve Board and National Credit Union Administration. The CFPB’s version of the joint rule will apply to non-depository institutions.

Lending 78

Lending Policies System Compliance 78

South State Correspondent

OCTOBER 25, 2023

Over the last ten years, from 2012 to 2022, checks by volume have declined some 57%. This cost includes receiving checks, scanning, providing checks, check security, data verification, check data management, compliance, fraud management, customer service for transactions, handling complaints, dispute resolution, and exception handling.

Fraud 195

Fraud ATM Payments Management 195

PYMNTS

APRIL 20, 2017

could save €240 billion by 2022. In Europe, at least, compliance with the move is mandatory. Some nations like Denmark and Finland, said Sundelin, have already been enforcing paperless invoicing for years. Sundelin pointed to estimates that indicated that by 2022, about 38 percent of government invoicing in the U.S.

Compliance 109

Compliance Regulation National System 109

PYMNTS

AUGUST 6, 2019

Earlier this year, the country published the Philippine Digital Transformation Strategy 2022 initiative, a guide that explores government systems’ path to digitization. According to recent reports in Inquirer , the Philippines’ Department of Finance announced in June that it aims to complete the nation’s eInvoicing system by the end of 2022.

Regional 108

Regional Taxes System Guidelines 108

Abrigo

SEPTEMBER 6, 2023

With the inclusion of fraud as one of the eight Financial Crimes Enforcement Network ( FinCEN) national priorities , AML professionals must be fully aware of the latest fraud trends involving checks and red flags associated with suspicious activity.

Fraud 195

Fraud Trends Training System 195

CFPB Monitor

JANUARY 19, 2022

federal district court has granted the motions filed by the CFPB and the Consumer Financial Services Association (CFSA) to dismiss the lawsuit brought by the National Association for Latino Community Asset Builders (NALCAB). (The The CFSA had intervened in the lawsuit.)

Resources 78

Resources Compliance Lending Industry 78

CFPB Monitor

DECEMBER 22, 2020

The final rule, which includes material differences from the FDIC’s proposal, becomes effective April 1, 2021, with full compliance extended until January 1, 2022. The national rate is currently calculated as a simple average of rates paid by all depository institutions and branches that offer and publish rates for specific products.

FDIC 78

FDIC Capital National Regulation 78

PYMNTS

NOVEMBER 22, 2018

New rules mean new compliance activities, which, of course, mean additional compliance costs for these stakeholders — as much as $489 million. Now comes the tipping point, said the industry group, where the ATMs may simply shuttered, ostensibly as the aforementioned compliance costs are too great to bear. “

ATM 187

ATM Payments Compliance Google 187

CFPB Monitor

OCTOBER 25, 2022

Following up on a threat it made back in 2018 , the New York State Department of Financial Services (DFS) announced on October 6, 2022 that it entered into a consent order with Rhinebeck Bank (“Rhinebeck”) to settle discrimination claims involving discretionary dealer markups on retail installment contracts with minority borrowers.

New York 78

New York Lending Community Bank Community 78

Abrigo

JUNE 13, 2022

According to the National Council on Aging (NCOA), this heartless crime is most likely under-reported due to victims' embarrassment. billion annually. Top 10 Regulatory Topics NBFIs Should Prepare for in 2022. Top 10 Regulatory Hot Topics for 2022 – What AML Professionals Need to Know. Learn More. BSA Rules and Regulation.

Fraud 195

Fraud Training United States Survey 195

PYMNTS

DECEMBER 16, 2020

But that increased good feeling is largely reliant on the nation not undergoing yet another round of lockdowns. But consumers thought the return of normal would be 14 months away (the end of 2021 or early 2022). Firms that PYMNTS surveyed in November expected to be back to normal in about 8-1/2 months (July 2021).

Maine 282

Maine Survey Online Retail 282

CFPB Monitor

DECEMBER 5, 2022

On December 1, 2022, nationwide used car dealer CarMax Auto Superstores, Inc. CarMax has 180 days to implement these practices, and has agreed to compliance monitoring for a period of five years. The settlement resolves an investigation into CarMax’s advertising and sales practices related to vehicle recalls since 2014. .

Rhode Island 78

Rhode Island West Virginia South Carolina North Carolina 78