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 92

Regulation DC FDIC Analytics 92

Abrigo

JANUARY 3, 2024

Treasury’s Financial Crimes Enforcement Network (FinCEN) recently issued a new regulation on the requirements, including how AML staff will access the information through a new federal beneficial ownership information (BOI) registry. This definition is different from existing customer due diligence (CDD) rules that took effect in 2018.

Fraud 221

Fraud Regulation Report Compliance 221

PYMNTS

OCTOBER 19, 2016

According to Brad Fauss, president and CEO of the Network Branded Prepaid Card Association, the recently released regulations on prepaid cards from the Consumer Finance Protection Board could be another instance of good intentions gone wrong. The updated regulations are slated to take effect Oct.

Regulation 100

Regulation Cards Digital Banking social media 100

CFPB Monitor

SEPTEMBER 22, 2022

The public comment period for the notice of proposed rulemaking (“NPRM”) regarding the Motor Vehicle Dealers Trade Regulation Rule (the “Rule”) closed on September 15, 2022 after the FTC declined in August to extend it. In addition, AFSA and CBA provided practical suggestions and changes to the proposed Rule.

Regulation 148

Regulation Groups Retail Customer Experience 148

PYMNTS

MAY 15, 2018

The Central Bureau of Investigation (CBI), India’s main investigative agency in the country, has filed charges in the Punjab National Bank fraud case against Nirav Modi, the jewelry retail owner, and his uncle Mehul Choksi, as well as senior executives at the state-run lender.

Fraud 100

Fraud National Maine System 100

PYMNTS

JANUARY 19, 2018

Fizzle of the Week: Cryptocurrency Regulation. The saga over bitcoin and its relationship to various regulators has become something of the payments answer to a romantic comedy. Because, as of right now, the same basic question animates both plots: Will they or won’t they? Easy come, easy crypt-go, it seems.

Bitcoin 123

Bitcoin Regulation cryptocurrency Taxes 123

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

JUNE 19, 2019

Carney explained that if Libra was immediately popular with users “it would instantly become systemic and will have to be subject to the highest standards of regulation.”.

cryptocurrency 193

cryptocurrency Groups Meeting System 193

PYMNTS

JUNE 8, 2016

regulators issued a stern warning to banks to be on the lookout for cyberthreats in the aftermath of the Bangladesh cyberheist , where $81 million was taken without a trace from the central bank’s account at the NY Fed. On Tuesday (June 7), U.S. He has knowledge of the case but has not been directly involved.

Regulation 100

Regulation New York System Groups 100

CFPB Monitor

MARCH 30, 2020

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes the following key provisions that affect financial institutions and regulation of financial institutions: Section 4003 – Emergency Relief and Taxpayer Provisions. Section 4010 – Temporary Hiring Flexibility. Section 4011 – Temporary Lending Limit Waiver.

Regulation 122

Regulation United States Community Bank National 122

PYMNTS

SEPTEMBER 28, 2020

Last week, Conaway introduced the Digital Commodity Exchange Act , which would work to give crypto exchanges the option to register with the Commodity Futures Trading Commission (CTFC), a national regulator, rather than going to individual states for licensing for money transmitter or money service provider work.

Bitcoin 215

Bitcoin cryptocurrency Cards Texas 215

PYMNTS

NOVEMBER 1, 2017

A small business (SMB) in Massachusetts borrowing funds via marketplace lender Kabbage has sued the platform, igniting new debate in the conversation over the definition of a “true lender,” according to reports in the National Law Review on Tuesday (Oct. Usury laws regulate how much interest can be charged on a loan.

Massachusetts 128

Massachusetts Utah National Regulation 128

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 10, 2022

The AMLA set the stage for establishing a national reporting system for beneficial ownership and for potentially changing current CDD/BO requirements in an effort to improve financial transparency and prevent criminals and terrorists from misusing companies to disguise illicit activity. BSA Rules and Regulation. Need to Know.

Training 195

Training Regulation Report Compliance 195

CFPB Monitor

NOVEMBER 22, 2022

As previously reported in February 2019 federal regulators issued a joint final rule (the “Joint Final Rule”) to implement provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (the “Act”) that require regulated financial institutions to accept private flood insurance policies.

Policies 148

Policies Meeting Exercises Regulation 148

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

Abrigo

SEPTEMBER 6, 2024

The investment advisers rule expands the definition of "financial institution" under the Bank Secrecy Act (BSA) to include certain registered investment advisers and exempt reporting advisers. According to the Treasury , the rule will provide highly useful information to law enforcement authorities and national security agencies.

Compliance 195

Compliance Training Fraud Regulation 195

PYMNTS

MARCH 5, 2019

While small business lending has become a platform for some high-profile FinServ scandals in several markets, opponents of expanding borrower protection legislation to small businesses have argued that such regulations would actually hamper financial institutions’ ability to expand credit access for the small business community.

California 153

California Fintech Lending Regulation 153

CFPB Monitor

APRIL 8, 2021

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

FDIC 78

FDIC Resources Regulation Compliance 78

PYMNTS

NOVEMBER 18, 2018

However, its core components — from the chips that power its smart cameras to the hardware that stores high-definition footage — are made in Silicon Valley. hit Chinese state-backed chipmaker Fujian Jinhua with an export ban, citing national security reasons. Still, a ban from the U.S. would be devastating for the company.

US 188

US United States Video Regional 188

PYMNTS

JANUARY 27, 2020

The change may have been telegraphed more than a year ago in October 2018, when Mick Mulvaney, who had been serving as acting director of the agency, said that the CFPB was working on a new regulation to define those practices, as reported in The Wall Street Journal. Digital Taxes, Abroad.

New York 179

New York Taxes California Conference 179

PYMNTS

FEBRUARY 24, 2017

We definitely have some company goals to explore outside the United States.”. In the international market, the past few weeks have also seen a number of propositions and efforts by various global governments, financial regulatory bodies and other organizations to work toward bitcoin regulation. and Minneapolis. “By

Bitcoin 194

Bitcoin St. Louis Las Vegas cryptocurrency 194

PYMNTS

APRIL 25, 2019

The Consumer Financial Protection Bureau (CFPB) announced Thursday (April 25) that it has issued a request for information on its remittance rule, which had faced calls by the Credit Union National Association for revision. CUNA wants the threshold raised to at least 1,000.

Meeting 148

Meeting Course Regulation National 148

PYMNTS

JULY 25, 2016

Arguing about politics is an invitation to get drawn into an exchange of polemics, but economic analysis requires a more definite set of evaluations. That’s what makes financial regulation such a sticky subject on Capitol Hill. No matter the political persuasions, there seem to be statistics to back it up.

Regulation 100

Regulation Analysis National Report 100

PYMNTS

AUGUST 24, 2019

As new PYMNTS research documents, over the past year, 18 Major League Baseball (MLB), National Basketball Association (NBA), National Football League (NFL) and Major League Soccer (MLS) arenas have deployed biometric solutions by CLEAR. Attendance at NFL games declined from approximately 17.8 million people in 2016 to 17.2

Payments 161

Payments social media Mobile Seattle 161

Abrigo

DECEMBER 10, 2019

According to the National Council on Aging (NCOA) this heartless crime is most likely under-reported due to the victims’ fear, shame and embarrassment. To determine the definition and reporting requirements for your state, Eversafe.com has an interactive map showing the laws for the United States. BSA Rules and Regulation.

Fraud 284

Fraud Study United States Training 284

CFPB Monitor

DECEMBER 22, 2014

Mishkin The American Bankers Association, Consumers Bankers Association, Independent Community Bankers of America, National Association of Federal Credit Unions, and Association of Military Banks of America have submitted a 59-page letter commenting on the Department of Defense’s proposed revisions to its Military Loan Act regulations.

Groups 74

Groups Regulation Industry America 74

CFPB Monitor

MARCH 30, 2020

On March 27, 2020, the Massachusetts Attorney General filed an emergency regulation interpreting the Massachusetts Consumer Protection Act, M.G.L. Indeed, the National Consumer Law Center has interpreted the restrictions this way.

Massachusetts 78

Massachusetts Regulation Industry National 78

PYMNTS

AUGUST 5, 2019

Thailand ’s anti-money laundering regulator has revealed plans to add cryptocurrency to the country’s laws. Police Maj. We may not find any clue, but that doesn’t mean the wrongdoing does not occur,” he explained, according to CoinDesk.

cryptocurrency 108

cryptocurrency Bitcoin blockchain Regulation 108

PYMNTS

SEPTEMBER 20, 2018

In China, eCommerce giant JD.com launched the nation’s first blockchain business license in collaboration with the Administration for Industry and Commerce of Suqian. Blockchain, by its very definition, should engender trust,” said PwC Blockchain Leader Steve Davies in a statement.

blockchain 188

blockchain Innovation Tools Survey 188

PYMNTS

OCTOBER 13, 2017

Foreign property buyers appear to have gotten that message, if research from the National Association of Realtors (NAR) is any indication. The nation, notably the areas of Toronto and Vancouver, is seeing a high influx of buyers purchasing properties due to the region’s low interest rates. Global Real Estate Bargain Shopping.

California 171

California National New Jersey Report 171

PYMNTS

OCTOBER 1, 2018

A top infrastructure lender in India is now being questioned by regulators over its $12.6 According to regulators, the financier’s existing debt struggles may pose a risk to other non-bank lenders as it gears up to manage $500 million in repayment obligations in the coming six months.

Marketing 108

Marketing Regulation Leadership Groups 108

PYMNTS

MARCH 25, 2019

Consider the fact that, as noted in the most recent AML/KYC Tracker produced as a collaboration between PYMNTS and Trulioo , money laundering is estimated by the United Nations Office on Drugs and Crime to be an $800 million to $2 trillion-per-year problem, equivalent to 2 percent to 5 percent of the global GDP. The Crypto Factor.

cryptocurrency 196

cryptocurrency Compliance Fraud System 196

PYMNTS

FEBRUARY 21, 2018

Perhaps it isn’t surprising that analysts are now musing about how to avoid a repeat of the Punjab National Bank fraud scandal, and some are looking towards blockchain to do so. As regulators begin to consider blockchain regulations, many have signaled a desire not to hamper innovation while doing so. United States.

blockchain 130

blockchain Los Angeles Regulation Oregon 130

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. Among other things, the new MBL rule further defines the difference between commercial and member business loans and states that non-member loans do not count toward the statutory MBL cap.

Risk Management 170

Risk Management Lending Policies Management 170

PYMNTS

OCTOBER 20, 2019

David Marcus, CEO of Facebook’s wallet service Calibra , said that Libra could use national currency-pegged stablecoins like a dollar stablecoin, rather than the synthetic one it initially proposed, Reuters reported on Sunday (Oct. G-20 finance leaders on Friday (Oct. That is one of the options that should be considered.”.

cryptocurrency 100

cryptocurrency National Maine Regulation 100

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. Even businesses eager to pay their share, however, may feel that complying with tax laws is complicated. .

Taxes 141

Taxes South Dakota District of Columbia Compliance 141