Beating the BSA blues
by. Shelbey Ballantyne The Bank Secrecy Act. For many, just reading those words can create feelings of nausea, and with good reason. However, in an era where banks are fined millions of dollars or issued [...]
Posts Tagged ‘NeighborBench’
The compliance paradox: Budget vs. value
by. Shelbey Ballantyne It’s a given: successful financial institutions devote a lot of resources to compliance. And rightfully so, considering the potential fines and penalties of non-compliance. However, no institution wants to spend more [...]
Basketballs and waterfalls: Optimizing your AML system
Congratulations! You’ve just been made head coach of a major college basketball team and are now responsible for improving their ranking. All anyone will tell you is the number of wins and losses from [...]
Regulating your credit union’s social media before it starts regulating you
by Jane Pannier If there’s one thing financial institutions can’t avoid anymore, it’s social media. Whether you’ve hopped on the bandwagon already or you’re hoping it will pass you by [...]
NCUA’S significantly expanded final CUSO rule
by Jane Pannier The NCUA has amended—or rather, significantly expanded—the scope of the existing CUSO (Credit Union Service Organization) rule. Although NCUA does not have direct statutory authority to regulate CUSOs, it does [...]
The small credit union’s secret weapon
As the number of financial institutions declines, many smaller institutions speculate about the uncertainty of their own futures. The downtrend has certainly been widely reported over the past few weeks, even in the general press, [...]
Increasing diversity by increasing self-assessment
by. Shelbey Ballantyne Proposed Interagency Policy Statement Establishing Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated by the Agencies If you are a financial institution regulated by the OCC, the Fed, [...]
Complianceball: The Art of Winning an Unfair Compliance Game
In the backlash against the misdeeds of large financial institutions that were deemed responsible for much of the economic downturn of the past half decade, the entire financial industry has been saddled with escalating regulatory [...]
Loss mitigation procedures
by Dennis Agle The sixth in a series of posts on the new mortgage servicing rules. CFPB has issued the Final Rule for Mortgage Servicing, which takes effect January 10, 2014. Among the numerous changes [...]
What is UDAAP and why are examiners focusing on this issue?
by. Jane Pannier UDAAP stands for Unfair, Deceptive, or Abusive Acts or Practices. The Dodd-Frank Act added the term “abusive” to the existing Unfair, Deceptive Acts or Practices Act in response to issues arising from [...]
CFPB examination procedures for remittance transfers
by. Coppelia Padgett The CFPB has released the examination procedures for the new Remittance Transfer Rule, which is an amendment of Regulation E or Electronic Funds Transfer Act (EFTA). The final rule went into effect [...]
Here it comes: New mortgage servicing rules
by Dennis Agle Unless you’ve been living lately on one of the remoter planets in our solar system, you’ve likely been inundated with a flood of information about the new mortgage servicing rules [...]
Top 5 problems with annual ACH audits
For many people, the cooling temperatures and changing leaves signal such pleasantries as football season and big turkey dinners. To the credit union's operations officer, those changes are just as likely to signal the impending [...]
Countdown to fixed asset rule; here’s what you need to know
by Jane Pannier NCUA has issued a final rule for FCUs that makes some minor revisions to the Fixed Assets Rule and clarifies and streamlines the waiver process. The final rule takes effect 11/18/[...]
How appraisals are affected by new higher-price mortgage rules
by Jane Pannier One of the many changes heading our way in January 2014 (on the 18th, to be precise) is an amendment to Reg. Z incorporating new provisions concerning appraisals for higher-priced mortgages. Here’[...]