Today’s cybercriminals employ high tech tools to break through the virtual walls of a bank to access sensitive customer information and valuable financial data, or steal money from customer accounts. Once inside those walls, the financial institution might not immediately know it, according to Tom Kellerman, founder and CEO with [...]
Banks who prepare branch staff to engage in conversations with business owners are at a key advantage in gaining additional wallet share. Research shows getting the whole relationship, both business and personal, is three or more times more profitable than having just the consumer relationship.
As technology enhancements create efficiencies to many aspects of our professional and personal lives, it also is a tool that helps decrease regulatory risk and improves employee satisfaction and engagement. Casino regulatory risk decreases with e-learning.
On Aug. 4, the Consumer Financial Protection Bureau revealed new Know Before You Owe prototypes of overdraft disclosures designed to better explain a financial institution's overdraft fees and the risks to consumers in opting into coverage (and fees) for ATM and one-time debit card transactions.
On Aug. 7, the Federal Trade Commission announced it had charged 12 defendants with money laundering. The FTC alleges that these defendants laundered millions of dollars in credit card charges through fraudulent merchant accounts. According to the complaint filed by the FTC, the defendants arranged for a deceptive operation known as Money Now Funding (MNF) to obtain and maintain merchant accounts that allowed it to process almost $6 million through the credit card networks.
CFPB is taking action against a major institution for failures in FCRA violations related to information it provided for checking account screening reports.
According to a recent CUNA article, credit union employees may not see the direct connection to law enforcement when reporting on BSA risks, however, they are making a major impact on fraud and criminal activities.
On Aug. 24, the Consumer Financial Protection Bureau (CFPB) announced updates to the Home Mortgage Disclosure Rule (HMDA).
The NMLS is requiring all S.A.F.E. coursework providers to implement a biometric password system by Aug. 21 to crack down on mortgage CE testing fraud.
Read about the latest compliance news and regulatory updates affecting banks, credit unions. mortgage companies and other financial services businesses.