Links in “Banks”
- BankSouth’s Win: A Study in the Importance of Reasonable Security Procedures
An employee of a business customer of BankSouth apparently fell for a phishing scheme, which allowed the bad guys to learn the user name and password of the employee. The business declined to use bank-offered "dual controls," which would require two separate employees to complete the transfer action, for the sake of convenience. When the business lost $588,000 in a cyberheist, it sued the bank and not only lost, but the court has said the bank can now pursue its legal fees against the customer. [6/23/14]
- Risk Watch 18: Completing the Fair Lending Picture
When it comes to fair lending, many institutions fail to compare their performance to the complete contextual picture, neglecting such factors as income, low-/high-minority population, age, gender, etc. In this video, AffirmX EVP and Director of Risk Management Ken Agle gives us an idea of how to complete the fair lending picture to discover potential problems or explain misleading numbers. [6/19/14]
- Fair Lending Compliance Issues Create Merger Plan Wrinkle
The merger of two Texas banks demonstrates another reason why a clean compliance program is needed for a smooth merger or acquisition. The regulatory scrutiny is on the bank's performance in helping to meet the credit needs of its communities, compliance with fair lending laws, and fair lending policies and procedures. [6/20/14]
- Survey: Only Half of Banks Report Culture of AML Compliance
Worried about your anti-money laundering (AML) program? You're not alone. While the regulatory heat is turning up on AML  compliance, a new survey finds that only half (48%) of respondents say their bank has a âstrong culture of complianceâ in AML, with the top identified impediment being gaps in their banksâ AML strategy, with 47% calling it their most pressing concern for the next 6-12 months. [6/20/14]
- Trade Group Calls for Fed Board Member with Community Bank Experience
ICBA joins with 86 members of the House in lobbying the White House to nominate someone with community bank experience to the Federal Reserve Board. [6/19/14]
- Research Shows Merchants Not Passing on Interchange Fee Savings to Consumers
Itâs just what credit unions and financial institutions have been saying would happen. Experts now say that research shows that merchants are pocketing the difference resulting from the interchange fee cap instead of passing on the savings to their customers. [6/18/14]
- More States Attempting to Wield UDAAP Power
Mississippi Attorney General becomes the fourth state AG or regulator attempting to use Dodd-Frank enforcement authority against unfair, deceptive or abusive acts or practices. [6/18/14]
- Next 5 Years: Boomlet in Credit Card Usage
Rather than decline, as many industry players project, this report finds that credit card usage is expected to increase over the next five years. [6/18/14]
- Regulatory Scrutiny on How Banks Scrutinize Credit Reports
New York State and the CFPB are focusing on how banks make use of credit reporting data to screen potential customers for credit-worthiness. Regulators are concerned about how the screenings may unfairly block the unbanked and underbanked from opening new accounts, causing them to turn to more costly options. [6/18/14]
- Florida Bank Fined for Flood
First Southern Bank in Florida was fined for not ensuring that its borrowers with properties in flood hazard areas obtained adequate flood insurance. [6/18/14]
