Links in “Banks”

If it's been awhile since your financial institution has filed a CTR or a SAR, you may think you're flying under FinCEN's radar. If so, you may want to think again. Not only could regulators be eyeing you as a weak link, but criminals and terrorists may be targeting your institution because they assume that smaller institutions may lack the training and/or procedures to identify reportable transactions. [1/5/16]

"The biggest hope I had was that we would enter a new era of personal responsibility. Instead, we doubled down on blaming others, and this is long-term tragic." So said the featured player in the novel and movie "The Big Short" to New York Magazine in an interview. [1/5/16]

Here are nine cyberattacks in 2015 that threatened the underlying foundation of trust for everything that is internet-based. [1/5/16]

In 2015, eight banks failed, compared to 18 the previous year. That's the fifth consecutive year of decline in bank closures. Closures over the past 10 years peaked in 2010. [1/4/16]

A voter initiative capping interest rates at 36% has qualified for South Dakota's ballot. Payday lenders complain it will put them out of business. [1/4/16]

There were 513 community banks in Minnesota in 2000. Today, there are 332, a drop of 35% in 15 years. The dominant factor is the cumulative effect of government regulations. "Many small banks have no compliance officers on staff, and the increased workload can be devastating for small institutions." [1/4/16]

Imagine you get an email from your CFO on vacation in Florida authorizing you to make an urgent wire transfer to a vendor. The email contains enough personal detail that it seems legitimate, and the vendor is one you know your company uses. So you pull the trigger. The next day, when the CFO gets back, you mention it, but get just a blank look. You contact the vendor, who never received the wire transfer. You've just fallen victim to a "whaling" scam, which are on the rise, according to security vendors. [12/24/15]

The largest player in the St. Paul Croatian Federal Credit Union massive embezzlement scheme has been sentenced to 25 years in federal prison and ordered to pay $16 million in restitution.  NCUA lost $167.2 million when the credit union collapsed in 2010, making it the largest credit union failure in U.S. history. [12/24/15]

Here's how one bank is making lemonade out of consumer complaints, from encouraging employees to upload a summary of whatever they hear customers grumbling about to encouraging employees to find a resolution on the spot. The results also cycle into new product development. [12/23/15]

During November, existing-home sales cooled to their slowest pace in 19 months. The average time it took to close a loan increased three days in November. Not all the blame can belong to TRID, but it certainly isn't helping. [12/23/15]