Links in “Banks”
- New Remittance Rule Disclosure Requirements
A look at the disclosure requirements of Regulation E rules on remittance transfers, which become effective 10/28/13. [7/18]
- Banking Industry Reacts to Cordray Confirmation
Heads of various industry groups express hope for reasonable working relationship, yet express concerns about the lack of an oversight board, the emphasis on disparate impact, the collection of consumer account information, and the impact of a number of regulations. [7/18]
- Bill to Stabilize FHA Seeks to Increase Penalties on Lenders Who Break Rules
Federal Housing Administration Solvency Act of 2013 has provisions to strengthen underwriting and expand amount of damages against lenders who violate rules. [7/17]
- DOMA Decision Leaves CUs in the Dark Over IRA Rules
The recent Supreme Court decisions on the Defense of Marriage Act (DOMA) and the California Prop 8 cases have left little guidance for credit unions that offer IRA accounts; under the current IRA rules, spouses enjoy special benefits, but it is not clear whether those benefits can now be applied to same-sex couples. [7/17]
- Duke’s Resignation as FRB Governor Means Community Banks Lose an Ally
Elizabeth Duke's resignation, effective 8/31, means the loss of a "stalwart supporter of Main Street financial institutions." [7/17]
- Proper Language in Your Documents Can Make or Break a Member Lawsuit
The case studies presented in this article demonstrate the importance of having specific language in your loan and account documents that reflects current state and federal law. [7/16]
- Fighting Mobile Check Deposit Fraud Without Killing Mobile Check Deposits
How banks are fighting against scammers who seek to deposit a single check multiple times at different institutions without throttling customer convenience. [7/16]
- Fraudsters Posing as “Forgetful” Callers to Call Centers
Hot new identity thievery: callers to bank customer service centers who give just enough information to authenticate themselves, then start asking for information they have "forgotten" and keep dialing the call center until they have enough information to open a new account somewhere else. [7/16]
- Survey: AML and OFAC Budgets and Staffing on the Rise
If you're feeling a bit strained by AML and OFAC compliance, you're not alone: 66% of survey respondents report AML and OFAC compliance budget increases over past 3 years, with 32% reporting their budgets were either inadequate or severely inadequate, and only 8% saying that they were devoting enough resources. [7/16]
- Top 5 Online Compliance Resources
If you're involved in compliance at your financial institution, here are 5 online resources you should know about. [7/15]
