Author Archives: Dennis Agle

How Would You Describe the Complaint Management Process at Your Institution?

Find out how you could have free ongoing access to AffirmX’s complaint management solution.

Would you describe the complaint management solution at your financial institution as (a) hopelessly complicated, or (b) something you make up as you go? We hear from more and more financial institutions that examiners are looking at how they’re set up to handle and document consumer complaints.

AffirmX has a solution that will help you not only handle the complaint from receipt to resolution, but provide you with documentation of Continue reading →

To Keep or To Shred: Introducing the 2018 Record Retention Schedule

See below for information about how to get a free copy of the newly updated 2018 Record Retention Schedule

To shred, or not to shred – now that is the real question. Whether ’tis nobler in the mind to suffer the slings and arrows of an examiner who finds you shred too soon, or to take arms against a sea of records that threaten to swallow you.

Relatively speaking, when it comes tough decisions, Hamlet had it easy compared to today’s compliance officer, who has Continue reading →

In Search Of Compliance Independence From Your ISO? (Good Luck With That)

In banking, disclosures matter, especially when it comes to credit cards. The rules, and they are not a few, are specifically spelled out in great detail. Where it can get a little fuzzy is when third parties enter the equation. This is especially true with third parties known as independent service organizations, or ISOs, as Mid America Bank & Trust Company, located in Missouri, found out late last year.

ISOs may purchase charged-off or past-due consumer debt from financial institutions, then issue the consumer a Continue reading →

The 5 Major FDIC Manual Changes You Need to Know

Though its probably been a year or two (or 10 or 20) since your school days, the idea still rings true that the best way to prepare for an examination is to know what is going to be on the examination. That was true in then, and it’s true in a compliance examination, too. Spending time becoming familiar with what the examiners will be working with in your next examination is a vital part of a well-rounded compliance program. And since the FDIC updated its manual in December 2015 Continue reading →

On the Offense: Meeting Cyber Extortion Head On

A wave of cyber extortion appears to be heading our way. The question is no longer if it might hit, but when.

The Federal Financial Institutions Examination Council released a statement warning financial institutions about the increasing frequency and severity of cyber attacks involving extortion. What do these attacks look like and what should you be doing about them now?

What is Cyber Extortion?

So what does cyber extortion look like? Your bank or credit union may get an email with a 48-hour deadline telling you that Continue reading →

The Dark Side of Crowdfunding: A New Favorite Tool of Money Launderers?

While the overall number of Suspicious Activity Reports associated with crowdfunding is relatively low, the Financial Crimes Enforcement Network has found that mentions of crowdfunding in SAR filings increased 171% just through the first half of 2014 compared to all of 2013. Crowdfunding has become a new favorite tool in the hands of money launderers. Here are the warning signs you should be aware of.

First of all, let’s take a look at what crowdfunding is. You’ve probably seen the sites on the internet. Entrepreneurs Continue reading →

Compliance Culture Scoreboard: How Does Your Institution Rate?

When regulators discuss the root causes of the problems in a financial institution’s Bank Secrecy Act and Anti-Money Laundering programs, invariably the cause that comes out at the top of their list is a weak culture of compliance. These points come from an advisory by FinCEN, the Financial Crimes Enforcement Network.

The regulatory agencies have found that poor BSA performance is as much about the culture of a financial institution as it is about the products, services, customers, and geographic location of the business. How does Continue reading →

The Ins and Outs of PINs

As long as personal identification numbers (PINs) exist, they will continue to be a target for criminals. The Payment Card Industry (PCI) Security Standards Council continues to update the PIN Security Requirements to enhance usability and understanding by stating the requirements in a more granular manner. And though security has been enhanced with the recent switch to the new EMV chip, PIN safety standards are still as important as ever. Which of the recent PIN security requirements are most relevant to your institution?

To understand the Continue reading →

Paradigm Shift: Moving from Boots-on-the-Ground to Expertise-on-Demand

Originally posted in CU Insight.

By Melia Heimbuck Mountain West Credit Union Association


Increasingly complex and onerous, compliance requirements are straining the resources of all credit unions and the regional credit union associations that support them today. At Mountain West, we have always prided ourselves on the quality and responsiveness of our compliance support for members. But in 2011, demand in the marketplace was quickly surpassing our human resource capacity. As a result, we began actively pursuing new ideas that would help us scale Continue reading →