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 [...]
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 [...]
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 [...]
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. [...]
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 [...]
On Oct. 15, 2015, the CFPB released its final rule amending Reg. C, the Home Mortgage Disclosure Rule. The changes are significant. The final rule and its official interpretation clocks in at 797 pages. Digesting that will take some time. But in the meantime, here's the one-sheet you should take to your next compliance meeting. [...]
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 [...]
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 [...]
Cybersecurity expert Jay Ranade We’ve all heard the high-profile names of retailers and financial institutions that were the victims of a data breach in the past year (looking at you, Target, Home Depot, eBay, Michaels, PF Chang’s, Goodwill, Michael’s, JPMorgan Chase, Neiman Marcus, and more). Clearly, cybersecurity is becoming a bigger issue every [...]
Hard to imagine now, but a mere handful of years ago, the abbreviation "CFPB" was perhaps best known for standing for the Center for People and Buildings, a non-profit group operating out of the Netherlands. How times have changed. Today, you can't throw a stick anywhere in the compliance news landscape without hitting at least [...]
