The ever-increasing importance of a robust BSA/AML monitoring system has become more than clear in recent years. However, an all-encompassing monitoring system often feels beyond the reach of the smaller financial institution. Resources are finite, and some institutions are left floundering when attempting to cover all their bases. What must your small financial institution do to [...]
The U.S. Supreme Court stirred up quite a bit of confusion for lenders concerning the Equal Credit Opportunity Act. Whether or not guarantors are considered applicants under the Equal Credit Opportunity Act and Reg. B has traditionally depended on which court’s jurisdiction the guarantor resides in. Having different rules in each jurisdiction made it harder for [...]
A version of this post originally appeared on CU Insight. As the amount of financial institutions declines, many smaller institutions speculate about the uncertainty of their own futures. The downtrend has certainly been widely reported over the past few weeks, months and even years, even in the general press, which tends to run stark images of [...]
This post originally ran on CU Insight. Risk. It’s something that every credit union must deal with. Risk and its management, once broadly accepted as part of the fuzzy territory of doing business as a financial institution, have become increasingly hot topics over the past five years, giving rise to the burgeoning field of Enterprise [...]
A thorough BSA program is becoming more essential than ever. What five steps can you take to make sure your BSA Risk Assessment is ready for your next examination? Scrutiny of Bank Secrecy Act compliance at financial institutions everywhere is surging. Fines and enforcement orders are all over the headlines. Regulators, as well as board [...]
The ever-increasing importance of a robust BSA/AML monitoring system has become more than clear in recent years. However, an all-encompassing monitoring system often feels beyond the reach of the smaller financial institution. Resources are finite, and some institutions are left floundering when attempting to cover all their bases. What must your small financial institution do to [...]
The 2015 National Terrorist Financing Risk Assessment is an unprecedented report based on an analysis of more than 5,000 law enforcement cases, reporting by U.S. financial institutions, and reports from both the government and the private sector. The findings divulge that although U.S. wealth and resources are an attractive target for a wide variety of [...]
This post was originally posted by CU Insight. Everyone who drives a car knows that the cost of ownership doesn’t end when you walk out of the dealership with the keys in your hand. Cars require constant care and tuning up (not to mention that dreaded emissions test every year). Similarly, your anti-money laundering (AML) [...]
A version of this post was originally published on CU Insight. Congratulations! You’ve just been made head coach of a major college basketball team and are now responsible for improving their ranking. All anyone will tell you is the number of wins and losses from last year. Based on this information alone, you have one [...]
Originally published on CUInsight.com. If disaster struck your community right now, would your institution be ready? While no one wants to see the circumstances that would cause an institution to activate its business continuity and disaster recovery plan, the last time you would want to find out that yours is inadequate or hopelessly outdated is [...]
