In an effort to encourage more innovative product development from financial institutions, the CFPB has introduced its No Action Letter Policy. But the policy might not be as encouraging or effective as previously hoped. On the surface, a No Action Letter sounds like a good idea. The CFPB wants to support financial institutions in developing [...]
FEMA’s National Flood Insurance Program (NFIP) was due for a check-up by the U.S. Government Accountability Office (GAO) this spring, and was found lacking. The NFIP program has struggled in its attempts to keep rates affordable, but still be able to pay for losses from catastrophic flooding. In a report released in March, the shortcomings of [...]
Smaller financial institutions know how to hold their own. The big banks will never come close to what smaller organizations can offer in customer service and relations. However, because of limited resources, smaller institutions are typically at a sharp disadvantage when competing with the big dogs. We’re aware of this, and we’re on your side. [...]
Contributed by Julie Kappenman, Mountain West Credit Union Association While receiving consumer complaints is nothing new, how your financial institution is expected to handle those complaints is changing. It's easier now than ever for consumers to file complaints. With social media and other technologies, consumers can file a complaint at a click of a button. Not [...]
Here at AffirmX we are dedicated to bringing you the latest and greatest in compliance news, tools, and tips. And, well, at the risk of sounding self-serving, sometimes the latest and greatest comes from the general vicinity of us. If you're a very small institution with limited resources, but are looking for a tool that [...]
The CFPB has issued its annual Fair Debt Collection Practices Act report to Congress. This year’s report outlined debt collection activities conducted by the CFPB and regulator partners in 2015. The report is the fifth of its kind and gives a glimpse into the focus of the CFPB’s enforcement efforts. In the 91-page report, we learn [...]
How financial institutions deal with consumers who have Limited English Proficiency, or LEP, is receiving growing attention from regulatory agencies, in particular the Consumer Financial Protection Bureau. Usually, when people with LEP attempt to take care of their banking affairs, they do not have the advantage of using a reliable word-for-word translator. Making matters worse, dealing [...]
When it comes time to conduct a compliance examination, it's not feasible for examiners to scrutinize every transaction in every area. That means some areas are bound to receive more emphasis than others, and those areas of emphasis are constantly evolving. So how can a financial institution get a sense of what is coming down [...]
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 members, want to know that banks and credit unions have taken a good look at what their exposure is, and have a solid plan in place to address those [...]
You investigate. You write your suspicious activity report. You click submit. Then what happens to your SAR? The Financial Crimes Enforcement Network, otherwise known as FinCEN, released its 2014 annual report of Suspicious Activity Report stats. It includes an overview of what happens to SARs after they are reported. The SAR Stats Technical Bulletin from [...]
