E-SIGN is getting more attention than ever, it seems. In the past few months, our offices have fielded numerous questions regarding the E-SIGN Act and we have been asked to teach four webinars on the subject. The reason E-SIGN is getting so much attention now is that regulatory and technological changes are forcing the industry [...]
Originally published on CUInsight.com. For many people, August signals such pleasantries as football season and children returning to school. To the financial institution’s operations officer, those changes are just as likely to signal the impending deadline for the annual ACH audit. The National Automated Clearinghouse Association (NACHA) has mandated an annual audit of the ACH (Automated [...]
With a year already full of cyber attacks from DDoS to HijackRAT to Emmenta—and it’s only August—it shouldn’t be too surprising that regulators and other government agencies are trying to step up their cyber defense game. Enter beefed up cybersecurity risk assessments and the Cybersecurity Information Sharing Act (CISA). And surprise! Both strategies involve your [...]
As vital as websites are for financial institutions, they are becoming high-profile targets, not just for regulators, but for industry watchdogs and consumer advocate groups. Yes, balancing an effective website and a compliant website is a difficult task. However, we’ve put together a list of the five most common website compliance mistakes we see to [...]
SAFE! In addition to being in the top tier of regulations whose framers worked extra hard to come up with a pronounceable and relevant acronym (right up there with E-SIGN and the USA PATRIOT Act), the Secure and Fair Enforcement for Mortgage Licensing Act, a.k.a. SAFE Act, is also in the top tier [...]
Based on recent compliance news, regulatory scrutiny regarding discrimination is on the rise, resulting in enforcement action after enforcement action. The CFPB, HUD, and other agencies are taking no prisoners, and while the fines are not always huge, they are seeking to make some examples. For the sake of your institution’s reputation and checkbook (and [...]
As any health-conscious person knows, regular physical exams are the key to identifying potential problems while they are still manageable in order to stay at the top of their game. Similarly, for financial institutions to do the same, a “physical” is needed for every aspect of compliance, especially the regulatory behemoth: the Bank Secrecy Act. Recently, [...]
More and more financial institution processes are getting a technological makeover, and privacy is no exception. Regulation P currently requires financial institutions to provide initial and annual privacy notices to their customers/members by mail. The Consumer Financial Protection Bureau is proposing to allow an alternate delivery method (like posting it to your website) for the [...]
s_bukley/BigStock.com You remember the scene. Russell Crowe as math student John Nash in the film A Beautiful Mind, is sitting with his buddies in a bar, all contemplating going after the same woman. Suddenly, Nash is struck with his "governing dynamics" theorem—that perhaps, instead of the increased competition resulting in "blocking" and nobody [...]
I am not terribly skilled in the art form known as golf. Though I have a set of clubs, and I do swing them every now and then, clearly, I could not be considered a Golfer with a capital G. That said, a friend of mine tipped me onto a new-to-me golf phenomenon that looks [...]
