In the age of digital media marketing, regulators continue to turn their heads toward social media use. Whether your financial institution has embraced social media marketing or not, best practices for risk management recommend having social media procedures for current or potential future use. Here we take a look at different aspects of social media and what [...]

Originally published on CU Insight. At present, banks and credit unions are not required to know the identity of the individuals who own and/or control their legal entity customers or members. FinCEN and the federal law enforcement agencies have long seen this as a weakness in the BSA/AML programs that financial institutions are required to [...]

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 [...]

The CFPB's new interim final rule on Reg. Z will have an impact on operations in rural and underserved areas. But what exactly is an interim final rule, and what does it mean to your financial institution? An interim rule is a kind of hybrid between a final rule and a proposed rule. In this [...]

This article was originally published on CUInsight. As financial institutions become ever more vigilant in monitoring for suspicious activity, it seems that criminals find ever more inventive ways to launder money and commit financial crimes. One of the more recent tactics involves using “dirty” money to purchase prepaid cards that can then be used by, sold by, [...]

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 [...]