When regulators talk about 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. FinCEN is well aware of the problem, and has issued several documents outlining their ideal compliant [...]
Chances are you haven't crammed for a final in quite some time. But why not give the FFIEC Cybersecurity Exam the old college try? It’s been almost two years since the Federal Financial Institutions Examination Council announced the addition of a cybersecurity risk assessment to regular IT examinations. The addition came with good reason, as cyber [...]
Lending to military members is an ever-increasing concern, and it's an area the CFPB has already cracked down on. But due to a high volume of complaints exposed in a recent report, the CFPB may be coming down even harder. High CFPB scrutiny for servicemembers is nothing new. During the mortgage crisis, the CFPB determined that more than 700 [...]
By Suzie Higbee AffirmX We know that a blog post about Unfair, Deceptive, or Abusive Acts or Practices may not be everybody's idea of good time. But that doesn't diminish the importance of keeping up to speed on the prohibited practices that could land your institution in hot water. With the recent excitement about the [...]
The NCUA has gone back to the drawing board and reissued a revised proposal concerning federal credit unions’ ownership of fixed assets. The proposed rule issued in 2014 drew mostly negative comments stating that it didn’t go far enough in providing credit unions with authority to manage their own resources. This renovated proposal represents a [...]
If you think relations between the U.S. and Russia are strained now, consider the 1980s. It was the culmination of the Cold War—an arms race between the U.S. and the USSR. Tensions were high, and there was one thing keeping everything in balance: mutually assured destruction, or MAD. The basic premise was this: if the [...]
It’s a red-letter day when a cumbersome process is retired for the new and improved. The CFPB has recognized the glitches with the portion of Regulation Z that requires credit card issuers to post their open-end consumer credit card submission agreements on their websites and to submit a copy of those agreements to the CFPB [...]
Originally published on CUInsight.com. Even the best kitchen in the world—equipped with a brick oven, top-of-the-line equipment, and the sharpest knives—can’t turn a bad cook into a great one (even though it could help). The substandard cook still needs to learn some critical cooking skills before the dream kitchen can produce the pièce de résistance. [...]
Obama made history when he eased the nation’s long-standing economic sanctions against Cuba. But before you break out your cigar, there are just a few, simple changes you should know. The changes to the Cuban Assets Control Regulations affect a number of areas, including travel to Cuba, foreign remittances to Cuba, the ability of U.S. [...]
Originally published on CUInsight.com. Various forms of the proverb date back as early as the 14th century. However, it was more firmly rooted in American culture when Benjamin Franklin included a version of the rhyme in his Poor Richard’s Almanac in 1758. It went like this: For want of a nail the shoe was lost. [...]
