Originally published on CUInsight.com. In the backlash against the misdeeds of large financial institutions that were deemed responsible for much of the economic downturn of the past half decade, the entire financial industry has been saddled with escalating regulatory burdens. And the regulatory onslaught is not over yet. While the rise in regulations is perhaps [...]
Like any trend, it sometimes seems like the focus on certain regulations comes and goes. In a world that increasingly relies on electronic devices, the Electronic Signatures in Global and National Commerce Act (which was implemented in 2000) seems to suddenly be in vogue. We’ve reviewed many institutions for E-SIGN compliance and have put together [...]
Wrath. Greed. Sloth. Pride. Lust. Envy. Gluttony. They’re often referred to as “capital vices” due to their tendency to lead to other sins. While financial institutions deal more with money than with morals, there are several mistakes with currency transaction reports that can reflect unfavorably on your entire BSA program. Though CTRs may sound easy [...]
When it comes to fair lending, many institutions leave the picture of their performance incomplete—they know their own numbers, but they fail to give these numbers context based on a comparison to such factors as population, income, age, gender, etc. It’s similar to those word puzzles we’ve all seen: Fi@r L3nidng A@nyls1s Although these words [...]
When it comes to advertising, the Consumer Financial Protection Bureau has its eye on financial institutions. And with the coming holiday season and the spike in advertising that frequently accompanies it, expect the CFPB to be on the lookout for all kinds of false claims, but for one kind in particular. Recently, the CFPB has [...]
Hard to imagine now, but a mere handful of years ago, the abbreviation "CFPB" was perhaps best known for standing for the Center for People and Buildings, a non-profit group operating out of the Netherlands. How times have changed. Today, you can't throw a stick anywhere in the compliance news landscape without hitting at least [...]
Complaint management used to be so simple. Perhaps your institution looks back fondly on the days when complaints were usually over the phone about a billing issue. But in this day and age, customers, members, and even employees have a cornucopia of complaint outlets, such as Facebook, Twitter, Yelp, and of course, the CFPB's complaint [...]
By Coppelia Padgett AffirmX Senior Analyst Every year, consumers in the U.S. transfer billions of dollars out of the country through banks, credit unions, and other businesses in wire transfers or automated clearing house (ACH) transactions, and many of these transactions fall under the definition of a remittance transfer. Despite their commonness, there is much [...]
As mentioned in our last blog post about E-SIGN, AffirmX has received numerous questions about the E-SIGN Act over the past few months. In this post, we turn our attention to similar recurring questions centered around one somewhat simple phrase in the regulation: “reasonably demonstrate.” In context, the regulation states that the institution should obtain [...]
There are a lot of good safety ideas out there: wear a helmet while riding a bike, don’t stand on swivel chairs, wear sunscreen, etc. Many of these are unenforced, common sense rules, but some of them graduate into law. For example, depending on which state you live in, not wearing a seatbelt could have [...]
