the AffirmX blog
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 [...]
Spring training for Major League Baseball is long over, the regular season is winding down, and playoffs will soon be upon us. Over the course of a long season, the teams that spent their time during spring training actually training and preparing frequently find that it makes the difference between being a playoff contender and an [...]
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 [...]
We're often asked whether the AffirmX Risk Intel Center Platform displaces compliance officers. To answer this question, I like to think about Batman and his gadgets. Bruce Wayne, although a very selfless and protective guy, wouldn’t be Batman and achieve many of his heroic feats without his gadgets: the utility belt, the Batmobile, the bat-shaped shuriken, etc. [...]
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 [...]
