the AffirmX blog
You've probably heard about AffirmX recently. The best way to find out what the AffirmX solution for banks really is is to see it in action in a live, no-obligation demo. Come and find out how AffirmX's innovative solution leverages the latest in secure, cloud-based technology to connect banks with experienced professionals -- zeroing in [...]
The traditional model of compliance review services has always been to randomly select and review documents and compare them to known standards and templates that reflect an optimal version of what that document should look like. But is that enough? When parents look to best help their children prosper in the world, they rely on [...]
If you are a community-chartered credit union, then you will need to check your bylaws to ensure that they include businesses located within your geographic community. NCUA has opined that federally-chartered credit unions that are not a community-chartered credit unions will need to ensure that all owners of the company, which includes stock holders, are [...]
by Coppelia Padgett, Senior Analyst, AffirmX 7/25/2013 It can be a daunting challenge just keeping up with how long to keep various records, many of which have multiple regulations that impact how long them must be kept. To assist those charged with managing records at their financial institution, we have compiled a Record Retention Schedule [...]
The question of the handling of personally identifiable information comes up occasionally in a prospective customer’s evaluation of AffirmX. Philosophically, AffirmX only wants to look at documents and reports that specifically address issues related to regulatory compliance. Unfortunately, some of these documents will contain PII even though it is extraneous to the document review that [...]
Remember the good old days (back in 1993) when you only needed to do an ACH audit once every three years? Apparently, NACHA didn’t feel that was enough. Now, you are required to perform an ACH audit every year by December 1 of each year. Hence, most financial institutions put off having their audits done [...]
The sources of income that you can use to meet the “independent ability to pay” test for a young applicant (under age 21) or for a young applicant that is requesting an increase in his/her credit limit is more restrictive than the income you can choose to rely on for a consumer who is age [...]
The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) has changed how the residential mortgage loan industry operates at a very fundamental level. This sweeping legislation has created a nationwide licensing and registration system for residential mortgage loan originators (MLOs). The law seeks to provide accountability and tracking of MLOs, support anti-fraud measures, [...]
If you're involved in the compliance effort at your bank or credit union, you know that these are challenging times just to keep up with what is going on, let alone trying to prepare your institution to respond accordingly. Once a week, our new issues committee here at AffirmX gathers together to review what is [...]
There is something about a massive storm approaching that brings both wonder and a bit of terror to those that lie in its path. Having spent a pair of hurricane seasons in Haiti, and having seen the ravages of massive storms on ill prepared locales, I can appreciate the concern of those in the path [...]