the AffirmX blog
Have you taken a look at your receipt after buying several items at the store or eating a good meal at a restaurant, only to find out that you haven't been charged for something you got? Or that you were charged for something extra that you didn't actually order or want? Besides feeling somewhat more fortunate, [...]
In 1990, before we used computers for nearly everything, Congress passed the Americans with Disabilities Act, or ADA. The act ensured that people with disabilities would have the same opportunities as everyone else. In the past few weeks, banks and credit unions have begun receiving demand letters from a law firm in Pittsburgh that has [...]
The NCUA finalized its Member Business Loans Commercial Lending rule in March 2016. The amendments modernize the regulatory requirements that govern credit union commercial lending and allow greater flexibility to lenders. Does an overhaul of the Commercial Lending Rule require an overhaul of your own commercial lending program? Here’s what you need to know: Revisions [...]
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 [...]
In April of this year, the Consumer Financial Protection Bureau released its fourth Fair Lending Report to Congress. It contains a list of the top fair lending violations for 2015, as cited by the regulatory agencies that make up the Federal Financial Institutions Examination Council (FFIEC). The report covers quite a bit of ground, but one [...]
Valued at more than $10 trillion, the U.S. mortgage market is enormous. And it has garnered its fair share of consumer complaints, logging more than 200,000 since the CFPB launched its Consumer Complaint Database in 2011. That makes it one of the most complained about topics, second only to debt collection. More than one in four complaints [...]
We’ve been hearing about efforts to reign in the CFPB for a while now. Yet here the bureau is, proposing 1,300-page rules and enforcing hundreds of regulations. Don’t give up quite yet; FY17 is on the case! Fiscal Year 2017 Financial Services Bill On May 24, 2016, the House Appropriations Committee released its Fiscal Year [...]
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 [...]
