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  • Guidance Concerning Mortgage Servicing Practices Impacts Servicemembers

    Along with our Regulatory Agencies, the Federal Reserve Board recently released guidance that enhances the Servicemembers Civil Relief Act (SCRA). It concerns mortgage servicing practices that may pose risks to homeowners serving in the military. One of the main risks addressed is military homeowners who inform their loan servicers they have received Permanent Change of […]

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  • FinCEN and CFPB Raise Awareness of Elder Abuse

    According to a recent industry study, Americans ages 60 and up lost at least $2.9 billion to financial exploitation in 2010. From 2008 to 2010, the study showed a 12 percent increase in money scammed from seniors. This is a serious problem, and major organizations and agencies are taking notice. The Financial Crimes Enforcement Network […]

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  • New Consumer Financial Protection Bureau Rules

    The CFPB recently posted three final rules and one interim final rule that deal with the procedures and practices related to enforcing federal consumer financial law. These rules allow the agency to stay abreast of developments in consumer financial law, investigate possible violations of these laws, and bring actions to enforce these laws, helping the […]

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  • Cost Effective Training for Bank Personnel

    Regulators are cracking down, training budgets are being slashed, and compliance officers and bank training personnel are increasingly finding themselves in a tough position. Regulators are demanding more from compliance officers and training staff. They are not only looking to see that institutions are complying with regulations such as the Bank Secrecy Act and Anti-Money […]

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  • Trained Staff is Still the Best Defense Against Fraud

    Implementing the newest technologies is not enough! Financial institutions need to look beyond technology solutions and effectively train staff to identify and prevent fraud. According to industry experts, trained personnel are one of the most effective ways to prevent fraud! Technology can be useful, but financial institutions shouldn’t rely solely on systems. Human eyes can […]

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  • U.S.A. Rated in Top Three for ATM Fraud

    According to a European report, the U.S.A. is one of the top three countries for ATM fraud. To combat this growing problem, financial institutions need to stay on top of fraud trends, educate employees on fraud, and implement new programs and strategies to discourage scammers. Knowledge is the best way to protect your customers! The […]

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  • Compliance Is The Biggest Concern

    Compliance Is The Biggest Concern Financial institutions offer opinions on key challenges and issues Compliance related issues are the biggest concern for a majority of U.S. financial institutions according to the biannual MST 2012 Survey of banks and credit unions. The survey focused on some of the key challenges faced by financial institutions including Compliance, […]

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  • Compliance Officers Struggling At An Alarming Rate

    Many Compliance Officers are at their breaking point, revealed a recent study of 500 compliance professionals conducted by Thomson Reuters. Between all the new rules and regulations and the pressure from regulators, Compliance Departments are struggling to handle of all of their responsibilities due to a lack of resources and personnel. While compliance professionals are […]

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  • Examiners Are Asking Tougher Questions About Protecting Customer Information

    The protection of Personally Identifiable Information (PII) is an increasingly huge concern for financial institutions. While you already have measures in place to protect consumer information, banks and credit unions should focus on ways to improve techniques and solutions to further reduce the risk of a security breach. New measures emphasize the importance of increased […]

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  • Linked Accounts and Reg D Requires Trained Bank Personnel

    With more customers taking advantage of the linked account feature to avoid overdraft fees, you must have informed customer service personnel to explain Reg D limitations! Linked accounts are a great way for customers to avoid overdraft fees, and more customers are seeking this option since the CFPB is promoting it as a great alternative […]

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