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  • Still No End To Paper Savings Bonds

    As of January 1, 2012, the U.S. Department of the Treasury ended sales of paper savings bonds at financial institutions. People must have a TreasuryDirect account to buy an electronic savings bond. However, this change did not affect how paper savings bonds are redeemed for customers. While paper savings bonds are no longer sold over […]

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  • “Dyre Wolf” Creates Fake Bank Websites

    A combination malware and social engineering campaign has already stolen over $1 million! Dubbed the “Dyre Wolf”, the malware targets online banking systems. Security experts believe that those behind the malware attacks are extremely knowledgeable about financial institutions’ online banking systems. “Dyre Wolf” targets businesses that use wire transfers to move large sums of money, […]

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  • Compromised Credentials and Destructive Malware a New Focus for FFIEC

    On March 30, 2015, the Federal Financial Institutions Examination Council (FFIEC) released two statements about ways financial institutions can identify and mitigate cyber attacks. Industry experts suggest that the primary reason for the release of the statements is to ensure that smaller financial institutions are taking the necessary steps to protect themselves from cyber threats. […]

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  • Some of Your IRA Customers Face April 1st Deadline

    Your customers who turned 70½ during 2014 likely must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Wednesday, April 1, 2015. The April 1 deadline applies to owners of traditional IRAs but not Roth IRAs. Normally, it also applies to participants in various workplace retirement plans, including […]

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  • Credit Reporting Agencies Agree to Changes

    The New York Attorney General Eric Schneiderman announced a deal with the credit reporting giants, Experian, TransUnion, and Equifax on the reporting of medical bills and the handling of error resolution processes. Under this new agreement, the agencies will replace automated error resolution processes with specially trained employees. The agencies will also establish a six-month […]

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  • Cuban Assets Regulations Updated

    The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is amending the Cuban Assets Control Regulations, (the “CACR”), to implement policy changes announced by the President on December 17, 2014, to further engage and empower the Cuban people by facilitating authorized travel to Cuba by U.S. persons, certain authorized commerce, and the flow […]

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  • Help Protect Your Holiday Cheer from Fraudsters

    If you have gift cards on your shopping list, you’re not alone. Industry experts estimate gift card spending will top $32 billion this year – both for cards you can use at a specific store (department store or coffee shop), and for bank or credit union cards that are accepted at many businesses (Visa, MasterCard, […]

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  • Are You Discriminating Against Consumers Receiving Disability Income?

    The Consumer Financial Protection Bureau (CFPB) issued a bulletin advising lenders to avoid imposing illegal burdens on consumers receiving disability income who apply for mortgages especially if the lenders ask for proof of how long they will receive their benefits. The CFPB is reminding lenders that requiring unnecessary documentation from consumers who receive Social Security […]

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  • Are you violating the Children’s Privacy Act…and don’t know it?

    Now is a good time to review your website offerings that may be directed at children like savings games and more importantly to review your third-party vendor relationships that may be collecting consumer information, to make sure they are complying with the requirements of COPPA. Take a lesson from Yelp. It applies to you too. […]

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  • Make sure you update your TILA-RESPA courses

    The CFPB released an updated mortgage rules Readiness Guide which includes the new TILA-RESPA Integrated Disclosure rule. The Readiness Guide can be accessed here and offers guidance on how to evaluate readiness for complying with the mortgage rule changes. The updated guide incorporates changes made to Regulation Z, the implementing regulation for the Truth in […]

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