Compliance Briefing for Friday, October 24, 2014

To access specific issuances, go to our Top Stories section, where you'll find links to all the relevant documents.
Risk Scoring — The Essential Element of BSA/AML Compliance

PATRIOT OFFICER automatically calculates risk scores for each customer to identify higher-risk customers and monitors them more closely as the regulations mandate. The solution automatically detects check fraud, check kiting, deposit fraud, ACH fraud, wire fraud, Internet banking fraud, credit/debit card fraud, ATM fraud, employee fraud, and financial fraud to prevent losses. PATRIOT OFFICER is the only BSA/AML/FRAUD solution endorsed by American Bankers Association.
— GlobalVision Systems, Inc.

NMLS annual renewal period approaches
The NMLS annual renewal period for 2015 begins Saturday, November 1, and ends Wednesday, December 31, 2014. If the renewal process is not completed by December 31, a Mortgage Loan Originator is placed in an "inactive" registration status both in NMLS and on NMLS Consumer Access. Inactive registrations must be reactivated in order to become "active." NMLS requires a $30 processing fee for each MLO registration renewal or reactivation.

Verafin Case Study: Finding a Solution for the Future
In this recent case study, Tom Ammerman at CNB Bank discusses the process of finding the right solution that can grow with the bank, and the benefits of utilizing Verafin's FRaud detection and Anti-Money Laundering (FRAML) software.
— Verafin

House prices rise
The FHFA has released the August 2014 House Price Index (HPI). House prices rose in August, up 0.5 percent on a seasonally adjusted basis from July. The FHFA HPI is calculated using home sales price information from mortgages sold to or guaranteed by Fannie Mae and Freddie Mac. From August 2013 to August 2014, house prices were up 4.8 percent. The U.S. index is 5.8 percent below its April 2007 peak and is roughly the same as the August 2005 index level. This is the ninth consecutive monthly house price increase.

UDAAP Compliance Made Easy
The best way to navigate UDAAP compliance is understand your risk. TRUPOINT's UDAAP RiskCheck™ is an easy-to-use web-based tool that makes UDAAP compliance easy. It will provide the answers you need quickly and at a price that makes sense.
— TRUPOINT Partners

Regulators announce stress test scenarios
The Federal Reserve , OCC, and FDIC have released information on the supervisory scenarios that will be used in their respective 2015 capital planning and stress testing programs.

OCC & CFPB New Third-Party Oversight Requirements:
Using Multiple AMCs?
If you're using multiple AMCs, compliance with new oversight requirements can be difficult or impossible without this framework. Download this free white paper with fourteen recommendations and step-by-step guidelines.
— a la mode

NCUA Board action
A Board Action Bulletin has been issued by the NCUA to report the actions taken at its October 23 meeting. The Board announced credit unions will not pay a 2014 share insurance fund premium. It also approved a proposed joint agency rule amending flood insurance regulations.

GLBA Privacy Compliance Inspires Customer Trust
Your customers trust you to protect their personal financial information. However, 6 out of 10 financial institutions are unable to find the information they are charged to protect. Improve your GLBA Privacy compliance and show your customers they are right to trust you, all with one solution.
— InfoGPSNetworks

FTC stops scam targeting Spanish-speaking consumers
A Federal district court has issued a temporary restraining order that shuts down a fraudulent phantom debt collection operation that deceived and abused thousands of Spanish-speaking consumers across the country in an attempt to collect money they did not even owe. The FTC had filed a complaint alleging the defendants, Centro Natural Corp. and Sumore L.L.C, bilked consumers out of at least two million dollars.

FDIC culling transition OTS rules
In this morning's Federal Register, the FDIC has published a final rule to rescind and remove regulations for securities of State savings associations (12 CFR Part 390) and all references to them, and revise regulations for securities of nonmember insured banks (12 CFR Part 335), to extend their applicability to State savings associations. The regulations revised in this rule were included in the regulations that were transferred to the FDIC from the Office of Thrift Supervision (OTS) on July 21, 2011, in connection with the implementation of the Dodd-Frank Act. This action will be effective November 24, 2014.

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