Compliance Briefing for Thursday, July 2, 2015

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.

FEMA to suspend communities in MO and VA
The Federal Emergency Management Agency has published a final rule that identifies communities in Missouri and Virginia where the sale of flood insurance has been authorized under the National Flood Insurance Program that are scheduled for suspension on August 3, 2015, because of noncompliance with the floodplain management requirements of the program.

For Dummies eBook Download — Currency Transaction Reporting
This handy reference guide walks you through the process of completing your CTRs accurately and efficiently. Main topics include preventing money laundering, an introduction to the CTR form, recognizing tricky situations, how automation is beneficial, and tips for selecting an automated system that is right for you.
— Verafin

Dodd-Frank aggregate consolidated liabilities report
The Federal Reserve Board has released its first determination of the aggregate consolidated liabilities of all financial companies in accordance with section 622 of the Dodd-Frank Act, which prohibits any financial company from combining with another company if the resulting company's liabilities exceed 10 percent of the aggregate consolidated liabilities of all financial companies. As of December 31, 2014, aggregate financial sector liabilities was equal to $21.6 trillion. Aggregate financial sector liabilities generally equal the sum of the financial sector liabilities of all financial companies.

Managing Your Fair Lending Compliance Risk Just Got Easier
Fair Lending RiskCheck™ is a compliance officer's best friend. With this online risk assessment you can conduct a Fair Lending Risk Assessment more efficiently than ever before. . .even if you know little about fair lending compliance. RiskCheck comes with expert guidance and free support. Claim your free info kit today!
— TRUPOINT Partners

2015 census data products and geocoding system update
The FFIEC has released the 2015 Census Data Products and an update of the Geocoding System.

[Study] How Do Other Banks Manage Exceptions?
"Lending exceptions generally either relate to documentation or underwriting. Banks should have systems to analyze and control both types of exceptions," as stated by the Comptroller's Handbook on Loan Portfolio Management. Learn what 96 other banks are doing to comply.
— AccuSystems

NCUA compliance webinar
A free 90-minute compliance webinar, "Fine Tuning Your Compliance Program,” will be hosted by the NCUA on July 21, beginning at 2 p.m. EDT. A panel will discuss how credit unions can navigate common compliance issues and examine various compliance areas of interest.

Anti-Money Laundering Automated System Validation
Anti-Money Laundering (AML) automated systems are used to detect patterns of unusual activity or deviations from expected activity. Some systems are rule-based and others are intelligence-based. Risk management and system validation is becoming a standard practice in the industry. Download our recent newsletter article to learn more about this process.
— Wipfli

CFPB requests comments on consumer complaint database
The Bureau has issued a Notice [80 FR 37237] requesting feedback on best practices for "normalizing” the raw complaint data it makes available via the Consumer Complaint Database so they are easier for the public to use and understand. Specific suggestions from market participants, consumers, and other stakeholders on data normalization and its proper implementation within the Database. Written comments must be received on or before August 31, 2015, to be assured of consideration.

Credit card add-on vendors penalized
The CFPB has announced that complaints have been filed against two credit card add-on product vendors — Affinion Group Holdings, Inc., and Affinion's affiliated companies, and Intersections Inc. — for unfairly charging consumers for credit card add-on benefits they did not receive. Under the proposed consent orders, Affinion would pay approximately $6.8 million in monetary relief for eligible consumers who have not yet received refunds and $1.9 million in civil money penalties, while Intersections would pay approximately $55,000 in monetary relief to eligible consumers who have not yet received refunds and $1.2 million in civil money penalties.

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