Compliance Briefing for Tuesday, January 27, 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.

OCC issues extreme winter weather proclamation
A proclamation has been issued by the Office of the Comptroller of the Currency allowing national banks and federal savings associations at their discretion to close offices affected by extreme winter weather in the northeast United States.

Verafin FRAML Demonstration
Wednesday, January 28 at 12:30 PM ET
In this live demo, discover how Verafin can help you consolidate your FRaud detection and Anti-Money Laundering (FRAML) processes. Learn how Verafin can help uncover money laundering and fraud across transaction channels; reduce false positives; tie investigations together with integrated case management; and automate BSA reporting, OFAC and 314(a) scans.
— Verafin

Federal Reserve updates excess balance account FAQs
Federal Reserve Services has announced the update of its Excess Balance Account (EBA) FAQs. A new section, "Account Management Practices and Sweeping," addresses questions raised by common account management practices between EBA agents and participants. Additional information is available at the Excess Balance Account Resource Center.

Free eBrief: 2 Free Compliance Essentials for 2015
Prepare for compliance success in 2015 with this free eBrief! We'll share the two things that are essential to achieving your compliance goals, and you'll also get two free worksheets to empower your team. Get your free eBrief today!
— TRUPOINT Partners

Federal Reserve releases plan for improvement payments
The Federal Reserve has issued "Strategies for Improving the U.S. Payment System," which presents a multi-faceted plan for collaborating with payment system stakeholders, including large and small businesses, emerging payments firms, card networks, payment processors, consumers and financial institutions to enhance the speed, safety and efficiency of the U.S. payment system. The Federal Reserve's strategic direction for financial services focuses on improving the end-to-end speed, safety and efficiency of the payment system. The Federal Reserve undertook an extensive 18-month research program aimed at identifying key gaps and opportunities, gaining industry and end-user perspectives on needs and priorities and defining ways to achieve payment improvements. The Federal Reserve will host a webcast at 1:00 p.m. EST on January 29, to share views on the Federal Reserve's vision for the future U.S. payment system and plans for collaborating with stakeholders to achieve shared goals. In addition, a subsequent series of FedForum teleseminars on February 4 and 10 will present an overview of the strategies and a question-and-answer session. Details on accessing the webcast and registering for the FedForum events are included in an announcement on the FedPayments Improvement website.

Fannie Mae's New Collateral Underwriter™ Means Big Changes for Appraisals
Appraisal quality control alert: Fannie Mae announced a new QC review for all appraisals, effective January 26th. Get this Industry Update for the overview, recommendations, and tips for avoiding delays and buybacks.
— Mercury Network

New resources for consumers to fight ID theft
The NCUA has announced the addition of new information regarding ways to combat identity theft to, its consumer web site. The site also contains other resources to help credit union members understand and prevent identity theft and other frauds and scams.

NCUA TRID rules webinar
The NCUA will host a free webinar, "Preparing for the New TILA-RESPA Integrated Disclosures," on February 11, 2015, starting at 2 p.m. ET. The webinar will provide a high-level overview of the significant changes to the disclosures and forms required under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) that are scheduled to go into effect August 1. Online registration is available.

Bureau seeks comment on student account scorecard
The CFPB has published in this morning's Federal Register a notice and request for comment on its draft Safe Student Account Scorecard that would offer information to colleges and universities when soliciting agreements from financial institutions to market safe and affordable financial accounts for their students. Comments are due by March 9, 2015.

January 28, 2015

Mortgage Life Cycle
Part I

February 2, 2015
Answer HSA Questions with Confidence

February 3, 2015
BSA/AML Compliance: Recent Developments and Common Errors

February 4, 2015
Mortgage Life Cycle
Part II

February 5, 2015
Annual Lending Compliance Recap

February 9, 2015
Annual Operations Compliance Recap

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