Wednesday, April 26, 2017

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 suspends communities from NFIP
The Federal Emergency Management Agency continued a series of after-the-fact publications of community suspensions from the National Flood Insurance Program for noncompliance with the floodplain management requirements of the program. In today's Federal Register, FEMA announced April 19, 2017, suspensions of communities in Louisiana (portions of St. Mary Parish) and Minnesota (portions of Fillmore, Goodhue, Lake of the Woods, Olmsted and Roseau Counties).

Uncovering Suspicious Activity in Charged-off Loans
Join us on May 3 for a discussion on how criminals generate illicit funds by securing loans with no intention of repayment, eventually leading to charge-offs. This means that suspicious activity can be hiding in the silos within your institution – suspicious activity that is going unreported, and could be linked to more complex criminal networks.
— Verafin

U.S. Bank assessed $15M CMP for bankruptcy filing violations
The OCC has issued a consent order for the assessment of a $15 million civil money penalty against U.S. Bank National Association for bankruptcy filing violations. The OCC found that, between 2009 and 2014, the bank engaged in filing practices in bankruptcy courts with respect to proofs of claim, payment change notices, and post-petition fees, among others, that did not comply with bankruptcy rules and constituted unsafe or unsound banking practices. In addition to the civil money penalty, U.S. Bank has made or will make about $29 million in remediation payments to approximately 22,000 account holders.

Free 2017 Compliance Planning Kit & Worksheets!
Prep for compliance success in 2017 and beyond by prioritizing your goals! Get this eBrief to get started, which includes two free worksheets to share with your team.
— TRUPOINT Partners

Student loan complaints focus of CFPB monthly summary
The CFPB complaint snapshot for April 2017 highlights consumer complaints about student loans. The April summary shows that both private and federal student loan borrowers nationwide report persistent servicing breakdowns that may sideline their path to repayment. The report's geographic focus for April was on complaints coming from Nevada.

Free Webinar: CDD/Beneficial Ownership — One Year Out
Thursday, May 11th - 1:00 PM CT
We're almost one year out from the new Customer Due Diligence (CDD) rule's deadline. Join us as we discuss all things CDD, including policies, procedures and training. We will help you prepare and discuss what steps your core, new account platform and AML software vendors are taking now to ensure you're compliant by May 2018.
— Banker's Toolbox

Sweden in FATF spotlight
The Financial Action Task Force (FATF) has conducted an assessment of Sweden's anti-money laundering and counter-terrorist financing (AML/CFT) system, based on the 2012 FATF Recommendations. The FATF indicates all the elements of Sweden's AML/CFT supervisory system are in place, but there are weaknesses in applying risk-based supervision. Compliance by financial institutions and by designated non-financial businesses and professions (DNFBPs) of their obligations is generally adequate: large banks have made significant efforts to enhance AML/CFT compliance, but there is a need to improve smaller financial institutions' and DNFBPs' understanding of the risks they are exposed to. There are also several remaining areas where Sweden's AML/CFT regulations should be updated to reflect the 2012 FATF standards, reports the FATF.

Housing costs increase
U.S. house prices rose in February, up 0.8 percent from the previous month, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI). In addition, HUD and the Census Bureau jointly announced new residential sales statistics for March 2017
  • Sales of new single-family houses in March 2017 were at a seasonally adjusted annual rate of 621,000, 5.8 percent above the revised February rate of 587,000 and 15.6 percent above the March 2016 estimate of 537,000.
  • The median sales price of new houses sold in March 2017 was $315,100. The average sales price was $388,200.
  • The seasonally-adjusted estimate of new houses for sale at the end of March was 268,000. This represents a supply of 5.2 months at the current sales rate.

April 26, 2017

ACH Basics: Part 2

May 2, 2017
ACH Basics: Part 3

May 3, 2017
Reg E Claims:
Compliance Balancing Act

May 8, 2017
Loan Fee Disclosures

May 9, 2017
TIN/Name Mismatch Solutions

May 11, 2017
OFAC for
Community Banks

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