Monday, October 15, 2018

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.

Two additions to Q3 Call Report
The FDIC, OCC, and Fed have posted FIL-60-2018 with materials pertaining to the Consolidated Reports of Condition and Income (Call Report) for the September 30, 2018, report date. Institutions are requested to plan to complete as early as possible the preparation, editing, and review of their Call Report data and the submission of these data to the agencies' Central Data Repository (CDR).

The materials include Supplemental Instructions concerning two new data items related to reciprocal deposits added to Schedule RC-E, Deposit Liabilities, in response to the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA).

Quick Reference Guide
Understanding Fraud Scams
This convenient eBook provides an overview of common scam scenarios, such as BEC fraud, romance, employment, loan and lottery scams; highlights red flag indicators of these specific fraud schemes; and includes a one-page Quick Reference Guide to share with front line staff.
— Verafin

New York credit union closes
The NCUA has announced the liquidation of the Radio, Television and Communication Federal Credit Union of Staten Island, New York. Palisades Federal Credit Union of Pearl River, New York, immediately assumed most of the liquidated credit union's assets and all members, shares, and loans. Palisades Federal Credit Union is a federally chartered credit union has assets of nearly $192 million and serving 14,351 members, according to its most recent Call Report.

Radio, Television and Communication Federal Credit Union, which reported assets of $3 million and 416 members on its last Call Report, is the seventh federally insured credit union liquidated in 2018. The NCUA made the decision to liquidate the credit union and discontinue its operations after determining the credit union was insolvent with no prospect for restoring viable operations on its own.

Put an End to Fraud Losses with BAM+
Case Study: How BAM+ Saved One Credit Union Millions of Dollars
With advances in technology come advances in crime, making it easier for criminals to strike and harder for financial institutions to detect fraud. BAM+ fraud scenarios detect multi-channel and single channel fraud, so nothing slips through the cracks. Learn how BAM+ saved one credit union over a million dollars in potential fraud losses.
— Banker's Toolbox

Federal help for Florida Michael victims
HUD has announced it will speed federal disaster assistance to the State of Florida and provide support to homeowners and low-income renters forced from their homes due to Hurricane Michael.

Free Compliance Guide
Building a Culture of Compliance
Building a culture of compliance can have a positive impact within your organization. 360factors' free guide is focused on the model of compliance that is most likely to result in the culture that organizations need. We focus on the three lines of defense model and then on strengthening the first line of defense with the help of technology.
— 360factors

CFPB answers debt collection questions
The Bureau has posted an article providing links to short, easy-to-understand answers to some of the CFPB's most-visited questions on its website about debt collection.

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