Monthly Archives: April 2016

AML Transaction Monitoring – “Tuning” In to Compliance

Anti-money laundering regulations require financial institutions to prevent their customers from conducting illegal business activities through their services. AML transaction monitoring software uses artificial intelligence to sift through thousands of transactions to identify deviations from usual and customary activity, as defined by the rules and parameters programmed into the software. Not all alerts indicate wrongdoing, [...]

April 27th, 2016|

Managing the Risk of Telephone Bank Fraud and Identity Theft

For financial institutions, managing bank fraud and identify theft is a 24/7 challenge.  The American Banker recently highlighted the growing problem of telephone fraud at bank call centers – employees being conned into giving up critical customer information to criminals or changing account passwords.  Although the article focuses on call centers, the risk is also [...]

April 26th, 2016|

Bank Reaches Agreement in Complaint Alleging Discriminatory Treatment

The Fidelity Bank, based in North Carolina, entered into a HUD-approved conciliation agreement with Fair Housing Project/Legal Aid of North Carolina, Inc., on April 23, 2016.  The agreement requires the bank to earmark $500,000 or more per year for two years and to use those funds to make investments and community development loans in majority/minority census [...]

April 23rd, 2016|

Creating a Roadmap to Navigate the New HMDA Rule

On Oct. 15, 2015, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited final rule amending and expanding the mortgage loan application data reporting requirements under Regulation C and the Home Mortgage Disclosure Act (HMDA). It is critical for lenders who are subject to the final rule to begin compliance preparations now, before it goes [...]

April 20th, 2016|

CFPB Publishes 2015 Report on Consumer Complaints

On April 1, 2016, the CFPB published its 2015 Consumer Response Annual Report. This annual report summarizes trends the CFPB has identified from 271,600 complaints that it accepted from financial product consumers during 2015. These complaint data can be a useful source of insight for banks and lenders to identify general areas that require attention [...]

April 5th, 2016|