Understanding the security of financial institutions

Kasasa

The driving forces behind that economy are the major financial institutions, whether local, national, or international. These institutions provide the stability around which the economy revolves.

What is a community financial institution?

Kasasa

You might think a community financial institution only serves a small rural town, like you might find in Kershaw, South Carolina, or Fort Dodge, Iowa. But a community financial institution is more than a single branch in one town.

FTC Amendments Affecting Financial Institutions

Burr Forman

The Amendments apply to financial institutions, not only banks. These modifications generally relate to heightened information security requirements and expanding the definition of “financial institution.”.

How community financial institutions are restoring consumer confidence in the banking industry

Kasasa

You might have seen a clever meme on social media, incorrectly attributed to President Abraham Lincoln that reminds us, "You cannot believe everything you read on the internet."

FinCEN Deputizes Financial Institutions in Hunt for Environmental Crimes

Burr Forman

The Financial Crimes Enforcement Network (“FinCEN”) unit of the U.S. Department of the Treasury called this week for the nation’s financial institutions to be on the lookout for money flows indicative of environmental crimes.

CFP: AALS Section of Financial Institutions & Consumer Financial Services' FinReg Conference

Public Citizen

We received the following Call for Papers: The AALS Section of Financial Institutions & Consumer Financial Services will host the first AALS FinReg Conference on November 4, 2022, in person, at the Antonin Scalia Law School, in Arlington, Virginia. This annual workshop brings together scholars focused on financial regulation to present their scholarly works.

FTC Amends “Safeguards Rule” for Covered Financial Institutions

Troutman Sanders

On October 27, the Federal Trade Commission (FTC) announced a final rule (Final Rule), amending the Standards for Safeguarding Customer Information (Safeguards Rule) under the Gramm-Leach-Bliley Act (GLBA) as it applies to covered financial institutions.

Federal Cannabis SAFE Banking Act Bill Gains Steam with Backing from Michigan Financial Institutions and Government

Fraser

House of Representatives passed the Secure and Fair Enforcement Banking Act of 2019 (“Safe Act”), which would prohibit regulators from terminating or limiting either deposit or share insurance of a financial institution for doing business with a cannabis company.

CFPB Supervisory Report Finds Issues in Several Financial Institution Practices

Collection Industry News

On May 2, the Consumer Financial Protection Bureau (CFPB or Bureau) released its Supervisory Highlights report on legal violations discovered during examinations in the second half of 2021. The Supervisory Highlights detail issues identified by CFPB examination teams across a wide number of segments of the consumer financial services industry. The CFPB alleges some financial institutions do not perform robust enough investigations of errors. Source: site.

Agencies Seek Wide Range of Views on Financial Institutions’ Use of Artificial Intelligence

Consumer Finance

Five federal financial regulatory agencies are gathering insight on financial institutions’ use of artificial intelligence (AI).

CFPB Report Finds Some Financial Institutions and Colleges May Be Steering Students to More Expensive Financial Products

Troutman Sanders

On October 13, the Consumer Financial Protection Bureau (CFPB) released its 12th Annual Report to Congress on college credit card agreements. Under Department of Education regulations, students must be allowed to select the way they receive their financial aid from a neutral list.

Pro Bono Service and the Community Reinvestment Act for Financial Institutions’ Legal Departments

Troutman Sanders

Presented by Pro Bono Institute (PBI) and its Corporate Pro Bono (CPBO) project, and Troutman Pepper, in conjunction with Financial Institution Pro Bono Day 2022. Register Here Tuesday, May 24 • 12:00 p.m.

Key Digital Questions Financial Institutions Should Obsess About

Fico Collections

With the impact of COVID-19, banks and financial institutions are forced to accelerate the development and deployment of their digital capabilities as access to remote channels moved from choice to necessity.

FFIEC Issues Guidance on Authentication and Access to Financial Institution Services and Systems

Consumer Finance

The Federal Financial Institutions Examination Council (FFIEC), on behalf of its members, today issued guidance that provides financial institutions with examples of effective authentication and access risk management principles and practices for customers, employees, and third parties accessing digital banking services and information systems.

FFIEC Issues Guidance on Authentication and Access to Financial Institution Services and Systems

Troutman Sanders

Identifying risks from, and implementing mitigating controls for, a data aggregator or customer-permissioned entity’s (CPE) access to a financial institution’s information systems.

Banking Regulatory Agencies Seek Information on Financial Institutions’ Use of Artificial Intelligence

Troutman Sanders

Five federal banking regulatory agencies are gathering information and comments on financial institutions’ use of artificial intelligence (AI), including machine learning. All Entries Consumer Financial Protection Bureau (CFPB) Featured Posts State Attorneys General, CFPB, and FTC

Consumer Financial Protection Bureau Encourages Financial Institutions and Debt Collectors to Allow Stimulus Payments to Reach Consumers

Consumer Finance

On March 17, 2021, Consumer Financial Protection Bureau Acting Director Dave Uejio issued a statement regarding consumers’ access to Economic Impact Payment funds distributed through the American Rescue Plan.

Financial Regulators Update Examiner Guidance on Financial Institutions’ Information Technology Architecture, Infrastructure, and Operations

Consumer Finance

The Federal Financial Institutions Examination Council (FFIEC) today issued a new booklet in the FFIEC Information Technology Examination Handbook series, titled “Architecture, Infrastructure, and Operations.”. Press release

West Virginia treasurer joins with 15 other states to warn financial institutions of ‘woke capitalism’

Collection Industry News

In a press release and video released last week, Moore and financial officers in 15 other states wrote an open letter to the U.S. I’m announcing a multistate coalition of state treasurers and state financial officers to push back against the woke capitalism that is happening in this country right now,” Moore said in the video statement. Source: site.

SIFMA’s After-Action Report on Quantum Dawn VI Cybersecurity Exercise

Burr Forman

On March 31, 2022, the Securities Industry and Financial Markets Association (“SIFMA”) released its after-action report on Quantum Dawn VI – a global financial-markets cybersecurity exercise.

MEDC to Make $237 Million Available to Help Michigan Small Businesses

Fraser

Banking & Financial Institutions Business & Tax Department of Treasury MEDC Michigan Economic Development Corporation SSBCI United States Department of TreasuryThe Michigan Economic Development Corporation (MEDC), joined by Governor Whitmer, announced that the U.S.

Banking Regulations in a Crypto World

Troutman Sanders

In this episode of The Crypto Exchange , Troutman Pepper Consumer Financial Services Partner Ethan Ostroff welcomes James Stevens to examine recent crypto-related activities by banking regulators.

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Bill Seeks to Keep Operation Choke Point From Happening Again

Account Recovery

A bill has been introduced in the Senate that seeks to prohibit financial institutions from denying services to law-abiding businesses, such as companies in the accounts receivable management industry, as a means of ensuring crackdowns like Operation Choke Point never happen again.

New York’s Department of Financial Services Issues Regulation for Financial Institutions to Provide Relief to Consumers Suffering Financial Hardship Resulting from COVID-19 Pandemic

Consumer Finance Watch

directing institutions regulated by New York’s Department of Financial Services (“NY DFS”) to provide financial relief to New York consumers experiencing financial hardship as a result of the pandemic. defines a “Regulated Institution” as “any New York regulated banking organization as defined under New York Banking Law and any New York regulated mortgage servicer entity subject to the authority of the Department.” Wayne Streibich , Diana M. Eng , Andrea M.

A Conversation with Third Party Payment Processors Association President Marsha Jones

Troutman Sanders

All Entries Podcasts The Crypto Exchange enablers act financial institution payments processors

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Rep. Waters Announces Assignments for House Fin’l Services Subcommittees

Account Recovery

the chairwoman of the House Financial Services Committee, yesterday announced the representatives who will chair the committee’s six subcommittees. Compliance House Financial Services Committee Rep. Maxine Waters Subcommittee on Consumer Protection and Financial Institutions

COVID-19 Collections Impact Bulletin: State Responses (December 2020 Update)

Burr Forman

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection.

Filing a Proof of Claim in Bankruptcy: What You Need to Know

Fraser

Banking & Financial Institutions Business & Tax bankruptcy Bankruptcy Code bankruptcy protection claimant creditor filing a proof of claimWhen a company files for bankruptcy and it owes you money, it means you have a “claim” in the debtor’s bankruptcy proceedings.

CFPB Report Finds High Fees Charged on Student Banking Products Endorsed by Colleges

Consumer Finance

Some financial institutions and colleges may be steering students to more expensive financial products. Press release Students Banking Credit cards

How Oweesta Corporation is Building Economic Independence for All Native Communities

Prosperity Now

Oweesta Corporation, the longest standing Native Community Development Financial Institution (CDFI) intermediary, is an organization committed to building economic independence

Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, at the FDIC Systemic Resolution Advisory Committee

Consumer Finance

CFPB Director Chopra’s remarks at a meeting of the FDIC Systemic Resolution Advisory Committee to discuss resolution strategies for large and complex financial institutions.

What is online banking?

Kasasa

The absolute easiest answer is the internet version of managing money through your financial institution. Super obvious, right? Rewards Banking Banking

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Impact of The GLBA on Collection Agencies

Nexa Collect

As per FTC, starting June 9, 2023 all collection agencies will be treated as financial institutions. When consumers turn to a financial institution for services, they want to know that their private information is being kept safe and sound. Providing financial advising.

2021 HMDA Data on Mortgage Lending Now Available

Consumer Finance

The Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2021 are now available on the Federal Financial Institutions Examination Council’s HMDA Platform for approximately 4,316 HMDA filers.

Banks vs. credit unions: How are they different?

Kasasa

Whether the words "credit union" or "bank" appear in the name, what really matters when choosing and using a financial institution is the level of service it provides to you. Don't let the name fool you.