Friday, March 24, 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.

Bureau fines Experian for deceptive marketing
The CFPB has announced an enforcement action taken against Experian Holdings, Inc., Experian Information Solutions, Inc., and, Inc. d/b/a Experian Consumer Services (collectively, Experian) following a review of Experian's marketing practices. The Bureau stated that Experian deceptively marketed credit scores by misrepresenting that those it provided to consumers were the same scores lenders use to determine creditworthiness. The CFPB also said that Experian illegally placed advertisements for its products on webpages that consumers accessed through before the consumers obtained their free annual file disclosures. Experian was ordered to pay a $3 million civil money penalty to the CFPB's Civil Penalty Fund, truthfully represent the usefulness of credit scores it sells, and put in place an effective compliance management system. See "Experian pays $3M for deceptively marketing scores," in our Penalty pages, for additional information.

TransUnion and Equifax were penalized by the Bureau in January for similar deceptive credit score marketing and other infractions.

Detecting Fraud Schemes & Scams
On April 5, join product experts as they discuss how organized criminals are targeting your institution and your customers with a variety of fraud schemes and scams, and how Verafin's all-in-one fraud solution alerts you to suspicious online or deposit activity before losses occur.
— Verafin

Court tosses CFPB complaint
On March 17, The U.S. District Court for the District of North Dakota granted the defendants' motion to dismiss without prejudice the complaint filed by the CFPB against Intercept Corporation et al. on June 6, 2016. The court found that the CFPB complaint did not contain sufficient factual allegations to back up its statements regarding Intercept's allegedly unlawful acts or missions; failed to sufficiently allege facts tending to show that industry standards were violated; failed to plead facts sufficient to support a legal conclusion that consumers were injured or likely to be injured; and failed to include allegations to support a finding that Intercept interfered with consumers' ability to understand the terms of their dealing with Intercept's clients or to support a finding that Intercept took unlawful advantage of consumers.

Free Fair Lending Compliance Training Checklist!
Training is critical to any Fair Lending compliance management program — no matter your size or industry. Get this checklist to evaluate the nine essentials your training program needs to include!
— TRUPOINT Partners

Santander in Written Agreement
The Federal Reserve Board has announced the execution of a written agreement with Santander Holdings USA, Inc., of Boston, Massachusetts, a bank holding company, and Santander Consumer USA, Inc., of Dallas, Texas, a non-bank subsidiary engaged in automobile financing for dealers and consumers.

Banker's Toolbox Releases Innovative New Business Intelligence Solution
On Tuesday, March 21st Banker's Toolbox, Inc., announced the launch of its innovative business intelligence software called Relationship Manager. Relationship Manager shifts the paradigm of BSA monitoring by utilizing financial institutions' existing transactional data to identify opportunities for cross-sell and retention.
— Banker's Toolbox

NCUA posts field-of-membership rule webinar
Credit union stakeholders wanting more information about the National Credit Union Administration's new field-of-membership rule can now watch the agency's webinar on the rule and review a Q&A.

Do you have what it takes…
…to be a BOL Guru? Are you the go-to person coworkers and colleagues seek out for advice and answers? Have you taught examiners a thing or two? We're looking for a few good people to ascend to the rare strata of BOL Gurudom. Shoot us an email and tell us why our ranks are not complete without you!

April 3, 2017
Ethics for Bankers

April 5, 2017
50 Key Safe Deposit Procedures

April 6, 2017
Signature Cards and Account Agreements

April 12, 2017
Frontline Compliance Concerns

April 18, 2017
Same Day ACH —
Preparing for More!

April 19, 2017
ACH Basics: Part 1

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