Wednesday, January 17, 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.

CFPB to reconsider Payday Rule
Yesterday, on the effective date of one portion of the "Payday, Vehicle Title, and Certain High-Cost Installment Loans" regulation (Payday Rule), the CFPB issued a statement that it "intends to engage in a rulemaking process so that the Bureau may reconsider the Payday Rule." The Bureau also said it will entertain requests for waivers from the rule's April 16, 2018, deadline for submissions for preliminary approval to become a registered information system under the Payday Rule. Under the Rule, registered information systems are special-purpose consumer reporting agencies with whom covered lenders under the rule are required to file credit history and from which credit history information is to to be obtained for underwriting certain types of loans under the rule. Substantive provisions of the rule carried a compliance date of August 19, 2019.

Complimentary Fraud Detection and AML Seminars
5 CAMS, 6.5 CAFP, 6.5 CRCM, 5 CPE Credits
Register today for a complimentary industry-accredited seminar near you, as industry experts discuss BSA/AML and fraud hot topics including: best practices for human trafficking investigations; crime ring detection; emerging fraud trends and prevention strategies; and enhanced due diligence for high-risk customer groups.
— Verafin

NMLS call center closed early yesterday
Due to severe weather conditions in its East Texas location, the NMLS Call Center closed early at 6:00 p.m. ET on January 16, 2018. The early closure allowed call center management and staff the opportunity to return to their homes before sub-freezing temperatures further degraded road conditions. It is expected that the NMLS Call Center will re-open on time on Wednesday, January 17 at 9:00 a.m. ET. Staffing levels may be lower than normal but wait times should return to normal by late morning.

Free Webinar: Delivering Relevant and Engaging BSA Program Training
As a manager, it is your duty to help your team stay up-to-date on the latest BSA and fraud industry trends, schemes, and sanctions. In this webinar, we will provide best practices for BSA/AML program building and succession planning, including the most effective ways for delivering content, creating training materials, and conveying new procedures.
— Banker's Toolbox

NMLS maintenance release due Saturday
NMLS Federal Registry Resources posted a notice yesterday that NMLS Maintenance Release 2018.1 is scheduled to be installed Saturday, January 20. The release contains several system maintenance upgrades, which can be reviewed in the NMLS January Maintenance Release Notes.

Disclosure Compliance Automation
Does your bank struggle with its lending disclosures? Looking for a way to automate the distribution and tracking of disclosures? Learn how to put your disclosure management process on autopilot with loan approval software from AccuSystems.
— AccuSystems

FED 360° released
The current issue of FED 360° includes these articles, and more:
  • Learn how you can improve the security of the U.S. payment system
  • Federal Reserve Payments Study: 2017 Supplement shows accelerated credit card use
  • New report replaces the Same Day Originated Batch Report
  • Check this out: Savings Bonds News You Can Use
  • Attend a webinar on the Minneapolis Fed's Payments Fraud Mitigation Survey results
FED 360° replaces FedFlash and FedFocus.
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