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08.02.2008 |
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Under the
Regulation AA guidelines for unfair or deceptive acts or practices, the
Agencies have proposed changes to, or have outright prohibited, certain
activities with respect to consumer credit card accounts and overdraft
services. |
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07.18.2008 |
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The Board is
proposing several amendments to Regulation DD, implementing TISA, which
would require credit unions, banks and savings institutions (hereafter
collectively referred to as “financial institutions”) to provide additional
disclosures about account terms and costs associated with overdraft services
provided to consumers. |
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07.17.2008 |
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The proposed
amendments to Regulation Z would apply to financial institutions
offering open-end (non-home secured) credit products. In general, the Board
proposes changes to the format, timing, and content requirements associated
with the five types of disclosures required under Regulation Z. |
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05.01.2008 |
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Federal Agencies issued
final rules
implementing sections 114 and 315 of the Fair and Accurate Credit
Transactions Act of 2003 (FACT Act). The rules require financial
institutions to implement a written program to detect, prevent and mitigate
identity theft in connection with the opening of a covered account or any
existing covered account. The mandatory compliance date is November 1st,
2008. |
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12.01.2007 |
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The 2007 & 2008
Governance & Risk IRS yearend processing guide outlines the key IRS
yearend changes concerning form, tax instructions, publication, rate tables,
and meg-media changes for our financial institutions. |
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06.01.2007 |
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The Federal Reserve has undertaken
a major review of Regulation Z, the Truth-in-Lending Act (TILA)
rule governing disclosures and practices involving most consumer
loans. This first phase addresses “credit that is not
home-secured,” primarily credit cards. The goal of the
proposed
changes is to provide disclosures when they are most useful and
help consumers make informed credit decisions. The Federal
Reserve also anticipates the changes will enhance competition
among credit card issuers. |
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03.04.2007 |
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Under new Private Mortgage
Insurance “PMI” rules effective in 2007, applicable PMI insurance
premiums paid shall be treated as interest and considered to be tax
deductible for mortgages entered into in 2007. |
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11.13.2006 |
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On August 17th 2006
the President signed into law the
Pension Protection Act of 2006
“PPA”.
The Act is considered
to be one of the most sweeping tax reforms in 30 years requiring most
provisions to become effective in 2007. While the PPA adopts many
significant changes to the rules governing the operation of benefit plans,
there are several key provisions of particular note for financial
institutions administrating
plans. |
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09.02.2006 |
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The Federal Financial Institutions Examination Council (“FFIEC”) has made
significant changes to
BSA Manual concerning risk assessment, the handling of ACH transactions,
treatment of trade finance, suspicious activity reporting, politically
exposed persons, private banking, due diligence, insurance products, stored
value products, and other emerging money laundering risks. |
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05.01.2006 |
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Since SOX was passed in July of 2002, various opinions have been written on
the implications of this legislation and the specific implementation plans
of the various enforcement agencies. There are five main sections to SOX
that relate to financial institutions and their service providers, they are:
301, 302, 401, 404 and 409; this
white paper
summarizes these provisions. |
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04.01.2006 |
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This white paper
reviews the laws of thirteen states, as well as federal requirements,
regarding notifications to customers in the event of a data security breach,
and their applicability to a variety of scenarios. Each analysis is
meant to highlight key aspects of the different laws including what
constitutes a breach, how each state defines “personal information” and what
obligations exist in the event a breach of security has occurred. |
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03.01.2006 |
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The 2005 Money
Laundering Threat Assessment
(MLTA) is the first government-wide analysis of
money laundering in the United States. The report is
the product of an interagency working group composed
of experts from the spectrum of U.S. Government agencies,
bureaus, and offices that study and combat money
laundering. |
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02.01.2006 |
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In order to ensure a pragmatic and effective
national privacy and security landscape, laws will need to be narrowly
targeted at data security and breach notification, a reasonable notification
trigger, following a breach of security, by which business customers, and
consumers generally, would be informed when their identities are exposed to
a "significant risk" of identity theft or misuse. |
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11.16.2005 |
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The IFS Governance Department has published it's 2005 IRS yearend processing
guide. The
IFS yearend processing guide outlines key IRS paper and/or electronic
changes affecting the financial industry. |
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05.17.2005 |  |
Identity theft occurs when a crook steals key pieces of personal identifying information such as a Social Security number. Armed with this information, an identity thief may open new credit or financial accounts, buy cars, apply for loans or receive your Social Security benefits. |
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01.17.2005 |  |
In 2004, almost ten million Americans fell victim to various identity theft fraud schemes and nearly two million Internet users in the U.S. experienced some type of account hijacking. With global fraud losses estimated at $50 billion dollars annually, identity theft is rapidly becoming one of the fastest growing types of consumer fraud impacting the financial industry. |
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10.15.2004 |  |
Under OFAC regulations financial institutions must monitor all financial transactions performed by or through their organization for the purposes of detecting those that involve any entity or person subject to the OFAC laws and regulations. This executive summary outlines key best practices for implementing an OFAC compliance program.
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07.09.2004 |  |
The Federal Reserve has proposed an amendment to Regulation DD to specifically address “bounced-check protection” and/or “courtesy overdraft protection” products offered by financial institutions. Generally, bounced-check protection products are an automated service that debits a deposit/savings account to cover NSF funds.
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06.30.2004 |  |
The Federal Deposit Insurance Corporation released its new publication Supervisory Insights, the underpinnings of the publication is to provides a forum for discussing how bank regulation and policy are put into practice in the field, sharing best practices, and communicating about the emerging issues that bank supervisors are facing.
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03.16.2004 |  |
The Federal Deposit Insurance Corporation (FDIC) along with the Federal Financial Institutions Examination Council (FFIEC) is working on a “Call Report Modernization Project” which will dramatically change the method financial institutions use for processing and submitting quarterly Call Report data.
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01.02.2004 |  |
The Fair and Accurate Credit Transactions Act (FACT) enhance the ability of consumers to combat identity theft, to increase the accuracy of consumer reports, and to allow consumers to exercise greater control over their credit information. The Act includes various effective dates for each provision, notwithstanding a majority of the Act will go into effect on December 1, 2004.
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12.12.2003 |  |
The business continuity planning (BCP) process can be overwhelming and complex, this reference material highlights the importance of considering a variety of pathways for resuming business operations and for segmenting the process into logical steps.
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09.24.2003 | |
On October 1, 2003, Section 326 of the USA PATRIOT Act will go into effect. Under 326 customer identification rules, financial institutions must implement various due diligence programs for verifying the true identity of any person or business seeking to open an account.
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07.31.2003 |  |
The Check Truncation Act (CTA) to removes certain legal impediments for implementing a nationwide Electronic Check Presentment (ECP) program. The Act accomplishes this by creating a new type of paper document, called a "substitute check," that can be created from an electronic check image and that would be the legal equivalent of the original check.
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06.30.2003 |  |
New disaster recovery guidelines for financial institutions do not recommend that financial institutions relocate their primary offices or data centers out of metropolitan locations, but rather set forth the establishment of robust facilities to recover clearance and settlement activities in times of serious disruption.
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05.30.2003 |  |
Section 314(a) of the USA PATRIOT Act implements regulatory requirements between banks and law enforcement authorities regarding suspected money launderers and terrorists. Banks will receive a 314(a) request from FinCEN about every two weeks in an electronic format or via facsimile transmission. This executive summary outlines financial institutions requirements for complying with 314 rules.
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04.02.2003 |  |
Congress recognized that soldiers and sailors should not be worrying about finances, lawsuits, evictions, and similar difficulties when individuals are called into active service. The Soldiers and Sailors' Civil Relief Act of 1940 (SSCRA) executive summary outlines financial institutions requirements for when military personnel are deployed.
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03.28.2003 |  |
The MOB white paper outlines both the underpinnings of Monthly Outstanding Balance Insurance and the mathematical calculation methods for calculating Monthly Outstanding Balance (MOB) credit insurance premiums, interest charges, finance charge, annual percentage rate, and the disclosure requirements set forth by the Truth-in-Lending Act (Regulation Z). |
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02.07.2003 |  |
"A Banker’s Guide to Avoiding Problems." This Money Laundering booklet was developed by the OCC to address the growing sophistication of money launderers, a growing international response to money laundering, changes to anti-money laundering laws, and recent anti-terrorist financing legislation. |
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01.24.2003 |  |
Whenever a financial institution holds unclaimed property such as un-cashed checks, unclaimed dividends, benefits, account balances or security deposits and so on… The financial institution is mandated by regulations to return the property to the rightful owner and comply with escheatment regulations.
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11.21.2002 |  |
The USA Patriot Act requires financial institutions to verify the true identity of every person seeking to open an account and/or become a signatory on an account. All persons and/or businesses are subject to the new identity verification requirements, even if they are long term customers who are well known to a financial institution.
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10.09.2002 |  |
In October 2002, the new amendments to the Home Ownership and Equity Protection Act (Predatory Lending) went into effect. The new amendments imposed additional disclosure requirements and substantial limitations for lenders. This executive summary focuses on the new regulatory restriction imposed by HOEPA.
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10.03.2002 |  |
NACHA and the American Bankers Association, has issued the following white paper on HIPAA-related issues affecting the banking industry. The purpose of the white paper is to provide guidance when interpreting the impact of HIPAA requirements on the banking industry.
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09.06.2002 |  |
The executive regulatory ACH origination guide summarizes the key elements for implementing a successful ACH origination program within a financial institution by summarizing the ACH operating rules and processing procedures in a day-to-day environment.
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08.30.2002 |  |
In January 2001, the Basel Committee issued the consultative Basel II proposal whereby establishing quantitative risk-guidelines and methodologies for financial institutions internal controls, regulatory audits, and market risk considerations. The principle underpinnings of the Basel II proposal are the establishment of three principles (“Pillars”).
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