September 13, 2024

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September 13, 2024

NACHA - The Electronic Payments Association®

All ACH Network participants have a role in preventing credit-push fraud. To assist financial institutions, Nacha has launched the Secure Exchange module in its Risk Management Portal to enable secure electronic communications between financial institutions to work on funds recovery. This tool allows RDFIs to notify ODFIs when a payment is delayed for further review or to respond to return requests.

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Features

The diversification imperative

A year and a half after the banking stress of March 2023, regulators have started inquiring about banks’ funding mix and how it can be diversified, especially across funding sources and durations.

‘The common denominator’

Tech continues to disrupt the role of banks in the financial ecosystem. With all banks aspiring to keep up, reliance on partners is a savvy strategy to mitigate disruptions and allow banks to do what they do best: serve their customers and communities.

Ncontracts, launched an online training program “Nstitute Certified Vendor Management Professional (NCVMP)" certification based on the new interagency guidance on 3rd party risk management. Nstitute is a self-paced, training program that covers essential areas of third-party risk management to empower vendor managers and professionals tasked with overseeing third-party vendors, consultants, fintechs, and others. Ncontracts is currently offering an exclusive 30% discount.

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Cryptocurrency-related fraud resulted in more than $5.6 billion in losses in 2023, representing a 45% increase from the previous year, the FBI said in a new report.

The Office of Foreign Assets Control will issue an interim final rule to extend recordkeeping requirements for certain transactions from five to 10 years to make them consistent with the recently expanded statute of limitations for certain sanctions violations.

Fed’s Bowman shares outline for improving bank stress tests

The Federal Reserve’s stress tests have many virtues, but as currently implemented, several significant drawbacks make the process less fair, transparent and useful than it could be, Fed Governor Michelle Bowman said. During a speech in Washington, D.C., Bowman made four recommendations for improving stress tests.

Federal Communications Commission Chairwoman Jessica Rosenworcel announced that the FCC will vote later this month on new rules to combat illegal calls and text messages that the American Bankers Association had urged the commission to issue.

The Federal Housing Finance Agency today released an online risk analysis tool that provides geographic estimates for physical risks from various types of natural disasters as well as nationwide data on housing and the mortgage market.

How Do SMB Lenders Combat Fraud?

This 2024 SMB Lending Fraud Study highlights how SMB lenders are using technologies that recognize your customers, determine their point of access and distinguish them from fraudsters and malicious bots.

Learn how you can empower your organization with the knowledge to enhance security, minimize losses, and foster customer loyalty in an increasingly digital landscape.

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Training

September 18
Webinar: The 2024 Fraud Landscape Fall Update

September 24
Webinar: Rising Above the Waters: Ensuring Flood Compliance for Commercial Loans

October 8 - 10
Conference: ABA/ABA Financial Crimes Enforcement Conference
Crystal Gateway Marriott, Arlington, VA

October 14 - 17
School: Risk Management School – Advanced
Emory Conference Center, Atlanta, GA

October 14 - 18
School: Risk Management School – Foundational
Emory Conference Center, Atlanta, GA

October 14 - 18
School: Compliance School – Advanced
Emory Conference Center, Atlanta, GA

October 16
Webinar: 2024 Regulatory Updates and Compliance Challenges - Part 4