September 27, 2024

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September 27, 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

Elder financial exploitation: Confronting a chronic challenge

Elder financial exploitation, or EFE, is occurring at epidemic proportions. Banks are collaborating, using technology and taking other steps to protect a vulnerable population.

Fraud is front and center for America’s banks, and on this episode of the ABA Banking Journal Podcast, ABA’s Paul Benda and Peter Cook discuss several recent initiatives taken by ABA to help banks tackle fraud from a variety of fronts.

The financial services industry remains a prime target for brand impersonation scams, with phishing emails and websites impersonating financial institutions making up a third of online traffic to counterfeit domains, the cloud platform provider Akamai said in a recent report on cyberattack trends.

Spreading out the asset risk

With community bank guidance, a new national marketplace aims to help small and midsize banks manage asset risk related to being tied to local and regional resources.

In the latest edition of the ABA Regulatory Policy and Compliance Inbox, ABA Regulatory Policy and Compliance team member Leslie T. Callaway, CRCM, CAFP, answers pressing questions from bankers.

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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FinCEN creates toolkit to help small businesses with CTA compliance

The Treasury Department’s Financial Crimes Enforcement Network has created a toolkit to familiarize small-business owners with beneficial ownership reporting requirements.

The Consumer Financial Protection Bureau announced it is accepting public comment on the first application from an organization seeking to become a recognized standard-setting body under the bureau’s proposed financial data-sharing regulation. All applications will be posted on a single website, the CFPB said.

CFPB releases FAQ on regulation of buy now, pay later products

The Consumer Financial Protection Bureau has released an FAQ about applying Truth in Lending regulation to buy now, pay later products. The bureau in May issued an interpretive rule defining lenders who provide BNPL products as credit card providers under the Truth in Lending Act and its implementing regulation.

More than 40 House and Senate Republicans yesterday urged Securities and Exchange Commission Chair Gary Gensler to rescind an SEC staff accounting bulletin that changed how banks and other publicly traded entities were expected to account for digital assets held in custody.

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.

Download the Study and Uncover Effective Strategies Today

Training

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

October 14 - 18
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 - 17
School: Compliance School – Advanced
Emory Conference Center, Atlanta, GA

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

October 16
Webinar: Why Banks Are Banking on Identity

October 23
Webinar: Mitigating Loss: Understanding the Fraud Triangle

October 27 - 29
Conference: ABA Annual Convention
New York Hilton Midtown, New York, NY

October 28 - November 13
Virtual School: Compliance School – Foundational

October 28 - December 20
Facilitated Training: Managing Interest Rate Risk

October 31
Webinar: Hot Topics in Sanctions Requirements and Enforcement Actions