Abrigo

JULY 16, 2021

Takeaway 1 FinCEN published its first list of priorities for AML/CFT policy, as required by the Anti-Money Laundering Act of 2020 (AMLA). Portfolio Risk & CECL. Takeaway 2 Regulations haven't been written, but there are steps community financial institutions can take now to prepare. BSA Rules and Regulation. BSA Training.

Credit Unions 78

Credit Unions Cybersecurity CECL Credit Risk 78

Abrigo

DECEMBER 20, 2021

As of Jun 2020, CBOT's asset size was approximately $4 billion with 35 branches. T he CBOT enforcement action states that the bank failed to report hundreds of suspicious transactions to FinCEN even after the bank became aware that specific customer s were involved in criminal investigations. Portfolio Risk & CECL.

CECL 78

CECL Transactions Credit Risk 78

Abrigo

DECEMBER 2, 2021

The influx of money from government relief programs like the Paycheck Protection Program (PPP) in 2020 and 2021 left financial institutions flush with cash. Indeed, deposit levels to transaction accounts among community banks exploded 74% to $896.5 Portfolio Risk & CECL. Learn more about your depositors. billion from $515.3

Credit Unions 78

Credit Unions Credit Risk CECL Transactions 78

Abrigo

AUGUST 22, 2022

billion in fraudulent transactions, a staggering 47% of which were check fraud. The 2021 AFP Payments Fraud and Control Survey reported 66% of fraud activity included check fraud in 2020. One would think as technology improves so would the safeguarding features around monetary transactions. Portfolio Risk & CECL.

Cybersecurity 78

Cybersecurity CECL Transactions Credit Risk 78

Abrigo

OCTOBER 15, 2020

Pay attention to key indicators, like new EINs, abnormal transaction activities, and new business incorporations. Portfolio Risk & CECL. Key Takeaways Economic relief payments are often subject to fraud – PPP is no exception. BSA Officers should be aware of PPP red flags to identify potential fraud. Learn More. C&I Loans.

CECL 60

CECL Credit Risk Transactions Small Businesses 60

Abrigo

SEPTEMBER 1, 2020

Between the numbers of applicants, the strong demand for limited funds, and the restrictions on face-to-face transactions, financial institutions without automation were easily overwhelmed. Portfolio Risk & CECL. Department of Agriculture , according to Wear. Whitepaper. Stress Testing. Learn More. Whitepaper.

Credit Unions 78

Credit Unions Credit Risk CECL Small Businesses 78

Abrigo

JULY 30, 2019

Trapp says a potential executive summary at the beginning of a memo could include the recommendation, why the institution would want to make the loan, what could go wrong and the transaction structure. Portfolio Risk & CECL. The Majority of CFOs Expect a 2020 Recession – Is Your Financial Institution Ready? Learn More.

Credit Risk 60

Credit Risk Credit and Collections CECL Credit Unions 60

Abrigo

AUGUST 5, 2019

Specific perks include cashback based on the number of transactions, free on-line banking, and other rewards. 2020 budgets are just around the corner. There are a lot of depositors who choose to go with other financial institutions not solely because of price but based on what they get from the relationship.

Transactions 60

Transactions CECL 60

Abrigo

NOVEMBER 10, 2020

Therefore, when a victim visits a financial institution, it may be the only outside contact they have, making it critical that frontline staff is properly trained on behavioral indicators when conducting their transactions. Portfolio Risk & CECL. Rather, these indicators build off of the 2014 guidance, which remains relevant.

Credit Risk 131

Credit Risk CECL Transactions 131

Abrigo

JUNE 15, 2023

billion laundered between 2015 and 2020 through the U.S. The subjective nature of real estate pricing makes for easily manipulated transactions that run through financial institutions. billion was laundered between 2015 and 2020 through the U.S. However, GTOs have been insufficient in stopping these transactions from occurring.

Credit Unions 78

Credit Unions Credit and Collections Transactions CECL 78

Abrigo

SEPTEMBER 14, 2022

Takeaway 1 The CFPB's proposed rule would require any lender with 25 or more covered transactions to collect more data for each application. 1, requires entities that have originated at least 25 “covered credit transactions” for small businesses in the previous two calendar years to collect loan data. CECL Regulation.

Credit and Collections 78

Credit and Collections Credit Unions Credit Risk CECL 78