Abrigo

JANUARY 13, 2021

High-risk transactions identified To combat PPP fraud, the SBA Office of Inspector General (OIG) has collaborated with the U.S. Takeaway 3 The OIG has made recommendations for more effective oversight controls related to 2020 PPP fraud. billion in fraudulent PPP loans in 2020, approximately 1% of total loans funded to date.

Small Businesses 78

Small Businesses Transactions Credit Risk 78

Abrigo

FEBRUARY 23, 2022

The ABA stated in its October 2021 State of Digital Lending report that “baby boomers, who until 2020 lagged in digital adoption, upped their online game, with 68 percent skipping human interaction to make a decision about banking products, up from 55 percent before the pandemic.” Lending & Credit Risk. According to a J.D

Small Businesses 78

Small Businesses Credit Unions Credit Risk CECL 78

Abrigo

MARCH 3, 2022

Fast forward to 2020. The Federal Reserve's Small Business Credit Survey, 2021 Report on Employer Firms , indicates only 42% of small business owners applied for a business loan at a large bank in 2020, while 43% applied for a loan at a small bank. Lending & Credit Risk. Lending & Credit Risk.

Small Businesses 78

Small Businesses Credit Risk Transactions 78

Abrigo

DECEMBER 4, 2020

The October 23, 2020 proposed amendments, if passed, would modify two rules that have been part of the Bank Secrecy Act (BSA) regulations since 1995. The current threshold for covered cross border transactions is $3,000 and the proposed rule would reduce the threshold to $250. Lending & Credit Risk. keep me informed.

Credit and Collections 78

Credit and Collections Transactions Credit Risk 78

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. which specializes in banker training and bank consulting services in credit risk underwriting and loan portfolio risk. “A Learn More.

Credit Unions 78

Credit Unions Credit Risk Small Businesses Transactions 78

Abrigo

NOVEMBER 13, 2023

Takeaway 3 Utilize guidance lines to streamline the approval process for customers with fluctuating credit needs Fine-tune annual review Keeping annual review simple Annual loan reviews are a critical component in monitoring the health of a credit after it is initiated. How

CECL 78

CECL Credit Risk Transactions 78

Abrigo

JULY 10, 2020

Not long ago, financial institutions almost solely relied on traditional, rules-based BSA/AML transaction monitoring. These rules identify anomalies, such as an abnormally high volume of transactions or patterns of transactions falling within an institution’s internal threshold. Lending & Credit Risk.

Credit Risk 78

Credit Risk Transactions Small Businesses 78

Abrigo

AUGUST 27, 2020

Key Takeaways FinCEN and federal regulatory agencies have been increasingly transparent in the first three quarters of 2020. There is no doubt that the year 2020 is strange and maybe even frightening to many people. An institution should expect a more tailored exam based on their risk profile, and one size does not fit all.

Cybersecurity 78

Cybersecurity Credit Risk Transactions 78

Abrigo

MAY 13, 2020

SBA loans are notorious for their lengthy turnaround times and manual processes, and community financial institutions with their relationship focus tend to complete financial transactions “in a face-to-face way,” O’Connell said. Lending & Credit Risk. Lending & Credit Risk. Lending & Credit Risk.

Credit Risk 78

Credit Risk Credit Unions Transactions Small Businesses 78

Abrigo

MARCH 15, 2022

They see that allowing members or customers to quickly open and fund accounts online: Creates a bridge to new commercial and consumer relationships and Offers a moat around existing relationships to protect them from competition Online account opening more than doubled at most banks between 2019 and 2020, according to the ABA Banking Journal.

Credit Unions 78

Credit Unions Credit Risk Small Businesses Transactions 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 Lending & Credit Risk. Portfolio Risk & CECL. Learn More.

Credit Unions 78

Credit Unions Credit Risk CECL Transactions 78

Abrigo

OCTOBER 15, 2020

Pay attention to key indicators, like new EINs, abnormal transaction activities, and new business incorporations. BSA Officers must remain vigilant in identifying and mitigating post-funding PPP risks. Lending & Credit Risk. Lending & Credit Risk. Credit Risk Management. C&I Loans.

CECL 60

CECL Credit Risk Transactions Small Businesses 60

Abrigo

AUGUST 10, 2020

They are poised and ready to use disasters , such as a pandemic, to steal money and/or personal information. On July 30, 2020, the Financial Crimes Enforcement Network (FinCEN) released their third advisory concerning COVID-19 - related fraud typologies of which financial institutions should be aware. Asset/Liability.

Cybersecurity 78

Cybersecurity Transactions Credit Risk 78

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. which specializes in banker training and bank consulting services in credit risk underwriting and loan portfolio risk. “A Whitepaper.

Credit Unions 78

Credit Unions Credit Risk CECL Small Businesses 78

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). Community financial institutions generally have a much lower risk profile than larger U.S. Lending & Credit Risk. Portfolio Risk & CECL. Learn More. 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. Lending & Credit Risk.

CECL 78

CECL Transactions Credit Risk 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. Lending & Credit Risk.

Cybersecurity 78

Cybersecurity CECL Transactions Credit Risk 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. Book loans faster while managing risk. Credit Risk. Writing Effective Credit Memos Efficiently. Credit Risk.

Credit Risk 60

Credit Risk Credit and Collections CECL Credit Unions 60

Abrigo

JUNE 8, 2021

Takeaway 1 Civil monetary penalties and reputational risks are reasons why institutions need to employ seasoned sanctions officers. Takeaway 2 Institutions need to conduct proper due diligence and ensure they are not completing transactions with entities on a sanctions list. Credit Risk Management. learn more.

CECL 78

CECL Trust Companies Credit Risk Transactions 78

FICO Blog

DECEMBER 8, 2022

Leveraging FICO Resilience Index to refine credit risk management decisions during benign economic phases defends against dramatic swings in delinquency rates and provides for a more consistent portfolio risk management approach over time. Of course, credit risk management is only one aspect of portfolio health.

Default 52

Default Credit and Collections Credit Risk Transactions 52

Credisense

JUNE 19, 2022

To add to the reduction in demand, Centrix’s Keith McLaughlin stated in a Newstalk ZB interview , that it was not only higher risk borrowers affected by the changes to the legislation. For lenders, the result has been a decline in business coupled with the added investment of refining loan origination processes.

Credit Scoring 40

Credit Scoring Credit and Collections Credit Risk Transactions 40

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. Lending & Credit Risk. Credit Risk Management. Lending & Credit Risk.

Credit Risk 131

Credit Risk CECL Transactions 131

Abrigo

MAY 15, 2020

Borrowers that received loans prior to the issuance of the latest FAQ have until May 18, 2020 (extended from May 7 and May 14) to repay the loan in full to avoid “administrative enforcement.” It is not too late to perform CDD and transaction monitoring of these businesses – the regulators will expect it. Lending & Credit Risk.

Credit Risk 78

Credit Risk Small Businesses Transactions 78

Abrigo

NOVEMBER 22, 2021

Reg B, which implements one of two federal fair lending laws (the other is the Fair Housing Act), describes requirements for accepting credit applications. And given the heightened risk for potential consumer harm by violations of Reg Z, it is an area that generally represents a center of focus for consumer compliance examiners.

Credit and Collections 78

Credit and Collections Debt Collections Credit Unions Electronic Funds Transfer 78

Abrigo

SEPTEMBER 14, 2022

What banks need to know as the CFPB gets closer to its final rule Banks, credit unions, and other creditors may be required to collect more data for each application under a new rule. You might also like this webinar: "Fortify Your Loan Policy to Effectively Manage Credit Risk." Credit Risk Management. CRE Lending.

Credit and Collections 78

Credit and Collections Credit Unions CECL Credit Risk 78

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. Credit: Brian Koppel, Reel to Real Filming Locations blog According to a Global Financial Integrity (GFI) study , an estimated $2.3

Credit Unions 78

Credit Unions Credit and Collections Transactions CECL 78

Abrigo

SEPTEMBER 18, 2020

The advisories were issued May 18, July 7, and July 30, 2020, showing the fluidity of the scams in this unprecedented time. The latest advisories concerning COVID-19 related fraud highlight the increase that government agencies are seeing in fraud typologies. solicitation to work from home for an unrealistic salary).

Electronic Funds Transfer 78

Electronic Funds Transfer Cybersecurity Transactions Credit Risk 78

Abrigo

AUGUST 18, 2020

Look at the customer due diligence ( CDD ) information or run a credit check to look for loan stacking , and make sure the number of employees makes sense for their payroll. Lending & Credit Risk. 5 Ways Your Transaction Monitoring System Can Detect COVID-19 Related Fraud. Asset/Liability. C&I Loans. Learn More.

Cybersecurity 78

Cybersecurity Credit and Collections Transactions Credit Risk 78