Remove 2021 Remove Electronic Funds Transfer Remove Transactions
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Consumer Lending Compliance: Hot-Button Issues to Monitor

Abrigo

Regulation E, implementing the Electronic Funds Transfer Act (EFTA). Consumer Lending Compliance under Reg Z Violations of TILA/Reg Z were among the most frequently cited violations in 2020, according to the FDIC’s March 2021 Consumer Compliance Supervisory Highlights.

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What is a payment system?

Abrigo

Payment systems are at the heart of modern banking, enabling secure and efficient money transfers. Consumers often take for granted how seamlessly transactions occur, but the financial professionals responsible for payment processing and fraud prevention must navigate a rapidly evolving landscape. ACH transfers accounted for 34.2

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FinCEN Red Flags for Economic Impact Payment Fraud

Abrigo

In February, FinCEN released an advisory, Financial Crimes Targeting COVID-19 Economic Impact Payments ( FIN-2021-A002 ), alerting financial institutions to the potential for fraud, ransomware attacks, or similar types of criminal activity related to COVID-19 stimulus relief related to the Economic Impact Payments (EIPs). FinCrime monitoring.