Abrigo

DECEMBER 7, 2021

Takeaway 1 Documentation is one of the most critical aspects of performing a risk assessment. Document the BSA/AML risk assessment. Documentation is one of the more critical aspects of performing a risk assessment. Without supporting documents, the analysis of the institution's risk cannot be adequately supported.

Cybersecurity 78

Cybersecurity Credit Unions Transactions Credit and Collections 78

Abrigo

MAY 30, 2023

Takeaway 2 Reporting tiers and their deadlines are based on the number of covered transactions to small businesses that a lender originated in 2022 and 2023. In fact, a company or organization must have originated at least 100 covered credit transactions in 2022 and 100 in 2023 to fall under the rule’s requirements at all (i.e.,

Credit Unions 78

Credit Unions Credit and Collections Transactions Small Businesses 78

Abrigo

JULY 14, 2023

core vs. non-core, migration of deposits from core to transactional accounts, any trend in movement of funds out of the institution, top 10-20 depositors and associated volatility, borrowers without deposit relationships, etc.). in CECL calculations and loan performance), but stale information is not the best to use for strategic planning.

Credit Unions 78

Credit Unions CECL Dashboards Revenue Recognition 78

Abrigo

OCTOBER 15, 2020

Pay attention to key indicators, like new EINs, abnormal transaction activities, and new business incorporations. Fraudulent (or lack of) supporting documents Supporting documents are a critical part of both the application phase and forgiveness phase of PPP lending. Portfolio Risk & CECL. Learn More. C&I Loans.

CECL 60

CECL Credit Risk Transactions Small Businesses 60

Abrigo

DECEMBER 20, 2021

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. All triggering alerts should be thoroughly investigated and documented, period.

CECL 78

CECL Transactions Credit Risk 78

Abrigo

FEBRUARY 23, 2022

How we manage the flow of documents is a huge piece of loan ops; how we store those documents appropriately; how we’re getting them to and from our lenders or appraisers or the third-party vendors that we use—all that stuff really opens itself up to process improvement. Portfolio Risk & CECL. Read Whitepaper. Learn More.

Small Businesses 78

Small Businesses Credit Unions Credit Risk CECL 78

Abrigo

DECEMBER 2, 2021

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

Credit Unions 78

Credit Unions Credit Risk CECL Transactions 78

Abrigo

DECEMBER 30, 2019

This should all be documented in procedures and adhered to. Larger institutions should have a formal QC process and staff accordingly, and smaller institutions should have a QC program including, at a minimum, a random sample check of the riskier functions of the division. Other common BSA findings.

Law Firms 78

Law Firms CECL Transactions Credit Risk 78

Abrigo

JULY 16, 2021

Community financial institutions have more frequently become targets of these illicit transactions, as larger banks commonly have more sophisticated monitoring systems for detecting and reporting suspicious activity. Thoroughly analyze and document the residual risk of each. Portfolio Risk & CECL. BSA Rules and Regulation.

Credit Unions 78

Credit Unions Cybersecurity CECL Credit Risk 78

Abrigo

MAY 2, 2024

This includes defining the threshold for material loans or transactions and structuring the lending process accordingly. Overall, the bank's loan policy serves as a foundational document that guides the entire small business lending process and ensures that the institution's lending efforts are aligned with its strategic objectives.

Small Businesses 88

Small Businesses Credit Risk Credit Unions CECL 88

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. Make use of in-house document monitoring to ensure proper SBA loan monitoring. Portfolio Risk & CECL. Practice makes perfect.

Credit Unions 78

Credit Unions Credit Risk CECL Small Businesses 78

Abrigo

JULY 30, 2019

Given that a credit memorandum is one of the most critical documents in the life of the loan, it would seem like a straightforward process. At the same time, this document can become extremely complex and large because it has a lot of data coming from various sources. Portfolio Risk & CECL. Request a Demo. Credit Risk.

Credit Risk 60

Credit Risk Credit and Collections CECL Credit Unions 60

Abrigo

MAY 8, 2024

The genAI model uses the 125 billion transactions on MasterCard’s network each year to identify fraudulent patterns so financial institutions identify more fraud while spending less time assessing specific transactions. It normally takes an employee 12 to 15 minutes to figure out the correct answer. "It That gets reduced to seconds."

Credit Unions 88

Credit Unions Cybersecurity CECL Credit and Collections 88

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