Abrigo

MARCH 31, 2023

NCUA expectations for credit unions post-CECL adoption The NCUA's focus on risk, especially credit risk, has implications for credit unions instituting CECL this quarter. Takeaway 2 Credit unions may still have questions about regulatory expectations for CECL after adopting the new standard.

Credit Unions 78

Credit Unions CECL Credit Risk Credit and Collections 78

Abrigo

JANUARY 30, 2024

Attendees return from ThinkBIG energized and informed so they can continue positively impacting their institutions and, more importantly, their communities. Consistently rated a top industry event by attendees, ThinkBIG brought together 650 people from banks, credit unions, and partners in 2023. Regular registration ends May 10.

Credit Unions 78

Credit Unions CECL Credit Risk Cybersecurity 78

Abrigo

AUGUST 5, 2024

Any signs of tampering, like altered, eradicated, or erased information, suggest the check might be counterfeit. Missing or mismatched MICR numbers, bank routing numbers, or check numbers likely indicate a counterfeit check. Alterations : Alterations are a common tactic in check fraud.

Credit Unions 78

Credit Unions Cybersecurity CECL Credit Risk 78

Abrigo

APRIL 30, 2020

15, 2020 through April 26, 2020, then it must restore or rehire employees no later than June 30, 2020 to avoid decreasing the amount of loan forgiveness, according to the PPP information sheet for borrowers. Get the latest information regarding the CARES Act and the Paycheck Protection Program. Financial Cybersecurity.

Cybersecurity 109

Cybersecurity Small Businesses Credit Risk 109

Abrigo

DECEMBER 3, 2021

Takeaway 1 OTP bots are designed to socially engineer a victim into divulging sensitive information associated with online accounts. OTP bots communicate automatedly with victims, attempting to trick them into providing information required for account takeover. Financial Cybersecurity. Lending & Credit Risk.

Cybersecurity 78

Cybersecurity CECL Credit Risk 78

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.

Cybersecurity 78

Cybersecurity Transactions Credit Risk 78

Abrigo

APRIL 30, 2020

Present-value recovery for the financial institution can inform an argument that the new terms do not represent a concession. Prioritizing these requests will be critical in successfully managing credit risk and maintaining profitability. Financial Cybersecurity. Artificial Intelligence. BSA Software. Learn More.

Cybersecurity 78

Cybersecurity Credit Unions Credit Risk Small Businesses 78

Abrigo

AUGUST 27, 2020

Be sure that senior management and the Board of Directors remain informed and understand all risks, as they are the fiduciaries of your institution. Senior Management and Board of Director Communication: As fiduciaries, senior management and the board of directors should understand all risks within the institution. SBA Lending.

Cybersecurity 78

Cybersecurity Credit Risk Transactions 78

Abrigo

DECEMBER 7, 2021

Expert advisory consultants can partner with the financial institution to provide a risk assessment that evaluates and documents your aggregate risk profile and solidifies confidence in your BSA/AML program. Financial Cybersecurity. How to Conduct an Exam-Proof BSA/AML Risk Assessment. Financial Cybersecurity.

Cybersecurity 78

Cybersecurity Credit Unions Transactions Credit and Collections 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. Financial Cybersecurity. Asset/Liability. C&I Loans. Loan Origination System. Member Business Lending.

Cybersecurity 78

Cybersecurity Credit and Collections Transactions Credit Risk 78

Biz2X

OCTOBER 1, 2024

But change always comes with risk, and the evolution of lending brings a set of emerging risks that financial institutions must take proactive steps to address in order to maintain the stability and integrity of their digital lending ecosystems.

Cybersecurity 52

Cybersecurity Credit Scoring Credit Risk Default 52

Abrigo

OCTOBER 23, 2019

This is especially challenging with cloud-based providers where cybersecurity concerns are even greater. This movement to the cloud requires a robust vendor due diligence process and rigorous ongoing third party management that includes a focus on cybersecurity controls. Understand the vendor’s financial stability.

Cybersecurity 60

Cybersecurity Credit Risk CECL 60

Abrigo

JULY 14, 2023

Takeaway 1 Exactly what information is needed to evaluate the viability of identified short- and long-term goals? Make informed decisions faster. Then, determine which reports/insights can answer those questions and better inform decisions. Would you like other articles like this in your inbox? Do you have the right technology?

Credit Unions 78

Credit Unions CECL Dashboards Revenue Recognition 78

Abrigo

SEPTEMBER 18, 2020

Bad actors are poised and ready to use disasters, such as a pandemic, to steal money and/or personal information. Red Flags for cybercrime include: The spelling of names in account information does not match the government-issued identity documentation. FinCEN advisories warn against COVID-19-related scams.

Electronic Funds Transfer 78

Electronic Funds Transfer Cybersecurity Transactions Credit Risk 78

Abrigo

AUGUST 22, 2022

Eventually, the employee sends back secure financial information, allowing the criminal to forge a business check or process a wire transfer. When you’re ready to stop check fraud at a higher level at your institution, contact us for information on our BAM+ Fraud Scenarios. Financial Cybersecurity. Lending & Credit Risk.

Cybersecurity 78

Cybersecurity CECL Transactions Credit Risk 78

Abrigo

JULY 16, 2021

keep me informed. Lending & Credit Risk. Portfolio Risk & CECL. FATF is the global watchdog for AML/CFT activity, and it is important to note that the United States shows full support in global efforts by their recent priorities release. Stay up-to-date on the latest FinCEN priorities. Learn More. BSA Training.

Credit Unions 78

Credit Unions Cybersecurity CECL Credit Risk 78

Abrigo

FEBRUARY 3, 2020

Banks spend about 7 percent of revenues on information technology, the report’s authors estimate. The IT team is able to shift that time to other projects, perhaps on innovation that can improve the customer experience or better manage operational or credit risk, or improve efficiency. “If Credit Risk Regulation.

CECL 60

CECL Credit Unions Cybersecurity Credit Risk 60

Abrigo

APRIL 12, 2016

The areas for which banks should set risk objectives and parameters may vary from institution to institution, but at a minimum, the FDIC expects objectives and parameters for: • Overall credit risk • Asset concentrations, by business line and by borrower or issuer, as appropriate • The bank’s funding mix • Interest rate risk.

Cybersecurity 60

Cybersecurity Credit Risk 60

Gaviti

FEBRUARY 6, 2023

As accounting processes continue to evolve, it’s becoming increasingly clear that harnessing the power of technology can help businesses streamline their operations and make more informed decisions. From marketing automation to cybersecurity to customer support, businesses are applying automation in a variety of creative ways.

AR Automation 52

AR Automation DSO Accounts Receivable (AR) Days Sales Outstanding 52

Abrigo

JUNE 30, 2020

As a result, now is a good time to revisit work-from-home strategies – not only for regulatory and cybersecurity concerns, but also for staying connected and maintaining collaboration. Follow up with your supervisor/team lead often to keep them informed, using email, text or telephone.

Credit Unions 78

Credit Unions Cybersecurity Credit Risk CECL 78

Biz2X

JULY 25, 2023

The demand for seamless and convenient end-to-end financial services online will only increase with time, and community banks and credit unions must leverage technology to optimize their lending processes and remain at the cutting edge of customer service.

Default 52

Default Cybersecurity Credit Unions Credit Risk 52

Credibly

MAY 28, 2024

Financers will adapt AI algorithms to analyze large data sets, such as a borrower’s financial information. AI integration will become increasingly used for more accurate and efficient credit risk assessments. The changing atmosphere of data and privacy practices will result in new cybersecurity measures.

Credit Scoring 40

Credit Scoring Credit and Collections Cybersecurity Small Businesses 40

Due

JUNE 26, 2024

There may be a lot of excitement about a hot stock, but that can cause people to overlook risks. Different risk tolerances. You may have a different risk tolerance than they do when investing. Incomplete information. Incomplete information. Trades based on insider information. Potential bias.

Brokerages 52

Brokerages Bankruptcy Cybersecurity Transactions 52

Abrigo

MAY 8, 2024

Many financial institutions have been using artificial intelligence (AI) for years, particularly in supporting cybersecurity and anti-fraud efforts. See how Southwestern National Bank's Chief Credit Officer can quickly access past dues, upcoming maturities, and a report showing geographic loan concentrations.

Credit Unions 88

Credit Unions Cybersecurity CECL Credit and Collections 88

Abrigo

MARCH 29, 2023

For example, the PPP applicants simply needed to self-certify information—the SBA did not have policies or methods to verify borrower information before funds were disbursed or forgiven. The Secret Service has estimated that $100 billion was illegally obtained from the relief programs.

Cybersecurity 78

Cybersecurity Credit Unions Credit Risk Transactions 78