Ensuring access to the FFIEC’s “suitable resources” at your financial institution: What BSA compliance officers need to know
It is a BSA Compliance officer’s job to make sure their institutions are in compliance with the latest from the FFIEC. That means getting their boards and leadership invested in following AML/CFT best practices. In today’s episode, we’ll explore the FFIEC’s list of critical elements for a BSA program—from adequate staffing and expertise to the technological systems necessary for identifying and managing risks.
Our guest is Hannakah Rubin, a Senior Client Development Consultant with Abrigo who brings over 24 years of experience in the financial institution and software industry. Hannakah has not only developed Compliance, Fraud, and BSA Programs from the ground up but has also worked extensively with financial institutions to incorporate automated solutions into their compliance efforts.
Learn more about upcoming AML/CFT certification and training events.
Helpful links:
Survey: State of Fraud 2024: Key findings and recommendations for FIs
Outsourcing ALM: Best practices for the current interest rate landscape
With interest rates having shifted dramatically, financial institutions find themselves navigating uncharted territory, grappling with how to adapt their ALM strategies to the new normal. Join us as Abrigo Director of Sales and Professional Services Dave Koch, an experienced asset/liability management advisor, delves into the complexities of the current economic landscape and its impact on community banks.
In this episode, we’ll discuss the current regulatory outlook, the importance of a realistic approach to interest rate forecasts, the potential benefits and pitfalls of ALM outsourcing, and the need for ALM advisors to work closely with banks to ensure their strategies are well-informed and effectively implemented. Tune in to gain a deeper understanding of how to manage ALM effectively in today’s volatile interest rate environment.
Helpful links:
Webinar: Effective risk management: Controlling liquidity and interest rate challenges
Checklist: Checklists for evaluation ALM vendors
Check out the series!
Ahead of the curve: A banker’s podcast
Looking for ideas, tips, and best practices to take your financial institution to the next level? Look no further than this podcast featuring insights from banking leaders and advisors across the industry. We’ll tackle a range of topics — technology implementation, loan grading, banking cannabis, and more to ensure you stay ahead of the curve in this fast-changing environment.
You can find all episodes of the podcast on abrigo.com or on your favorite podcast app or platform.
We can help you navigate 1071 deadlines and compliance. In addition to our 1071 resource page for lenders, which has updated information to help prepare for the new requirements, Abrigo’s Loan Origination Software will have all required data fields in a borrower-facing collection form, access to pre-built reports, and the ability to export for CFPB reporting. Your financial institution can comply with 1071 while streamlining the origination process and ongoing customer management while working with a trusted partner of 2,400 institutions. Talk to a specialist to learn more.
Elder financial exploitation and elder abuse: Statistics, FinCEN guidance, and how you can help
As the global population of individuals aged 60 and over is projected to increase by 38% between 2019 and 2030, elder abuse and elder financial exploitation (EFE) are becoming increasingly prevalent issues. This demographic shift, particularly in the developing world, brings attention to the unique challenges older persons face, including those related to human rights and financial security. Elder fraud, a severe form of EFE, continues to grow at an alarming rate. If it hasn’t already, it is likely to impact your client base or family in the near future.
In this episode, Abrigo consultants Melissa Mantooth, CAMS, and Elissa Brewer, CAMS, share their knowledge of prevalent schemes and red flags, as well as a brief overview of safe harbor lawsaround EFE that may impact banks and credit unions. As financial institutions educate their customers on fraud, it’s important that they keep an extra watchful eye out for scams impacting older clients.
Listen in for insights into ways to prevent elder fraud in your community.
Helpful links:
Blog: Elder fraud: Preventing elder financial exploitation at your institution
Webinar: Guarding your institution: Strategies for a fraud prevention program
Webinar: Elder fraud: The fight for seniors’ financial security
Check out the series!
Ahead of the curve: A banker’s podcast
Looking for ideas, tips, and best practices to take your financial institution to the next level? Look no further than this podcast featuring insights from banking leaders and advisors across the industry. We’ll tackle a range of topics — technology implementation, loan grading, banking cannabis, and more to ensure you stay ahead of the curve in this fast-changing environment.
You can find all episodes of the podcast on abrigo.com or on your favorite podcast app or platform.
We can help you navigate 1071 deadlines and compliance. In addition to our 1071 resource page for lenders, which has updated information to help prepare for the new requirements, Abrigo’s Loan Origination Software will have all required data fields in a borrower-facing collection form, access to pre-built reports, and the ability to export for CFPB reporting. Your financial institution can comply with 1071 while streamlining the origination process and ongoing customer management while working with a trusted partner of 2,400 institutions. Talk to a specialist to learn more.
CFPB 1071 and the future of small business lending: What, when, and where to start
Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act requires financial institutions to collect and report data on small business lending to the Consumer Financial Protection Bureau (CFPB). The details of the CFPB 1071 rule are laid out in an extensive 888-page document, so it’s no surprise that many financial institutions aren’t sure where to start when it comes to preparing for compliance.
In this episode, Abrigo Senior Consultant Paula King offers a comprehensive exploration of the rule’s main elements, some first steps for compliance, and a brief overview of how it has been received, including the legal controversies following the rule. As financial institutions wait for finality on this regulatory shift, it’s important for banks and credit unions of all sizes to understand the nuances of Section 1071. Listen in for insights into the future of small business lending.
Helpful links:
Webinar: Understanding the impact of CFPB 1071 on small business lending
Blog: The CFPB section 1071 effective date
Checklist: CFPB 1071 Rule: Checklist for compliance success
Check out the series!
Ahead of the curve: A banker’s podcast
Looking for ideas, tips, and best practices to take your financial institution to the next level? Look no further than this podcast featuring insights from banking leaders and advisors across the industry. We’ll tackle a range of topics — technology implementation, loan grading, banking cannabis, and more to ensure you stay ahead of the curve in this fast-changing environment.
You can find all episodes of the podcast on abrigo.com or on your favorite podcast app or platform.
We can help you navigate 1071 deadlines and compliance. In addition to our 1071 resource page for lenders, which has updated information to help prepare for the new requirements, Abrigo’s Loan Origination Software will have all required data fields in a borrower-facing collection form, access to pre-built reports, and the ability to export for CFPB reporting. Your financial institution can comply with 1071 while streamlining the origination process and ongoing customer management while working with a trusted partner of 2,400 institutions. Talk to a specialist to learn more.
Stress test success: Navigating the 2024 scenarios for community financial institutions
The OCC, FDIC, and Federal Reserve Board have released the hypothetical scenarios for their annual Dodd-Frank stress tests, which help ensure that large banks can lend to households and businesses even in a severe recession. How do the scenarios impact community financial institutions, and how can you use stress testing to your institution’s benefit?
Join Zach Englert and Jacob Lowe as they discuss what the scenarios look like this year and how community banks and credit unions can leverage them to assess their internal risk management practices, inform capital planning and strategic decision-making, and communicate with regulators and investors.
Helpful links:
Blog: Capital stress testing: The Fed’s scenarios can help smaller institutions
Webinar: Gauge your institution’s risk from inflation: Planning ahead with stress testing
Podcast: Stressed out: How to sleep easier at night about your capital and risk levels
Check out the series!
Ahead of the curve: A banker’s podcast
Looking for ideas, tips, and best practices to take your financial institution to the next level? Look no further than this podcast featuring insights from banking leaders and advisors across the industry. We’ll tackle a range of topics — technology implementation, loan grading, banking cannabis, and more to ensure you stay ahead of the curve in this fast-changing environment.
You can find all episodes of the podcast on abrigo.com or on your favorite podcast app or platform.
End-to end loan origination platform
Abrigo’s best-in-class loan origination software is an innovative solution that over 1000 financial institutions of all sizes trust. Our integrated Abrigo platform can reduce bottlenecks to focus on borrower relationships and automate lending and credit processes.
LOAN ORIGINATION SOFTWARE | LEARN MORE
Unveiling human trafficking: Perspectives, realities, and strategies
Human trafficking – a form of modern slavery – is one of the fastest-growing criminal activities in the world, exploiting over 45 million people and generating an estimated $150 billion in profits each year. While global in reach, human trafficking also affects individuals, communities, and economies across the United States. Join Brad Jeffery, founder of MADE FREE, and Heather Bellino, CEO of Texas Advocacy Project, as we discuss human trafficking’s consequences and what financial institutions can do to help identify and prevent it.
Helpful links:
Blog: The Super Bowl and human trafficking: How financial institutions can help
Webinar: Human trafficking awareness: Detecting, reporting, and partnering
Whitepaper: Human trafficking red flags
About Texas Advocacy Project: Texas Advocacy Project’s mission is to end dating and domestic violence, sexual assault, and stalking in Texas. TAP empowers survivors through free legal and social services and access to the justice system and advances prevention through public outreach and education. Our vision is that all Texans live free from abuse. In 2022, TAP provided legal services in 4,765 cases, serving 10,502 Texans. If you or someone you know needs help, call 800-374-HOPE or visit TexasAdvocacyProject.org.
About MADE FREE: MADE FREE was designed to provide social reform, addressing the root cause of human trafficking and the need for sustainable, ethical jobs. To win the war on poverty, those who make fashion goods must make a livable wage. The MADE FREE model takes a holistic approach to sustainability, integrating ecological, social, and economic factors. Workers at MADE FREE create handcrafted pieces in a clean, team-based environment with a focus on quality over quantity, giving consumers a chance to support sustainable change with their dollars.
Check out the series!
Ahead of the curve: A banker’s podcast
Looking for ideas, tips, and best practices to take your financial institution to the next level? Look no further than this podcast featuring insights from banking leaders and advisors across the industry. We’ll tackle a range of topics — technology implementation, loan grading, banking cannabis, and more to ensure you stay ahead of the curve in this fast-changing environment.
You can find all episodes of the podcast on abrigo.com or on your favorite podcast app or platform.
End-to end loan origination platform
Abrigo’s best-in-class loan origination software is an innovative solution that over 1000 financial institutions of all sizes trust. Our integrated Abrigo platform can reduce bottlenecks to focus on borrower relationships and automate lending and credit processes.
LOAN ORIGINATION SOFTWARE | LEARN MORE
Banking on cannabis: Breaking down the SAFER Banking Act
The marijuana-related banking industry took major steps forward on September 27, 2023, when the Senate Committee passed the Secure and Fair Enforcement Regulation (SAFER) Banking Act after weeks of negotiations and revisions to reach a bipartisan agreement. The bill would secure access for marijuana-related businesses (MRBs) to financial institutions.
Terri Luttrell and Michael O’Neill, aka “The Cannabis Banker,” join the podcast to discuss the future of the SAFER Banking Act and what it means for financial institutions. They’ll give predictions for marijuana’s de-scheduling, what to expect from regulators, and what banks can do to work safely with MRBs in the meantime.
Helpful links:
Blog: SAFER Banking Act passes Senate Banking Committee
Webinar: Banking marijuana-related businesses
Podcast: Ahead of the curve: A banker’s podcast episode 3 – Cannabis lending – Abrigo
Check out the series!
Ahead of the curve: A banker’s podcast
Looking for ideas, tips, and best practices to take your financial institution to the next level? Look no further than this podcast featuring insights from banking leaders and advisors across the industry. We’ll tackle a range of topics — technology implementation, loan grading, banking cannabis, and more to ensure you stay ahead of the curve in this fast-changing environment.
You can find all episodes of the podcast on abrigo.com or on your favorite podcast app or platform.
End-to end loan origination platform
Abrigo’s best-in-class loan origination software is an innovative solution that over 1000 financial institutions of all sizes trust. Our integrated Abrigo platform can reduce bottlenecks to focus on borrower relationships and automate lending and credit processes.
LOAN ORIGINATION SOFTWARE | LEARN MORE
An Eye on Risk: Taking a Look at the OCC’s Bank Supervision Plan for 2024
The OCC issued its Bank Supervision Operation Plan for 2024 and we take a look on at it on the latest episode of Ahead of the Curve. This plan outlines the OCC’s priorities and objectives for the coming year and provides great insights on where to focus your financial institution’s time.
In this episode, Abrigo Advisor Zach Englert discusses his big takeaways specifically around liquidity risk, credit risk, and change management.
Helpful links:
- News Release – OCC Releases Bank Supervision Operating Plan for Fiscal Year 2024
- Abrigo Advisory Services
Check out the series!
Ahead of the curve: A banker’s podcast
Looking for ideas, tips, and best practices to take your financial institution to the next level? Look no further than this podcast featuring insights from banking leaders and advisors across the industry. We’ll tackle a range of topics — technology implementation, loan grading, banking cannabis, and more to ensure you stay ahead of the curve in this fast-changing environment.
You can find all episodes of the podcast on abrigo.com or on your favorite podcast app or platform.
End-to end loan origination platform
Abrigo’s best-in-class loan origination software is an innovative solution that over 1000 financial institutions of all sizes trust. Our integrated Abrigo platform can reduce bottlenecks to focus on borrower relationships and automate lending and credit processes.
LOAN ORIGINATION SOFTWARE | LEARN MORE
Funding challenges ahead: Ready? Or not?
Financial institutions all have one thing in common right now: an unprecedented rising rate environment that isn’t going away anytime soon. Some have action plans in place to ensure capital and margin objectives are still achieved, but for many, this coming period represents a complete unknown, so they are not as prepared. Whether deposits are an issue or not right now, it is prudent to make sure you have the monitoring and strategies in place to react appropriately as things change.
In this episode, Abrigo Senior Advisor Darryl Mataya discusses three steps your financial institution should take to prepare for the coming funding challenges ahead.
In this podcast, we discuss:
- What makes this environment an “unprecedented rate scenario”
- Common mistakes financial institutions are making in their reactions
- Key moves to ensure you are prepared for additional rate uncertainty
Check out the series!
Ahead of the curve: A banker’s podcast
Looking for ideas, tips, and best practices to take your financial institution to the next level? Look no further than this podcast featuring insights from banking leaders and advisors across the industry. We’ll tackle a range of topics — technology implementation, loan grading, banking cannabis, and more to ensure you stay ahead of the curve in this fast-changing environment.
You can find all episodes of the podcast on abrigo.com or on your favorite podcast app or platform.
End-to end loan origination platform
Abrigo’s best-in-class loan origination software is an innovative solution that over 1000 financial institutions of all sizes trust. Our integrated Abrigo platform can reduce bottlenecks to focus on borrower relationships and automate lending and credit processes.
LOAN ORIGINATION SOFTWARE | LEARN MORE
Wondering how auditors are approaching CECL? Abrigo’s annual ThinkBIG conference took place in San Antonio, Texas, this year and provided a variety of educational sessions. One was a panel, CECL Audit & Regulatory Expectations for 2022, with experts Ashley Ensley of DHG, Anthony Porter of Moss Adams, Graham Dyer of Grant Thornton, and Neekis Hammond of Abrigo moderating. This video is a clip from the live session.
In this video, auditors address the following:
- Will auditors expect 2023 CECL filers to have larger reserves?
- Was the decoupling of credit risk and realized credit losses relative to economic conditions during the pandemic anomalous or should CECL models change to accommodate a pivot?
- Is the industry off to a slow start in meeting the 2023 deadline?
