The Five Essential Tips for Compliance Success With Your Board of Directors
Board Buy-In is the Key
By Lori Moore, Director of Compliance

Ever since the financial meltdown of a year ago, the anticipation of increased regulation for the financial services industry has been building.  Although the talk of doom and gloom in the economy has been depressing at best, it also has shone a spotlight on the importance of effective risk management and steadfast compliance with existing laws and regulations.. But who truly plans and executes the vision for a robust risk management and compliance program that protects both your customers and your financial institution?  ...ultimate accountability lies with your Board of Directors.





GLBA: Guidelines and Standards for a Comprehensive Information Security Program

In response to the requirements set forth by the Gramm-Leach-Bliley Act (GLBA) of 1999, the Interagency Guidelines Establishing Information Security Standards were jointly issued and codified by each federal banking agency. As a result, each financial institution is required to develop a comprehensive risk-based information security program that includes administrative, technical, and physical safeguards which address and mitigate the various security risks within your entire organization. Designed in accordance with the interagency guidelines as well as related guidance issued by the FFIEC, this webinar focuses on the required program components and the ongoing process of risk assessment and management.

Speaker: 

Lori Moore, CRCM
Director of Compliance
ATTUS Technologies

10/29/2009 3:00PM to 4:00PM ET





Question: Relating to Reg E, if a customer comes in and inquires on a debit, that they are unsure of what it was, what do you suggest we do? Many times the customer has already called the merchant only to learn an error did not occur.
 

Answer:  
According to Regulation E Sec 205.11 (a)(1)(vii), a consumer's request for documentation required by Sections 205.9 or 205.10(a) or for additional information or clarification concerning an EFT, including a request the consumer makes to determine whether an error covered by Reg E exists, must be treated as an error unless it is clear that the consumer is requesting a duplicate copy for tax or other record-keeping purposes. For reference, 205.9 and 205.10(a) set forth the requirements for periodic statements and receipts at electronic terminals.

Routine inquiries regarding an account balance or for duplicate copies of documentation are not considered an error for this purpose. 

Got a question on a tricky regulation? We want to hear from you.  Submit your question and an expert will answer it in a future issue.



"Phish Fry" Nets 100 Fraudsters: Biggest Cyber Crime in U.S. History
BankInfoSecurity.com
 
The case called "Operation Phish Fry" has the largest number of defendants ever charged in a cyber crime case. A total of 53 people across the country and 47 people in Egypt were indicted in the multinational investigation. Law enforcement over a two-year period uncovered a sophisticated "phishing" operation that fraudulently collected personal information from thousands of victims and then used to defraud American banks.



FinCEN Publishes PRA Notice for CTRs
Financial Crimes Enforcement Network
 
The Financial Crimes Enforcement Network is currently accepting your comments on its proposal to renew the Currency Transaction Report (CTR), FinCEN Form 104. FinCEN believes that using the CTR has lessened the overall burden on FinCEN respondents by reducing the amount of paperwork required. Therefore the network is proposing that the CTR be renewed without change to its current form. If you have an opinion, comment or disagree with this assessment, now is the time to act. You have until December 1, 2009 to contact FinCEN via email or U.S. mail with your feedback on this proposal.
 


Managing Up in a Down Economy
Andrea Novakowski, BestManagementArticles.com

The days of flitting from company to company in search of the best compensation package are fading fast into history. With the economy on a downslide and pink slips in the forecast, it's more important than ever to secure sound footing at your current job. You can tighten your grip on your position by proving yourself indispensable. One of the most effective ways to do this is through something called “managing up.”