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Understanding the Dodd-Frank Act – Part 2
 The New World of Federal Regulatory Authority
By Lori Moore, CRCM, Director of Compliance
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) encompasses so much change that it warrants front page news once again this month. And you can bet it won’t be the last. As individual pieces of the act fall into place over the next six to twelve months, we’ll continue to cover the details to help you adjust and accommodate for changes impacting your financial institution. Part 1 of this series, Preparing for Reform When the Act’s Details are Still Murky, provided an initial guidepost for navigating the act. This month, we focus on a broad and pervasive piece of the legislation, the reform of federal regulatory authority. Dodd-Frank ushers in both philosophical and structural changes for how and by whom various aspects of federal regulations are governed. In fact, three of the Act’s four main goals address this broad issue – 1) the application of a risk based approach to financial regulation, 2) the emphasis on consumer protection and 3) increased regulatory supervision.
GLBA: Guidelines & Standards for a Comprehensive Information Security Program--New, Updated Content
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 features revised content and focuses on the required program components and the ongoing process of risk assessment and management.
Speaker:
Lori Moore, CRCM
Director of Compliance
ATTUS Technologies
10/28/2010 3:00PM to 4:00PM ET
 Question: Regarding Reg E, do we need to wait for the customer's signature to return the questionable item?
Answer: In the event a customer notifies your institution of an alleged error and it is timely and adequate, you may request that they provide written confirmation within 10 business days. If written confirmation is not received, you must still follow the error resolution procedures set forth under 205.11 with the exception of providing provisional credit. This includes completion of the investigation within 45 or 90 days (whichever is applicable) and if an error has occurred, crediting the account for the amount owed.
Procedures and requirements pertaining to the return of an item are governed by NACHA and/or the applicable card network rules. Your institution’s ability or inability to return and/or recover funds credited to a customer’s account due to an error is not relevant to your obligations under Regulation E.
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.
Security Pros Need Forensics Skills
Why Expertise is Growing in Importance
By Upasana Gupta, bankinfosecurity.com
Security professionals that handle incident investigations are frequently applying an emerging discipline called digital forensics.
Digital forensics is a branch of computer science that focuses on developing evidence pertaining to digital files for use in civil or criminal court proceedings. Experts investigate networks, systems and data storage devices.
Digital forensics is growing in importance as companies work to comply with federal and state regulations affecting many industries, including banking and healthcare, that require organizations to be able to quantify how much customer information was exposed during the course of a breach. These investigations frequently require the application of digital forensics, such as to analyze the impact of malware.
NACHA's Place in the Community
By John Adams, americanbanker.com
It took several years to get off the ground, but NACHA will finally get a report card on the economic expediency and demand for its deposit check truncation (DCT) pilot. The electronic payments association launched its DCT pilot in August, and had better hope the official grades aren't being administered by analysts: several have already cast DCT as redundant, and late to the imaging-dominated automated checking game. They also see it merely tapping a declining market for small-paper checks. Read more...
Three Ways to Prepare for the Unknown
By LaRae Quy, linked2leadership.com
After four months of training at the FBI Academy, one of the most important lessons I learned is that moving toward the conflict or challenge increases safety.
When I was going through the FBI Academy at the age of twenty-five, one of the physical fitness requirements was to dive off a 50-foot diving board while holding an M16 rifle, and then swim to the other side of the pool with the gun.
I had two problems: I was afraid of heights and I couldn’t swim. Read more...
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