Attus

February 2008

Issue 40

Forward To A Colleague

Feature

Something Gained, Something Lost

Avoiding errors with the electronic payments processing boom

Part 1 of 2 by Lori Moore, Director of Compliance

It's no secret that the U.S. payment network has rapidly shifted from paper to electronic transactions over the past several years. In fact, as a part of an ongoing effort to measure trends in non-cash payments within the U.S., the Federal Reserve published a study in December 2007 that indicates over two-thirds of all payments processed are now electronic.

Editorial Corner

Dodging common violations ... Hot compliance issues in '08 ... Dealing with new requirements

Trey Sullivan

With electronic payments processing growing in recent years, this opens the floodgates for potential errors — when customer service reps don't receive proper training. This month's feature story explains the importance of understanding regulations to protect your institution from serious legal, regulatory and reputational damages. The story is the first of a two-parter. Next month's feature includes several case studies.

Last month's question asked about your top compliance issues in 2008. See what readers have to say. In this issue, a reader asks about dealing with new and updated requirements like Home Mortgage Displacement Act (HMDA) reporting, which is due on March 1. Share your experience and best advice.

Your feedback and involvement help keep this newsletter content valuable to you. Please send ideas for articles you'd like to see, and let us know if the covered topics relate to the issues you face at work. Please take our brief reader survey, and as a thank you for your time, we enter your name for a chance to win an Apple iPod nano.

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Spotlight

End the Headaches of the Risk Assessment Process!

The GLBA MAP

More Details

Reader Survey

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Publications

ABA Banking Journal Online

Bank Director

BAI Banking Strategies Magazine

Bank Systems & Technology

Bank Technology News

Credit Union Journal Daily

Credit Union Times

Institutional Investor Magazine

Resources

USA PATRIOT Act
(Full Text PDF)

Associations

America’s Community Bankers

American Association of Bank Directors (AABD)

American Bankers Association

Association of Certified Anti-Money Laundering Specialists (ACAMS)

[ More ... ]

Complimentary Webinar

Reg CC: How to Structure the Hold to Minimize Risk

The educational Webinar provides a brief overview of the purpose and scope of the Reg CC and key disclosure requirements. Learn:

how deposited funds are generally categorized
the maximum period the bank may delay the customer’s ability to withdraw funds
the exceptions the bank may invoke to extend the length of the hold
how holds are calculated

During the presentation, we will also look at different scenarios and discuss how the hold should be structured to best minimize the bank’s risk.

Thursday, Feb. 28th at 3 pm EST.

What's Your Best Advice?

Last Issue's Dilemma:

What compliance areas should I focus on in 2008?

As we begin another year, I want to ensure our compliance program addresses our specific risk areas. Not much has changed at our bank or with our customer base, but it's a good time to revisit the last risk assessment. As I do that, I want to make sure I consider the big picture. Are there new or changing regulations I should include in my compliance efforts? Should I be concerned about new Federal Financial Institutions Examination Council guidelines or changes to the Bank Secrecy Act?

— Compliance Officer, Chicago

View readers' best advice.

This Issue's Dilemma:

How can we get up to speed with new and updated requirements?

We must submit our Healthcare Distribution Management Association (HDMA) report on March 1. Since the deadline is so close, I want to ask readers how they deal with new compliance requirements. With so many rules to follow, going to training about each one can eat away our time in the office actually working on these issues.

Do readers recommend attending training every time a new requirement occurs or there's an update? Or do they have another way of getting up to speed? — Paula, Manager

Can You Help? Share your experience. You could win an Apple iPod nano.

Fraud and AML Monitoring: Stay ahead of the bad guys

Online Authentication: What's Next on the Agenda?

Mobile and IVR access pose even greater risks

by Glen Fest - Bank Technology News

Microstructuring: Dark Side of Today's Retail Banking

Get the warning signs of microstructuring

by Steve Cocheo - ABA Banking Online

Change Management: Survive and thrive

The Hard Sell Is Out

Time for the trusted advisor approach

by Steve Williams - Banking Strategies

Playing Their Cards Right

Attributes of high-performing banks

by John R. Engen - Bank Director

Government Regulations: Keep up with your changing environment

States Likely to Pass Their Own Red Flag Rules?

More than 200 bills currently pending at the state level

by Melanie Rodier - Wall Street & Technology

New E-Discovery and Archiving Rules

Agencies discovering rules are not black and white

by Stacey McDaniel - CIO Strategy Center

Archive

Issue 39
Vol. 1 Issue 39

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Editorial Team

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