by georgeoself | BSA Compliance, Compliance, Cost of Non Compliance, Deceptive Advertising, Uncategorized, Unfair and Deceptive Bank Practice
Here’s a blinding glimpse of the obvious: there are a slew of marketing concepts that would be very attractive to bank customers. However, before a bank can kick off a new program, it needs to know if the new concept will comply with the State and Federal consumer...
by georgeoself | Bank Compliance, Compliance
In the new world spawned by Dodd-Frank and the CFPB, community banks need to exploit every possible revenue possibility. Not all, by any means, are viable. Of those that are, bank management needs the help of compliance people who have more to offer than knee-jerk...
by georgeoself | Compliance
BDOs pretty universally refer to compliance officers as “Compliance Nazis.” They whine that the “compliance people won’t let us do anything.” I think I know why this happens, at least most of the time: Bank sales people, including BDOs...
by georgeoself | Bank Compliance, Unfair and Deceptive Bank Practice
Community Bank CEOs now joined at the hip with their Compliance Officers? Yep, and it happened on November 16, 2013. That’s the day the Fed published its new consumer compliance “Risk-Focused Examination Program.” That would be RFEP to you. The ties...
by georgeoself | BSA Civil Money Penalty, Compliance, Cost of Non Compliance, Uncategorized
I don’t care how big you are, a $10 million CMP is serious money. TCF Financial Corp. will pay $10 million for lapses in monitoring suspicious bank transactions, including potential terrorist financing. According to reports in The Star Tribune, the fine...
