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Thursday, 25 Jun 2015

The Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement on the Know Before You Owe mortgage disclosure rule on June 17, 2015:

“The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until October 1, 2015. We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks. We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time.”

The public will have an opportunity to comment on this proposal and a final decision is expected shortly thereafter.

If all goes as expected the new effective date for the Truth in Lending Act / RESPA Integrated Disclosures (TRID) will be October 1, 2015 rather than August 1, 2015.

TRC Interactive Inc. will be presenting five new Truth in Lending courses to help your staff become familiar with the new requirements. We will maintain our existing Truth in Lending Act (Regulation Z) course until January 2016 to ensure all loans initiated under the previous rules have been finalized.

  1. Truth in Lending Act Open - End Credit

  2. Truth in Lending Act Closed - End Credit

  3. Truth in Lending Act Certain Home Mortgage Transactions

  4. Truth in Lending Act General, Miscellaneous and Other

  5. Truth in Lending Act Overview



Keeping your financial institution up to date on regulatory issues and your employees educated can be a daunting task. TRC can help. To learn more, contact us at info@trcinteractive.com or (800) 222-9909.

Wednesday, 17 Jun 2015

The Federal agencies issued a final interagency policy statement establishing JOINT standards for assessing the diversity policies and practices of the entities they regulate. The final standards provide a framework for regulated entities to create and strengthen their diversity policies and practices—including their organizational commitment to diversity, workforce and employment practices, procurement and business practices, and practices to promote transparency of organizational diversity and inclusion within the entities' U.S. operations. The final Policy Statement provides that “diversity” refers to “minorities… and women.” For purposes of this definition, “minority” is defined as Black Americans, Native Americans, Hispanic Americans, and Asian Americans.

When drafting these standards, the Agencies focused primarily on institutions with more than 100 employees. The Agencies know that institutions that are small or located in remote areas face different challenges and have different options available to them compared to entities that are larger or located in more urban areas.

The Federal agencies (Office of the Comptroller of the Currency (OCC); Board of Governors of the Federal Reserve System (Board); Federal Deposit Insurance Corporation (FDIC); National Credit Union Administration (NCUA); Bureau of Consumer Financial Protection (CFPB); and Securities and Exchange Commission (SEC) added to the Policy Statement a new standard providing that the “entity implements policies and practices related to workforce diversity and inclusion in a manner that complies with all applicable laws.” The final Policy Statement also includes another new standard, which provides that the “entity ensures equal employment opportunities for all employees and applicants for employment and does not engage in unlawful employment discrimination based on gender, race, or ethnicity.”

Standards
In a manner reflective of the individual entity’s size and other characteristics,

  • The entity includes diversity and inclusion considerations in both employment and contracting as an important part of its strategic plan for recruiting, hiring, retention, and promotion.

  • The entity has a diversity and inclusion policy that is approved and supported by senior leadership, including senior management and the board of directors.

  • The entity provides regular progress reports to the board and senior management.

  • The entity regularly conducts training and provides educational opportunities on equal employment opportunity and on diversity and inclusion.

  • The entity has a senior level official, preferably with knowledge of and experience in diversity and inclusion policies and practices, who oversees and directs the entity's diversity and inclusion efforts. For example, this official may be an executive-level Diversity Officer (or equivalent position) with dedicated resources to support diversity strategies and initiatives.

  • The entity takes proactive steps to promote a diverse pool of candidates, including women and minorities, in its hiring, recruiting, retention, and promotion, as well as in its selection of board members, senior management, and other senior leadership positions.



The Policy Statement can be accessed at:
https://www.fdic.gov/news/news/press/2015/pr15047a.pdf?source=govdelivery&utm_medium=email&utm_source=govdelivery

In support of these efforts TRC Interactive Inc. provides Appreciating Diversity for Managers which is available now and Appreciating Diversity for Staff Members which is currently in development.

To stay up to date on regulatory trends and news, frequently visit our blog. TRC Interactive also offers online, interactive training on various compliance related topics. To learn more, contact us at info@trcinteractive.com or (800) 222-9909

Wednesday, 3 Jun 2015

As of January 1, 2012, the U.S. Department of the Treasury ended sales of paper savings bonds at financial institutions. People must have a TreasuryDirect account to buy an electronic savings bond. However, this change did not affect how paper savings bonds are redeemed for customers.

While paper savings bonds are no longer sold over the counter at financial institutions, redeeming paper savings bonds is still a service financial institutions can provide to their customers.

Financial institutions can redeem Series A–E, EE and I paper savings bonds, savings notes and savings stamps for customers who present proper identification.

Financial institutions may find additional information on how to service bond holders at www.treasurydirect.gov.

Keeping your financial institution up to date on regulatory issues and your employees educated can be a daunting task. TRC can help. To learn more, contact us at info@trcinteractive.com or (800) 222-9909.

Thursday, 30 Apr 2015

A combination malware and social engineering campaign has already stolen over $1 million! Dubbed the “Dyre Wolf”, the malware targets online banking systems. Security experts believe that those behind the malware attacks are extremely knowledgeable about financial institutions' online banking systems.

"Dyre Wolf" targets businesses that use wire transfers to move large sums of money, even when the transactions are protected with two-factor authentication. The heist starts with mass e-mailings that attempt to trick people into installing Dyre, a strain of malware that largely remains undetected by the majority of antivirus products.

Infected machines then send out mass e-mails to other people in the victim's address book. Then the malware lies in wait. Once the infected victim tries to log in to one of the hundreds of financial institution websites for which Dyre is programmed to monitor, a new screen will appear instead of the corporate banking site. The page will explain the site is experiencing issues and that the victim should call the number provided to get help logging in.

The attackers are bold enough to use the same phone number for each website and know when victims will call and how to answer for each financial institution. This all results in successfully duping their victims into providing their organizations’ banking credentials.

As soon as the victim hangs up the phone, the wire transfer is complete. The money starts its journey and bounces from foreign bank to foreign bank to circumvent detection by the financial institution and law enforcement.

TRC Interactive’s First Line of Defense™ program offers interactive and engaging fraud training to help financial institutions identify and prevent fraud attempts. To learn more, visit http://trcinteractive.com/training-solutions/fraud-training.asp or contact us at either info@trcinteractive.com or (800) 222-9909.

Wednesday, 8 Apr 2015

On March 30, 2015, the Federal Financial Institutions Examination Council (FFIEC) released two statements about ways financial institutions can identify and mitigate cyber attacks. Industry experts suggest that the primary reason for the release of the statements is to ensure that smaller financial institutions are taking the necessary steps to protect themselves from cyber threats.

There are also those who have raised concerns that the two statements may indicate that the FFIEC has some knowledge of possible upcoming attacks. In either case, the FFIEC felt compelled to release these statements and financial institutions need to take action.

In accordance with FFIEC guidance, institutions should:

  • Securely configure systems and services;

  • Review, update, and test incident response and business continuity plans;

  • Conduct ongoing information security risk assessments;

  • Perform security monitoring, prevention, and risk mitigation;

  • Protect against unauthorized access;

  • Implement and test controls around critical systems regularly;

  • Enhance information security awareness and training programs; and

  • Participate in industry information-sharing forums, such as the Financial Services Information Sharing and Analysis Center.


The FFIEC statements can be accessed here:

Statement of Destructive Malware
http://www.ffiec.gov/press/PDF/2121759_FINAL_FFIEC%20Malware.pdf

Statement on Compromising Credentials
http://www.ffiec.gov/press/PDF/2121758_FINAL_FFIEC%20Credentials.pdf


To stay up to date on financial institution trends and news, frequently visit our blog. To learn more about our online training solutions, contact us at info@trcinteractive.com or (800) 222-9909.

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