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Inside TRC

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Tuesday, 5 Jul 2016

It’s becoming a familiar subject… Scammers want your money, but they don’t want to get caught taking it. That’s why fraudulent telemarketers ask people to pay with systems that deliver a quick, anonymous cash payout like cash-to-cash transfers or cash reload card PINs. However, it’s now illegal for telemarketers to ask for payment by:

  • cash-to-cash money transfers — like those from MoneyGram and Western Union

  • PINs from cash reload cards like MoneyPak and Vanilla Reload

The Federal Trade Commission amended the Telemarketing Sales Rule (TSR) to ban these practices starting June 13, 2016. If a telemarketer asks you to use one of these payment methods, he’s breaking the law.

The amended Rule also bans telemarketers from calling to ask for your bank account information and using it to create a ‘remotely created check’ that you never see, or sign.

If a telemarketer you haven’t done business with calls to ask for your bank account number for any purpose, say ‘No’ and hang up.

You have other protections under the Rule, including:

  • limits on when telemarketers can call and what they must tell you

  • limits on “hang-up” calls and rules about transmitting caller ID

  • limits on robocalls

  • the National Do Not Call Registry

If you hear from telemarketers who don’t follow the rules, hang up and report them to the FTC.

As bankers, we know these rules are not going to stop all illegal telemarketing calls. What we do know is that if a telemarketer violates these rules then they are operating illegally. While these rules cannot stop all illegal telemarketing calls, what it can do is shine a bright spot light on the bad guys. Now you have concrete information to share with your customers on what is not permitted especially unlawful payment requests.

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 or contact us at either or (800) 222-9909.

Monday, 6 Jun 2016

Some financial institutions do NOT research or resolve EVERY deposit discrepancy and regard it as “a cost of doing business”. If that is your institution, then you may want to RE-EVALUATE your position.

Research and resolution of deposit errors can be more costly and time consuming than accepting minor discrepancies. However, The Consumer Financial Protection Bureau (CFPB) and four federal financial regulatory agencies issued guidance on how to handle consumer deposit discrepancies.

The interagency guidance states that financial institutions should AVOID or RECONCILE, or RESOLVE discrepancies between the amounts they credit to a consumer’s account and how much was actually deposited. The guidance calls on financial institutions to adopt policies that treat consumers fairly when they make deposits and do not violate law including prohibitions against unfair, deceptive, and abusive practices.

On August 12, 2015, the CFPB, Office of Comptroller of the Currency, and the Federal Deposit Insurance Corporation took action against Citizens Bank, N.A., for failing to credit consumers the full amounts of their deposited funds. The CFPB’s consent order requires the bank to provide approximately $11 million in refunds to consumers and pay a $7.5 million penalty for the violations.

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 or (800) 222-9909.

Thursday, 12 May 2016

In just the last two weeks…

FFIEC Seeks Comments on Proposed Revisions to Uniform Interagency Consumer Compliance Rating System
The Federal Financial Institutions Examination Council is seeking public comment on its proposal to revise the existing Uniform Interagency Consumer Compliance Rating System to reflect regulatory, supervisory, technological, and market changes since the system was established.

FRB Announces Approval of Joint Agency Notice of Proposed Rulemaking
The Federal Reserve Board, The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, the National Credit Union Administration, the Securities and Exchange Commission, and the Federal Housing Finance Agency published a notice of proposed rulemaking announcing they have approved a joint agency notice of proposed rulemaking to implement the incentive compensation provisions of the Dodd Frank Wall Street Reform and Consumer Protection Act.

Agencies Propose Net Stable Funding Ratio Rule
The federal banking agencies proposed a rule to strengthen the resilience of large banking organizations by requiring them to maintain a minimum level of stable funding relative to the liquidity of their assets, derivatives, and commitments over a one-year period. The rule, the net stable funding ratio (NSFR), is being proposed by the Federal Deposit Insurance Corporation, the Federal Reserve, and the Office of the Comptroller of the Currency. The proposal is designed to reduce the likelihood that disruptions to a banking organization's sources of funding will compromise its liquidity position.

FRB Proposes Rule to Support U.S. Financial Stability by Enhancing the Resolvability of Certain Financial Firms
The Federal Reserve Board proposed a rule to support U.S. financial stability by enhancing the resolvability of very large and complex financial firms. The proposal would require U.S. global systemically important banking institutions (GSIBs) and the U.S. operations of foreign GSIBs to amend contracts for common financial transactions to prevent the immediate cancellation of the contracts if the firm enters bankruptcy or a resolution process. This change should reduce the risk of a run on the solvent subsidiaries of a failed GSIB caused by a large number of firms terminating their financial contracts at the same time.

And then…

Treasury Announces Key Regulations and Legislation to Counter Money Laundering and Corruption
The U.S. Department of the Treasury announced several actions to strengthen financial transparency and combat the misuse of companies to engage in illicit activities. Treasury announced a Customer Due Diligence Final Rule (applicability date of May 11, 2018), proposed Beneficial Ownership legislation, and proposed regulations related to foreign-owned, single-member limited liability companies. Together, these efforts target key points of access to the international financial system – when companies open accounts at financial institutions, when companies are formed or when company ownership is transferred, and when foreign-owned U.S. companies seek to evade their taxes.

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 or (800) 222-9909.

Thursday, 21 Apr 2016

ERISA safeguards plan participants by imposing trust law standards of care and undivided loyalty on plan fiduciaries, and by holding fiduciaries accountable when they breach those obligations.

However, this final rule will extend those standards to cover an adviser who can be an individual or entity who is, among other things, a bank.

The final regulation now includes banks when defining who is a “fiduciary” of an employee benefit plan under the Employee Retirement Income Security Act of 1974 (ERISA) as a result of giving investment advice to a plan or its participants or beneficiaries.

Fiduciaries to plans and Individual Retirement Account(s) are not permitted to engage in “prohibited transactions,” which pose special dangers to the security of retirement, health, and other benefit plans because of fiduciaries’ conflicts of interest with respect to the transactions.

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 and the details of ERISA, contact us at or (800) 222-9909.

Thursday, 7 Apr 2016

There’s a new twist on tech-support scams — you know, the one where crooks try to get access to your computer or sensitive information by offering to “fix” a computer problem that doesn’t actually exist.

Lately, we’ve heard reports that people are getting calls from someone claiming to be from the Global Privacy Enforcement Network. Their claim? That your email account has been hacked and is sending fraudulent messages. They say they’ll have to take legal action against you, unless you let them fix the problem right away. This is the latest scam alert for the Federal Trade Commission, Division of Consumer Business Education and they are all too familiar.

It seems every week the scammers come up with a new way to steal your money or your information. How can we stop it? By being informed and by letting your customers know the latest tricks.

TRC Interactive’s First Line of Defense™ including Just In™ and Branch Activities can help you make a scammer’s life a little tougher! First Line of Defense™ offers interactive and engaging fraud training to help financial institutions identify and prevent fraud attempts. To learn more, visit or contact us at either or (800) 222-9909.

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