Inside TRC

In January, the Consumer Financial Protection Bureau (CFPB) adopted a final rule amending Regulation E (Electronic Fund Transfers) to include consumer protections for various types of remittance transfers. The rule becomes effective February 7, 2013.

In addition, CFPB has issued a proposed rule detailing further amendments to the remittance transfer rule. Under the proposal, a person making no more than 25 remittance transfers per year would generally not be deemed to be providing remittance transfers in the normal course of business. The CFPB is seeking comments on whether this threshold should be higher or lower.

TRC Interactive is always updating its courses to include information on the latest changes to various rules and regulations. The amendments to Regulation E are just one example of the need to frequently update your employee training. TRC updates its courses prior to changes going into effect in order for you to schedule your training.

To learn more about Regulation E and other compliance courses available through TRC Interactive, please contact us at info@trcinteractive.com or (800) 222-9909.

We are going to be required to do more TRAINING because scammers are targeting the elderly more than ever! Thanks to technology and the economy, scammers and desperate family members are targeting elders who may have greater assets and may be less “aware”. This increasing problem requires all of us to provide continued training on elder abuse.

Earlier this year, the Financial Crimes Enforcement Network (FinCEN) released a new advisory to help spot and report activities involving elder financial exploitation. The advisory includes red flags that abuse may be occurring and asks financial institutions to use the term “elder financial exploitation” when completing a Suspicious Activity Report (SAR). To view a complete list of red flags, CLICK HERE.

In addition to FinCEN’s updated advisory, the Consumer Financial Protection Bureau (CFPB) has taken an interest in elder financial abuse. The organization has created the Office of Financial Protection for Older Americans to educate and provide resources to elder customers. Their goal is to help elder customers avoid scams and theft as well as make appropriate financial discussions. You can learn more at http://www.consumerfinance.gov/older-americans.

In response to this problem, TRC Interactive has recently updated three online courses on the subject:

• Elder Financial Abuse for Tellers
• Elder Financial Abuse for CSR’s
• Elder Financial Abuse for Managers

These courses provide bank personnel with the information necessary to spot and report the suspicious activity they may encounter through their role at the bank. Continued training on this subject is essential to protecting elderly customers and ensuring that employees understand the indicators and procedures for this type of financial abuse.

To learn more about the elder financial abuse courses available through TRC Interactive, please contact us at info@trcinteractive.com or (800) 222-9909.