News Topic: Compliance systems

The agency found a 40% error rate in the 2016 data submitted by the Seattle bank. In addition to the fine, the institution is required to improve its compliance systems. ... Read full article

The agencies are still at odds over how to reform the scoring system in Community Reinvestment Act exams, but experts say the central bank’s recent draft proposal suggests a deal could be struck. ... Read full article

Periods of significant loan defaults are tough on banks and force unpleasant choices. Here are steps to evaluate collateral in such uncertain times. ... Read full article

Service would help with compliance; JPM CEO sees more short-term lending rate spikes if no long-term solution implemented. ... Read full article

The National Credit Union Administration board member is requesting comment on a proposal to create new consumer compliance measures for "large, complex credit unions." ... Read full article

New tech can help banks with less cumbersome systems track suspicious activity more effectively. ... Read full article

Banks need to ensure those building new business are driven to look for evidence of illegal activity. ... Read full article

When Redtail Technology moved into its new building 18 months ago, CEO Brian McLaughlin ensured it had homey touches, like comfortable seating, a basketball court and slides. ... Read full article

ComplyAdvantage, Cinnamon and Zoovu recently raised millions of dollars to fuel expansion of their automated risk management, data-scanning and customer service products geared toward financial services companies. ... Read full article

Bank and credit union regulators issued a statement giving institutions the go-ahead to try artificial intelligence and other emerging tech to detect money laundering. It's just what some institutions have been waiting for. ... Read full article

The bank, one of the few that do business with digital currency exchanges like Coinbase, has developed methods for monitoring all customers’ digital currency purchases. ... Read full article

Fiserv Lending Solutions rebrand to Sagent Lending Technologies reflects the company's focus on a more efficient process for mortgage and consumer lenders. ... Read full article

It is critical that banks blend data science and their industry knowledge to better identify and mitigate compliance risk, says one director at Promontory Financial Group. ... Read full article

The company said the aim of a redesign and additional automation is to make its compliance software easier for bankers to use. ... Read full article

With a lighter compliance burden, small banks could shift tech spending to customer-facing innovation. ... Read full article

Examiners focus too much on how many suspicious activity reports banks file and too little on the true riskiness of their activities, according to lawmakers and industry representatives. ... Read full article

Despite impending data requirements, many small banks are still struggling with automating loan risk calculations. ... Read full article

Readers weigh in on a proposal for encouraging small bank installment loans, a firm that uses AI to reduce false alarms, what security improvements are needed for sharing customer data, and more. ... Read full article