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BID Newsletters
Aug 24, 2023
It’s not enough to have a robust program to comply with the Bank Secrecy Act and anti-money laundering regulations — CFIs are required by regulation to also routinely audit whether their programs are truly adequate enough to thwart nefarious acts like drug trafficking and terrorism. We share details of an appropriate auditing process.
Feb 17, 2023
RegTech can help CFIs handle compliance-related tasks, manage vendors, and arrange records so they’re easily searchable and accessible. We look at RegTech and its uses that you might consider for your own institution.
Apr 15, 2022
Compliance-related costs account for about 7% of noninterest costs, according to the Federal Reserve Bank of St. Louis. It is critical to stay compliant, but community financial institutions are also looking for ways to reduce costs. Are embedded compliance controls a way to do both?
Mar 6, 2024
ISO 20022, a new messaging standard by the International Organization for Standardization, enhances communication between financial institutions and customers. Benefits include improved fraud prevention, AML/KYC practices, and efficiency in payment processing. As the November 2025 deadline for compliance looms, we discuss why starting migration now is of benefit to you.
Mar 4, 2024
Compliance under Section 1071 of the Dodd-Frank Act will likely pose the biggest burdens on the smallest institutions subject to the new rule. While there are still efforts to block it, the compliance deadline is quickly approaching. We delve into what you should know to start compliance efforts before the regulations take effect.
Aug 3, 2023
The CFPB has finalized a data collection rule for lenders that extend credit to small businesses. The regulations aim to find patterns in small business lending that enhance CRA initiatives and make lending practices more equitable. However, trade groups like the ICBA and the CUNA have concerns that the additional burdens of compliance could impede CFIs’ ability to make as many loans as they do. We explain what CFIs should be aware of as this issue unfolds.
Mar 2, 2023
CRA-regulated CFIs play a crucial role in supporting low- and moderate-income communities and small businesses. We discuss how institutions can ensure compliance with the Act, and how it is evolving to meet the needs of today’s world.
Dec 21, 2022
The Bank Supervision Operating Plan, published annually by the Office of the Comptroller of the Currency, can serve as a “cheat sheet” to help CFIs focus their compliance efforts in the right areas. Among the 13 areas identified by the 2023 operating plan, two are related directly to credit quality.
Nov 30, 2022
Embedded banking allows CFIs to provide financial products and services through non-bank, third-party partners such as retailers and service providers. In this second part of our embedded banking series, we explore ideas of how CFIs might partner with non-bank organizations to offer embedded banking services. We also address some of the legal, compliance and technology challenges associated with launching embedded banking.
Aug 25, 2022
Many employers are considering monitoring employees to ease their fears of security risks, compliance violations, and lower productivity. While the goal of monitoring employees is to create greater accountability, the practice of monitoring can actually have an entirely opposite effect. We explore how technology is used to monitor employees, the potential pitfalls, and tips for making it a positive experience for both you and your employees, if you do implement it.
Aug 10, 2022
The Federal Reserve has revealed the final timeline for its ISO 20022 standards, a new global messaging standard for financial transactions, which will now be implemented on a single day. As countries around the world embrace the protocol, cryptocurrencies are among some of the earliest adopters. We provide info on compliance deadlines and what steps your CFI may need to take to stay competitive.
May 19, 2022
Anti-money laundering practices have been under more scrutiny as the pandemic ushered in more digital payments and cryptocurrency activity. Now, with the invasion of Ukraine, anti-money laundering measures and OFAC compliance tops regulators’ lists. Here are important risks to look out for and reminders on how to continue strengthening your practices to mitigate these risks.
Mar 26, 2024
Small business customers have no shortage of financial service options, from traditional banks to fintech offerings. Fostering loyalty among this group not only requires providing them with added value, but with the sense that your CFI understands their individual businesses and their unique needs.
Feb 29, 2024
Digital academies for workplace training have been around for years, but not all employers or workers have been on board. As organizations seek to plug skills gaps internally, new approaches to digital academies are proving extremely successful.
Feb 21, 2024
The OCC recently published its autumn statement on key risks facing the federal banking system. We summarize these risks and suggest ways CFIs can mitigate them to improve their institution’s resilience.
Jan 22, 2024
Bank Director’s 2024 Bank M&A Survey explores FIs’ attitudes towards M&A. Although enthusiasm for a deal is somewhat flat, stagnant earnings may motivate FIs’ management and their boards to partner with other institutions in search of low-cost deposits. We discuss possible M&A trends for this year.
Jan 11, 2024
Employers have begun swapping conventional executive titles with new, trendy alternatives. But it’s not just about the titles — the roles themselves are changing as well, something younger talent with a yearning for a purpose-driven culture especially craves. We explore why these new executive roles may help you get a leg up on the competition for key talent.
Dec 18, 2023
The need for speed has become a central goal for cross-border payments. Smaller businesses stand to benefit from improvements. We discuss how cross-border payments can be used to encourage customer loyalty.
Dec 6, 2023
In this second part of our review of 2023, we look at the challenges brought about by the evolving fintech landscape, the ever-increasing cybersecurity threats, and mounting regulatory complexity. We explore how CFIs have responded to these situations.
Dec 5, 2023
Over the past year, the financial sector has had to navigate many disruptive forces. In two back-to-back articles, we look at the challenges faced by CFIs and the opportunities that have emerged during 2023. In this first article, we explore how CFIs have responded to economic uncertainty and inflation, intensified competition for deposits, and shaken consumer confidence in the banking industry.