“Our [law] practices revolve around the Fair Credit Reporting Act (FCRA) fairly significantly, and we both think it is about to have a moment in the plaintiff's bar, particularly right now that the high-dollar Telephone Consumer Protection Act (TCPA) claims are going to be much harder for consumers to bring,” claimed Amy Keeney, JD, and Louis Ursini, JD in their recent webinar with Community Bankers Webinar Network. “We have a hunch that this is where the hot-button issue is going to be for the next couple of years.”

Why talk about the FCRA? While it is not a collections act…

This Memorial Day, we honor and remember all who gave their lives for our country.

Using gender-neutral pronouns and policy supports a diversity and inclusion (D&I) program at your bank. Nancy Flynn, of The ePolicy Institute, lists the benefits of a D&I policy in her webinar with Community Bankers Webinar Network:

  • Showcase your organization’s D&I strategy, mission, values, and culture.
  • Boost employee performance by unleashing the power of differences.
  • Improve communication and collaboration among multifaceted employees.
  • Reach ethnically, racially, and generationally diverse consumers.
  • Recruit and retain millennials, minorities, and other sought-after talents.
  • Promote women, minorities, and other under-represented leaders.
  • Eliminate bias and cultivate a culture of respect.
  • Hire and mentor staff and suppliers who reflect…

The Anti-Money Laundering Act (AMLA) of 2020 was passed on January 4, 2021, as part of the National Defense Authorization Act (NDAA).

The AML Act is a “Look-see of what BSA will look like in the future, as the role of BSA is expanded,” Debbie Crawford commented in her Community Bankers Webinar Network webinar last month. “It is interesting that it was in the National Defense Authorization Act. It really points home how BSA is becoming part of our national defense and the tone change we are starting to see more and more about the bank secrecy program.”

Division F of the NDAA is cited as the Anti-Money Laundering Act of 2020. The purposes of Division F are to:

  1. Improve coordination and…

E-SIGN has been around since 2000 when President Clinton signed the Electronic Signatures in Global and National Commerce Act into law. Twenty years later, the 2020 pandemic forced many banks to open accounts electronically and follow E-SIGN when branches temporarily closed. In a recent Community Bankers Webinar Network webinar, compliance expert, Susan Costonis reviewed “the top 10 things you may have issues with and want to verify as you go through the E-SIGN world.”

BSA (Bank Secrecy Act) and CIP (Customer Identification Program): CIP is having a reasonable idea of a person or business’s identity, which is riskier when you…

Regulation E requires your bank to investigate fraudulent electronic fund transfers (EFTs) and give provisional credit to accountholders for the alleged transactions. What is an unauthorized or fraudulent EFT? Check out our blog post, Legally Handling ATM & Debit Card Claims Under Regulation E, for a quick refresh on unauthorized transfers, with and without access devices.

In a recent webinar with Community Bankers Webinar Network, Elizabeth Fast covered the steps your bank must take to investigate an error or fraudulent transaction, including the information required from the customer, deadlines, when to provide provisional credit, and how to take it back.

It is International Women’s Day and we are highlighting a pioneer of women in banking, Maggie Lena Walker.

In 1903 Maggie became the first woman in the United States to own a bank. She was born to enslaved parents in 1864 and went on to establish the St. Luke Penny Savings Bank in Richmond, VA. Her institution grew to 50,000 members by 1924, survived the Great Depression, and is still in operation today. Read more about her legacy here: http://fin-ed.info/3kSIWeB

The effects of the pandemic stretch beyond closed lobbies, and into your collections department. Collection’s expert, David Reed, emphasized “Every element of our operation has to come to grips with the impact of COVID and making sure that we are doing everything that we need to do to follow all the laws, rules and regulations that may have been changed. As well as making sure that we are following the rules that have been around forever.” This creates a unique balancing act for your bank to avoid COVID-related collection landmines.

In a recent webinar with Community Bankers Webinar Network, David…

In honor of Black History Month, we want to celebrate Rev. William Washington Browne, who founded the first Black-owned and operated financial institution in the United States.

Rev. Brown was born a slave in 1849, fought for the Union Army during the Civil War, and opened The Savings Bank of the Grand Fountain of the United Order of True Reformers in 1888 in Richmond Virginia. The bank was a success and one of the only financial institutions to survive the 1893 economic depression. For more information on Rev. William Washington Browne visit: http://fin-ed.info/3u5pNdv

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