JHA_HeaderImage_Blog_v2.png

Data Encryption Overview - Is It Secret, Is It Safe?

Posted by Robert Hudecek

Sep 19, 2018 11:00:00 AM

The New York State Department of Financial Services (DFS) cybersecurity requirements for financial services companies went into effect on Septembers 4 of this year. On the surface, it may look like these regulations only pertain to the state of New York – but in reality, they include any party who processes or is otherwise permitted access to Nonpublic Information of New York State origin. Simply put, if your financial institution does work for any New York resident, you may now be subject to this regulation.

Read More

Topics: Cybersecurity, Regulatory Compliance, banking, Credit Unions, banks, data encryption, Data

A Fresh Take on Preparedness for the C-Suite and IT Managers

Posted by Eric Flick

Sep 12, 2018 11:00:00 AM

 

September is National Preparedness Month. Historically, this month has been promoted to bring focus to readiness for natural disasters such as hurricanes, tornadoes, and flooding. As we head into the peak of the Atlantic hurricane season, wildfires and flash flooding have captured the headlines.

In today’s threat landscape, any financial institution (FI) likely has a higher probability of a cyber event than a naturally occurring disaster – so it’s no coincidence that October is National Cyber Security Awareness Month. As responsible C-Suite and IT representatives, we recognize our responsibility to our FI and our customers to be prepared for both!

Read More

Topics: disaster recovery, Cybersecurity, FI, financial institution, banking, Credit Unions, banks, Regulatory Compliance, IT

The Impact of the New Reg CC Indemnity on RDC Services

Posted by Kevin Moland

Jul 3, 2018 11:00:00 AM

 

As of July 1, Reg CC will provide a new indemnity designed to protect financial institutions (FIs) that receive malicious duplicate presentment of paper items previously deposited at another bank or credit union via remote deposit capture (RDC). If your FI is the initial recipient of an item deposited via traditional commercial RDC or consumer mobile RDC (mRDC), should that same paper item later be presented for deposit at another FI, and should that FI sustain a loss due to the item already being paid, you must make the other FI whole, including reimbursement of reasonable expenses for collection.

Read More

Topics: Regulatory Compliance, RDC, banking, Credit Unions, Mobile Banking

Are You CECL Compliance Ready?

Posted by Brad Dahlman

Feb 28, 2018 11:00:00 AM

CECL (Current Expected Credit Loss) is a fundamental change to how banks and credit unions will determine their loan loss reserve requirements. This change requires FIs to reserve for loans upon inception and adjust reserves monthly based on performance data coming from their loan systems and economic data coming from a forecast of various q-factors. This fundamental change will occur over the next several years.

Read More

Topics: CECL, Regulatory Compliance

2 Big Changes That Will Impact Your Vendor Management

Posted by Jennifer Roland-Vlach

Jun 28, 2017 11:45:00 AM

Vendor management has always been a key part of financial institution (FI) compliance and risk management efforts. And recently, FIs have witnessed the importance of proper vendor management begin to receive even more emphasis. One area in particular that is contributing to this emphasis is the Statement on Standards for Attestation Engagements (SSAE) No. 18 (SSAE 18) report. That’s right, SSAE 18, not 16. Effective May 1st, 2017, the SSAE 18 became the new standard report for vendors to provide to financial institutions.

Now, in my opinion, there has not been a lot of hype regarding this change. At least not like what we saw when the SAS70 report became the SSAE 16. The reason for this is due largely to the fact that the SSAE 18 does not appear to be drastically different from the SSAE 16. Which is definitely good news for community FIs.

While the changes between the SSAE 16 and 18 will not completely change an FI’s approach to vendor management, there are some changes that will impact the due diligence efforts of FIs, especially in regard to more critical vendors.

Read More

Topics: Regulatory Compliance, Financial Services Industry

3 Ways Credit Unions Can Make Their MBL Troubles All but Disappear

Posted by Jonathan Patrick

Dec 7, 2016 11:30:00 AM

Some credit unions didn’t get the news they wanted regarding recent changes by the National Credit Union Association (NCUA) to the Member Business Lending (MBL) regulations. The announcement included the removal of the requirement for personal guarantees from business loan borrowers. What the announcement didn’t include, to the chagrin of some credit unions, was the removal of the so-called “MBL cap.” If you aren’t familiar with this part of the regulation, Section 723.16(a) states “The aggregate limit on a credit union's net member business loan balances is the lesser of 1.75 times the credit union's net worth or 12.25% of the credit union's total assets.”

Read More

Topics: Regulatory Compliance, Credit Unions

Subscribe to Email Updates

Recent Posts

Categories

see all