Abrigo

JANUARY 13, 2021

High-risk transactions identified To combat PPP fraud, the SBA Office of Inspector General (OIG) has collaborated with the U.S. The SBA Office of Inspector General (OIG) issued an alert January 11, 2021 to warn of improper PPP payments received by ineligible borrowers. Lending & Credit Risk. Combatting Fraud.

Small Businesses 78

Small Businesses Credit Risk Transactions 78

Abrigo

AUGUST 22, 2022

billion in fraudulent transactions, a staggering 47% of which were check fraud. The 2021 AFP Payments Fraud and Control Survey reported 66% of fraud activity included check fraud in 2020. One would think as technology improves so would the safeguarding features around monetary transactions. Lending & Credit Risk.

Cybersecurity 78

Cybersecurity CECL Transactions Credit Risk 78

FICO Blog

DECEMBER 8, 2022

Leveraging FICO Resilience Index to refine credit risk management decisions during benign economic phases defends against dramatic swings in delinquency rates and provides for a more consistent portfolio risk management approach over time. Of course, credit risk management is only one aspect of portfolio health.

Credit and Collections 52

Credit and Collections Default Credit Risk Transactions 52

Abrigo

OCTOBER 20, 2020

During the presentation, “Acquiring and Developing Customers During the Pandemic – How We Did It,” panelists discussed the important role technology and digitization have played in their capacity to efficiently support customers during this time, and they stressed that these strategies would be even more important moving into 2021.

CECL 78

CECL Credit Risk Transactions 78

Abrigo

JULY 16, 2021

FinCEN Releases 8 AML/CFT Priorities These priorities were published June 30, 2021, highlighting several areas of heightened risk for the U.S. These priorities were published June 30, 2021, highlighting several areas of heightened risk for the U.S. Lending & Credit Risk. Portfolio Risk & CECL.

Credit Unions 78

Credit Unions Cybersecurity CECL Credit Risk 78

Abrigo

MAY 24, 2023

This would enable CRBs to transact business by means other than cash, providing an auditable trail for financial institutions to monitor for suspicious activity. If signed into law, the SAFE Act would allow banks to provide services to cannabis-related businesses (CRBs) in states that have passed the legalization of marijuana in some form.

Credit Unions 78

Credit Unions Law Firms Credit Risk Transactions 78

Abrigo

MARCH 15, 2022

By early 2021, a small survey of C-suite executives by CCG Catalyst Consulting found all but 6% saying they provided some form of consumer account opening online. Lending & Credit Risk. Lending & Credit Risk. Lending & Credit Risk. Online/Digital Account Opening: A Bridge and A Moat.

Credit Unions 78

Credit Unions Credit Risk Small Businesses Transactions 78

Credisense

JUNE 19, 2022

The end of 2021 ushered in changes to responsible lending requirements under the Consumer Credit Contracts and Financing Act (CCCFA). However, market reporting’s since the December 2021 amendments have highlighted a significant drop in accepted applications, while corresponding demand for applications have also fallen drastically.

Credit Scoring 40

Credit Scoring Credit and Collections Credit Risk Transactions 40

Abrigo

DECEMBER 27, 2022

billion to fraud in 2021, a 70% increase over the prior year. After the fraudster receives the fee, the investment transaction is never executed. Lending & Credit Risk. Portfolio Risk & CECL. According to the latest data from the Federal Trade Commission , consumers lost more than $5.8 Fraud Prevention.

Credit Unions 78

Credit Unions Cybersecurity CECL Credit and Collections 78

Abrigo

OCTOBER 9, 2019

Bottom-up testing is transactional and best for smaller institutions (under $25B). In a recent survey by the National Association for Business Economics, 74% of economists who responded expect a recession by the end of 2021. It relies on transactional data to apply a set of assumptions to a sample of individual transactions alone.

CECL 60

CECL Transactions Credit Risk 60

Abrigo

DECEMBER 20, 2021

Whether that is the case or not, the reprieve is now over. On December 16, 2021, FinCEN announced an $8 million civil money penalty against CommunityBank of Texas (CBOT) for willful Bank Secrecy Act (BSA) violations and failing to maintain an effective anti-money laundering (AML) program. Lending & Credit Risk.

CECL 78

CECL Transactions Credit Risk 78

Abrigo

SEPTEMBER 15, 2022

As of the fourth quarter of 2021, banks had total construction lending of $403 billion, the study said. For this study, FDIC researchers used a proprietary, transaction-level set of construction loans (mostly to smaller builders and homeowners) originated over 10 years from a large bank that served a broad customer base in many markets.

Default 78

Default Credit Risk Credit and Collections Credit Scoring 78

Abrigo

JUNE 12, 2023

WATCH NOW Takeaway 1 The number of money transmitters grew by 13% in 2021 in the U.S. Money transmitters like Western Union, PayPal, MoneyGram, Zelle, and many others, facilitate secure digital transactions, allowing people to send and receive funds across borders and within the U.S. alone, handling $6 trillion in payments.

Cybersecurity 78

Cybersecurity Transactions Credit Risk 78

Abrigo

SEPTEMBER 20, 2021

Takeaway 1 The CFPB's proposed rule applies to any lender with 25 or more covered transactions and many types of credits. . Takeaway 2 Banks, credit unions, and other creditors would be required to collect more than 20 data points for each application. public utilities credit. securities credit. incidental credit.

Small Businesses 78

Small Businesses Credit and Collections Credit Unions Credit Risk 78

Abrigo

NOVEMBER 22, 2021

Reg B, which implements one of two federal fair lending laws (the other is the Fair Housing Act), describes requirements for accepting credit applications. And given the heightened risk for potential consumer harm by violations of Reg Z, it is an area that generally represents a center of focus for consumer compliance examiners.

Credit and Collections 78

Credit and Collections Debt Collections Credit Unions Credit Risk 78

Abrigo

JUNE 15, 2023

The subjective nature of real estate pricing makes for easily manipulated transactions that run through financial institutions. Credit: Brian Koppel, Reel to Real Filming Locations blog According to a Global Financial Integrity (GFI) study , an estimated $2.3 billion was laundered between 2015 and 2020 through the U.S.

Credit Unions 78

Credit Unions Credit and Collections Transactions CECL 78

Abrigo

SEPTEMBER 14, 2022

What banks need to know as the CFPB gets closer to its final rule Banks, credit unions, and other creditors may be required to collect more data for each application under a new rule. You might also like this webinar: "Fortify Your Loan Policy to Effectively Manage Credit Risk." Credit Risk Management. CRE Lending.

Credit and Collections 78

Credit and Collections Credit Unions Credit Risk CECL 78

Abrigo

JANUARY 7, 2021

Lending & Credit Risk. What’s Changed with PPP in 2021. Credit Analysis Training. Credit Risk Management. Lending & Credit Risk. How to Manage Credit Risk in a Recession: A Series Examining Best Practices. Lending & Credit Risk. SBA Lending.

Credit Risk 78

Credit Risk Credit and Collections Small Businesses Transactions 78

Biz2X

OCTOBER 30, 2022

Implementing a business credit platform is key to substantially increasing profitability for financial institutions. Since this article was written in 2021, we suggest you skip the first section and scroll down the section with the same name as the title of the article. Small Business Administration loans smoothly and digitally.

Credit Risk 40

Credit Risk Default Small Businesses Transactions 40

FICO Blog

JANUARY 11, 2023

It’s been a fixture in my talks about model development for years, and in June 2021 I wrote about the Highlander Principle in a blog about the importance of Auditable AI.”. Generative AI can be applied practically to produce realistic, relevant transaction data for developing real-time credit risk decisioning models.

Credit and Collections 52

Credit and Collections Credit Risk Default Transactions 52