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Posts in category "Regulatory Compliance"

10/15/2018

Trust, But Verify: System and Organization Controls (SOC) Reports

What is a SOC report and why do service providers pay to have one completed? Financial institutions (FIs) are regulated by the Federal Financial Institutions Examination Council (FFIEC). The FFIEC is composed of five banking regulators responsible for establishing consistent guidelines and uniform practices and principals for FIs. Simply stated, the FFIEC wants to ensure…

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09/24/2018

Social Media Policies: Four Steps to Effectiveness

  Note: Nothing in this post is legal advice and should not be construed as such. As of March 2018, there are more than 3 billion social media users worldwide. It’s a certainty that at least some of those users work for your organization. These users, and all your employees, need to know the rules…

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08/21/2018

Ethics and Compliance Training: It’s Getting Better All the Time

For those of us who work in Corporate America, whether it be at a financial institution or any other company, ethics and compliance training is a familiar, and often mundane, part of our job responsibilities.  Training historically has been designed to ‘check the boxes’ and provide the required information but rarely does it engage the…

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07/30/2018

Financial Services: Where in the World Does GDPR Apply?

The General Data Protection Regulation (GDPR) is a new European privacy law with a global impact. The regulation became effective on May 25, 2018, and regulates how organizations use and treat the personal data of individuals residing in the EU, regardless of whether the organization responsible for the data collection or processing is physically located…

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07/11/2018

Where is the Relief in the Dodd-Frank Rollbacks?

Legislators could have done so much more. Like you, I was hoping The Economic Growth, Regulatory Relief and Consumer Protection Act (the Act) would provide more regulatory relief for the nation’s smallest community banks. There’s still cause for celebration, however. The Act has provisions related to capital requirements, financial reporting, and the Volcker Rule that…

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05/23/2018

Facebook Cut Ties With Two Major Third-Party Data Suppliers. Now What?

As Mark Zuckerberg prepared to testify in front of Congress, the public at large held its collective breath. No matter what side of data you’re on — whether you’re a Facebook user who is miffed about having your personal (and, you thought, private) information sold for a substantial profit, a marketer that relies on third-party data for…

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04/30/2018

How Community Banks Can Resecure Their CRE Lending Business

Commercial real estate loans have been integral to the success of many small banks. Long before the Great Recession made everyone in the banking industry rethink nearly everything about how they did business, numerous community banks were highly dependent on CRE loans for revenue. CRE concerns As the economy recovered from its economic downturn, many…

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