Regulatory News

Demand for Digital Payments Is Climbing, but Regulatory and Operational Hurdles Persist

October  19 — Digital payments are experiencing a boom, driven by developing markets, according to Capgemini and BNP Paribas’ World Payments Report 2018. However, the innovation landscape is payments is uncertain as bigtech entrants make their presence felt, and incumbents face technical and regulatory complexity in the development of new collaborative payments ecosystems between themselves and fintechs. According to the report, it will take more than bank-led initiatives to grow the new payments landscape. The broader financial services community — including public-sector organizations, regulators and third parties — must determine their new roles and work together with large payment users to ensure a smooth, balanced and robust payments ecosystem development.


The Highs and Lows of Marijuana Banking

By Alaina Webster, Managing Editor

When I was in high school (some indeterminate number of years ago), the idea of legal marijuana consumption was unthinkable. Fast forward a couple decades, and cannabis legalization is not only being talked about, it’s a reality in several U.S. states. However, it’s still not legal federally, and therein lies the rub for many banks and marijuana-related businesses (MRBs).


Time for a Glass-Steagall Reprise?

Lehman bankruptcy anniversary summons too-big-to-fail memories.

By Bill Poquette, Editor-in-Chief

Sept. 15, 2018, marked the 10th anniversary of the collapse of Lehman Brothers, the fourth-largest and venerated U.S. investment bank that Fortune magazine had labeled a year earlier the No. 1 “most admired securities firm.” A primary cause for the debacle, which was to become a stark symbol of the financial crisis, was imprudent lending amidst the housing bubble.


Are HIDTAs Addressed in Your BSA/AML Risk Assessment?

Sponsored Content

By Craig Johnson

According to the FFIEC BSA/AML Examination Manual, identifying geographic locations that may pose a higher risk is essential to a financial institution’s BSA/AML compliance program. U.S. financial institutions should understand and evaluate the specific risks associated with doing business in, opening accounts for consumers from, or facilitating transactions involving certain geographic locations. When considering BSA risks, focus on the geographic locations unique to your financial institution, and in particular, high intensity drug trafficking areas (HIDTAs). Many financial institutions have their main headquarters or branch locations in small towns or rural areas and perhaps not in an area where HIDTAs are top of mind, but many are located in or adjacent to counties designated as HIDTAs.


Kasasa Rolls out New Compliance Tool, RegGen

September 10 — Account holder disclosures are the agreements that govern Kasasa checking and savings accounts, and marketing disclaimers represent the “fine print” required in marketing materials. Now, Kasasa claims, rather than taking hours to write and edit disclosures and disclaimers, financial institutions can create and customize required regulatory language across all Kasasa products and promotional materials with just a few keystrokes.

RegGen enables financial institutions to create compliance language in three simple steps:

  1. Access the FIRSTBase portal. With a financial institution’s FIRSTBase credentials, Kasasa’s new Reference Manual can be downloaded to view step-by-step instructional videos to fully understand RegGen and its capabilities.
  2. Complete 11 setup questions. Financial institutions then answer a few simple set-up questions that will be stored and automatically incorporated into their disclosures and disclaimers.
  3. (a) Create account holder disclosures. Financial institutions simply answer two questions, confirm to download the MS Word document that is created, and edit the text to match their product designs and operational processes.


    (b) Generate marketing disclaimers. Financial institutions answer nine questions about the type of media they are using, the marketing message and the product they are promoting, then download and edit in the MS Word file created.

“Consumer transparency and regulatory compliance is immensely important. Unfortunately, up until now, the process of creating comprehensive accountholder disclosures and marketing disclaimers for reward-based checking and savings accounts has been a research-intensive, time-consuming and expensive proposition for many community banks and credit unions. Not anymore,” said Gabe Krajicek, CEO of Kasasa. “With RegGen, our clients’ marketing and compliance professionals have compliance at their fingertips. Now they can create, edit and customize disclosures and disclaimers in minutes rather than hours. Our clients are going to love it!”

The information generated by Kasasa’s new RegGen tool should be considered responsible guidance and should not be used as a substitute for consultation and guidance from your compliance officer, outside consultant, or legal counsel.

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