Whether your bank is still in the discovery phase or you’re ready to implement an EMV card program, you’re likely weighing the benefits of enabling EMV. And with data breaches related to card fraud popping up in the news almost daily, you may be feeling pressure to put EMV cards in rotation well ahead of most merchants.
When it comes to your bank’s participation in social media, true success is all about perspective. Many banks hesitate to get involved because they see social media as a compliance mishap waiting to happen, or some say they just don’t see the real value. It’s time for any bankers with either of those mindsets to see social media in a whole new light.
When it comes to your financial institution and its social media participation, you probably make the most assumptions about one key audience—your employees. You may assume that, because your employees love working at your company, they’re naturally talking about all of your company’s cool features on social media.
On June 15, 2015, FinCEN—an arm of the U.S. Treasury—penalized Bank of Mingo (Williamson, West Virginia) $4.5 million for willfully violating the Bank Secrecy Act (BSA). And for a small bank like Mingo—one that’s under $100 million in assets—getting hit with a $4.5 million fine is huge.
None of us are strangers to remote controls. We’ve long used them to channel surf, open our garage doors, sometimes even re-set our thermostats before arriving home. They’re a major convenience we can’t imagine living without. In that same way, many consumers have come to think of their smartphone as the remote control for their world.
In January, CSI published a list of top compliance rules and issues expected to be proposed, finalized, implemented or addressed in 2015. As planned, the Basel III capital rules for smaller institutions went into effect that same month, and the FDIC has since published a centralized toolkit to help community banks understand how to comply with them. In addition, the effective date for the TRID Final Rule is less than three months away, and the CFPB recently weighed in on the rule’s so-called pre-approval loophole.
The long-awaited Federal Financial Institutions Examination Council (FFIEC) Cybersecurity Assessment Tool has arrived. Cybersecurity has been at the forefront of the minds of bankers nationwide for many months now, with no end to the epidemic in sight. Organized crime and even nation-states are targeting financial institutions of all sizes, and all indications seem to point to an increase in attacks targeting even smaller financial institutions.
There’s a new buzz in the domain game, and you’ve probably heard of it‒.bank. Like most industry leaders, you’re probably still weighing the pros and cons, trying to determine what your strategy should be. Check out the following FAQ to break through the clutter and decide if .bank is right for your financial institution.
Not only is paper expensive, it takes up a lot of space at your financial institution. Did you know that the comprehensive cost to print one piece of paper could be as high as $0.13 per page? That’s not sustainable.