BFY Group’s Post

📢 📝 July 24, 2024. #complaints #creditservicers. The European Banking Authority (EBA) published extended the existing guidelines on complaints handling to credit servicers under the new Credit Servicers Directive. The guidelines cover: ▶️ Complaints management policy; ▶️ Complaints management function, the registration of complaints; ▶️ Reporting to the competent authorities or ombudsman; ▶️ Internal follow-up; ▶️ Provision of information to the complainant; ▶️ Procedures for responding to complaints (e.g. investigation of the complaint, communication of the decision and delay to do so).   🤷♂️ The So What? ✅ Credit servicers are now required to maintain the same effective and transparent procedures for the handling of complaints from borrowers that apply to other firms in the banking, insurances and securities sector. 📩 Do you have any questions? Feel free to ask in DMs :) #AdamanoConsulting #CreditServicersDirective | #compliance | #CSD

In the evolving landscape of financial services, maintaining compliance with regulatory standards is more crucial than ever. For credit union and community banks, outsourcing collections can be a strategic move to ensure adherence to ever-changing regulations while enhancing operational efficiency. Outsourcing collections allows financial institutions to: 1. Access Specialized Expertise: ACA Revenue Systems provides deep knowledge of compliance requirements and industry best practices. 2. Mitigate Risk: We are well-versed in regulations, reducing the risk of non-compliance and potential penalties. 3. Focus on Core Operations: By delegating collections to ACA, your institution can concentrate on your primary mission of servicing your community. Partnering with ACA ensures that collections processes are handled with the highest standards of regulatory compliance, transparency, and effectiveness. Are you considering outsourcing your collections to relieve the compliance headache? Let’s discuss how ACA Revenue Systems can help! Visit our website at www.acarevenue.com #CreditUnions #BANKS #Collections #Compliance #Outsourcing #FinancialServices

Looking forward to share my insight with Mani Parthasarathy on the topic of year end compliances for NBFC. #nbfc #compliance

Compliance Alert: The IRS has issued final regulations that have significant implications and compliance requirements affecting IRA owner required minimum distributions (RMDs) and beneficiary distribution options calculations. Attend this timely webinar to get the information needed to react to the updated rules and clarifications before the January 1, 2025, effective date. https://lnkd.in/g7NihgQB 📅 September 17, 2024 12:00 pm – 1:30 pm PT 1:00 pm – 2:30 pm MT 2:00 pm – 3:30 pm CT 3:00 pm – 4:30 pm ET After this webinar you'll be able to: 🟢 Recall the provisions that remain consistent with the previously published (i.e., proposed) RMD regulations 🟢 Recognize the provisions included in the final RMD regulations that deviate from the proposed RMD regulations 🟢 List the processes at your financial institution requiring internal review/audit 🟢 Identify issues that require staff awareness and training 🟢 Know the due date for complying with the final regulations . . . #cbwn #communitybanks #banking #communitybanking #banks #bankwebinar #banktraining #BankingInsights #NewRequiredMinimumDistributionRegulation #IRA #RMD #requiredminimumdistributions

Mistakes can happen, even in robust compliance programs, but inaccuracies in Annual Percentage Rate (APR) and Annual Percentage Yield (APY) disclosures can lead to serious consequences.... In this two-hour session, you’ll gain practical knowledge on: ✏️ Mastering the use of the FFIEC calculators for APR and APY accuracy ✏️ Understanding the implications of inaccuracies and how to rectify them ✏️ Exploring the Joint Agency Statement of Policy on restitution for errors Hear from Rebekah Leonard, CRCM in November and learn to navigate the complexities of APR and APY disclosures with confidence! Learn more & sign up to join us here: https://hubs.li/Q02Rdg_80 #regulatorycompliance #compliance #banking #APR/APY #complianceresource

In 2020, a regional bank faced severe penalties, totaling several million dollars, due in part to its failure to maintain a compliant CARD Act phone line. This eye-opening case highlights the significant financial repercussions of CARD Act Toll-Free line non-compliance. Following an audit finding, banks often find themselves scrambling to develop a compliant solution swiftly. However, this haste comes at a steep price, with expenditures reaching hundreds of thousands of dollars or more, with ongoing maintenance and compliance costs.. These unplanned expenses can strain financial resources and disrupt operational efficiency. Non-compliance doesn't just stop at fines. It can also exacerbate other penalties resulting from audits, serving as evidence of inadequate compliance management practices. This not only tarnishes the bank's reputation but also poses substantial legal and financial risks. Prioritize compliance to mitigate risks, safeguard your bank’s financial health, and uphold regulatory standards without exorbitant costs. Peregrin can help - drop “compliance” in the comments or visit our website to find out how. #debtmanagement #debtmanagementprocess #DMP #improveDMP #betterDMP #automateDMP

RBI Imposes Penalties on BNP Paribas and Others for Non-Compliance: A Wake-up Call for Financial Governance In a recent regulatory move, the RBI imposed significant penalties on five major financial enterprises, including BNP Paribas and Hewlett Packard Financial Services, for failing to comply with crucial guidelines. BNP Paribas's penalty of Rs 31.8 lakh stems from deficiencies in adhering to uniform interest rate benchmarks, while others were penalized for issues such as inadequate IT governance and poor disclosure practices. This action serves as a reminder to all financial institutions about the importance of strict compliance with statutory regulations and maintaining transparency in operations to uphold customer trust.

🚨 Attention Banking Operations Professionals! 🚨 Are you confident in your knowledge of the Reg E process? 🤔 If you’re not sure, you might want to take a moment to check out our latest infographic! 📊 We've compiled a list of the most common mistakes made in Reg E operations that could put you and your institution at serious risk. From financial penalties and regulatory scrutiny to potential lawsuits, the stakes are high. Not to mention the damage to your institution’s reputation and the loss of customer trust! 💔 👉 https://hubs.la/Q02ND9_c0 Stay informed, stay compliant, and protect your institution! Knowledge is power—make sure you’re equipped with the right tools to succeed. If you check any of these boxes, contact FINBOA today for an evaluation of your current process. 💪 #Banking #RegE #Compliance #FinancialSafety #Infographic #BankingProfessionals #RiskManagement

The wrong payment processor could cost you thousands in fines. Most business owners don’t even realize it but the payment provider they trust could be leading them straight into financial disaster. Take cash discount programs. You’ve seen the signs: “Get 4% off if you pay with cash.” Sounds great, right? Here’s the problem: Most of these programs are non-compliant. When fines hit, it’s the business owner, not the provider, who pays the price. Angela Ross, compliance consultant at JJS Global, puts it bluntly: “Merchants trust their provider to set these up, but the fines far outweigh the savings.” This is why your payment processor must specialize in regulatory compliance—especially when dealing with banks. Don’t wait for the fines to come rolling in. Make sure your payment processor is setting you up for success, not failure. #PaymentCompliance #BusinessProtection #AvoidTheFines #PaymentProcesssing #PaymentSolution