Bank Tellers Increasingly Involved in Identity Theft

Reprinted from ABCnews (03/16/16): Identity theft is a growing problem across the nation, and Manhattan’s top district attorney says that bank tellers are increasingly involved, adding that his office prosecutes one case per month involving tellers. The tellers in question are part of larger identity theft rings, District Attorney Cyrus Vance said in a recent interview with ABC News’ Rebecca … Read More

CFPB’s Crystal Ball

The CFPB published a fact sheet on the agencies nine priority goals, and its two-year plan to accomplish these.  They provide a little insight on what is coming up on the regulatory horizon.  Listed below are their focuses, and planned steps for the next two years to accomplish them. ARBITRATION The CFPB envisions a consumer financial marketplace where consumers have … Read More

Avoiding the Pitfalls of Overdraft Protection Programs

Part 2 of my Class Actions Have Little Class Involved Credit unions, along with other financial institutions, have offered overdraft protection programs for many years. These programs provide protection for customers in avoiding returned check fees and the embarrassment of denied transactions, and provide fee income to the credit union. These programs have faced scrutiny as long as they have … Read More

Updates on the Marijuana Market

In November, the US Postal Service in Portland issued a directive warning that it is illegal to mail advertisements about buying or selling marijuana.  While they cannot refuse the mailing, they will report it to law enforcement agencies.  USC 843(c) deems it unlawful to place an ad in any publication with the purpose of seeking or offering illegally to receive, … Read More

Where does your compliance fit?

In order to cut expenses, credit unions have merged jobs and duties to the point that Compliance may oversee, or be part of, other departments or business units.  This is akin to putting the kids in charge of the cookies.   In order to develop or provide services to members, the compliance function may take a back seat to the sales … Read More