Posts Tagged ‘Laura A. Scott’

Recent Hot Topics From Bank Regulators

Thursday, October 9th, 2014

por_Scott_Laura_AAuthor: Laura A. Scott (bio)

Phone: 812.452.3557

Email: [email protected]

A recent panel discussion featuring regulators from the Federal Reserve, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation highlighted current hot topics in regulation of the financial services industry.  Three main topics of concern were emphasized by the panel:  flood violations, bank management of third-party risk, and UDAAPs (unfair, deceptive, or abusive acts or practices). (more…)

Form 1023-EZ: A Simpler Path to Tax-Exempt Status for Small Organizations

Tuesday, September 30th, 2014

por_Scott_Laura_AAuthor: Laura A. Scott (bio)

Phone: 812.452.3557

Email: [email protected]

Many small charities will now have the ability to apply more easily for 501(c)(3) tax-exempt status thanks to the new Form 1023-EZ.  The 3-page-long Form 1023-EZ, less cumbersome than the standard, 26-page-long Form 1023, will speed application time, allowing organizations to focus on their charitable goals instead of on lengthy application processes. (more…)

Thinking About Becoming a Card Issuer? Think Carefully Before You Act

Tuesday, September 2nd, 2014

por_Scott_Laura_AAuthor: Laura A. Scott (bio)

Phone: 812.452.3557

Email: [email protected]

As the popularity of prepaid cards, credit cards and debit cards as a method of payment increases, more and more banks are being approached by program managers to be a card issuer.  Any sort of payment card must have an underlying relationship with a depository financial institution.  However, before a bank enters into a contract with a card program manager, there are several things that a bank should do: (more…)

When to Blow the Whistle: Suggestions for Financial Institutions

Thursday, August 7th, 2014

por_Scott_Laura_AAuthor: Laura A. Scott (bio)

Phone: 812.452.3557

Email: [email protected]

Sometimes smaller financial institutions may be unsure about the appropriate actions to take when they suspect that a customer may have questionable transactions.  Financial institutions are generally aware of the circumstances that should lead them to file a suspicious activity report or “SAR”.  However, some banks may wonder if, in certain circumstances, filing an SAR is enough.  Particularly if it appears that the customer is using the bank’s services in perpetuating their fraud, banks may sometimes be unsure of what additional action may be needed.  (more…)

Does Your Financial Institution Have a Culture of Compliance?

Tuesday, May 6th, 2014

por_Scott_Laura_AAuthor: Laura A. Scott (bio)

Phone: 812.452.3557

Email: [email protected]

At a recent seminar focused on compliance by financial institutions, regulators from many federal and state agencies, and industry leaders, all stressed the importance of having a culture of compliance at your financial institution.  This means not just having compliance policies and procedures and putting them up on the shelf, but actually implementing those policies and procedures.  (more…)

Do Your Disclosures Hold Up?

Tuesday, April 22nd, 2014

por_Scott_Laura_AAuthor: Laura A. Scott (bio)

Phone: 812.452.3557

Email: [email protected]

The Federal Trade Commission (“FTC”) is tasked with making sure that claims from business and financial institutions about products (including financing services products) are not misleading.  At a recent talk by representatives of the FTC and industry leaders, the point was stressed that the issue isn’t necessarily if your disclosures are readable, but whether or not they are actually read by consumers.  (more…)

What Keeps the Regulators Up at Night?

Thursday, April 10th, 2014

por_Scott_Laura_AAuthor: Laura A. Scott (bio)

Phone: 812.452.3557

Email: [email protected]

Do you ever wonder what keeps the regulatory agencies for the financial services industry up at night?  In a word, the answer is “fraud.”  A recent panel discussion featuring regulators from the FTC, FDIC, Department of Treasury, and Department of Justice discussed their concern with fraud that can sneak into the financial services industry.  In particular, regulators are concerned with addressing fraud associated with the use of prepaid cards. (more…)

Regulatory Focus on Bank Secrecy Act: Is Your Bank Ready?

Wednesday, February 19th, 2014

por_Scott_Laura_AAuthor: Laura A. Scott (bio)

Phone: 812.452.3557

Email: [email protected]

At a recent panel discussion by federal regulators including representatives from the Federal Reserve, Treasury Department, FTC, FDIC and the Department of Justice, the regulators were asked what one of their main focuses would be in the coming year with respect to enforcement activities against financial institutions.  The response was almost unanimous– enforcement of the Bank Secrecy Act (“BSA”).  (more…)

Top Loan Workout Tips for Bankers

Tuesday, February 11th, 2014

por_Scott_Laura_AAuthor: Laura A. Scott (bio)

Phone: 812.452.3557

Email: [email protected]

Navigating the troubled waters of the loan workout can be dangerous and frustrating territory for bankers.  However, there are a few tips that bankers should keep in mind when dealing with a loan workout to avoid getting more than what the banker bargained for.  (more…)