Jennifer Friesz CRCM, CAMS, CAFP

The OCC supports National Financial Capability Month and its focus on financial literacy. View the OCC’s Financial Literacy Resource Directory for trusted information consumers and communities can use to make important financial decisions. https://lnkd.in/enT8Kcbd

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💥Check this out! 💥 “TCVS is a tool that assists financial institutions with Treasury check verification. It is available through a secure application programming interface and a public-facing website. Payee name access will be available only through the interface and not the website, according to the bureau.”

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🌟 Need help with new U.S. BOI reporting? Accountit, CPA is here! With FinCEN's new requirements for ownership details, don't get overwhelmed—let us guide you. Stay compliant & secure! 🔗 https://bit.ly/3ZkjX9N #ComplianceMatters #BOIReporting #AccountitCPA

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Did you know the new beneficial ownership reporting could take you less than 20 minutes? ⬇️ For companies with simple ownership structures, submitting beneficial ownership information to FinCEN is faster than you think. Make sure your business is ready for these new federal reporting requirements. Stay on top of it today: https://www.fincen.gov/boi

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🔍 How To Successfully Navigate a Bank Audit Is your bank gearing up for its next audit? Or are you reviewing your auditor's exit notes and wondering, "What's next for my bank?" We've got you covered! Introducing our comprehensive GLBA Compliance Checklist—designed to help your institution keep protected information safe and stay ahead of cyber threats. Here’s what you'll find in the checklist: 🔹Differences between a bank audit and an exam 🔹What can be audited for compliance 🔹Preparation tips for your next audit 🔹How to interpret your auditor's exit notes 🔹A user-friendly checklist covering the 3 key categories of controls your bank should assess Don’t let your next audit catch you off guard—download the checklist today and ensure your bank is audit-ready! https://hubs.ly/Q02MLbJD0 #Banking #ComplianceAudit #Cybersecurity #GLBA #FinancialInstitutions #AuditReady #BankAuditTips

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The current challenges of ACH fraud require an industry wide approach. Download our new infographic, NACHA’s New Rules: What Your Institution Needs to Know, to learn how your institution can be prepared to respond to this evolving landscape. https://buff.ly/3zMrvbh

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Transparency in banking is essential! Under the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), banks must make their CRA ratings and performance publicly available. This means communities get a clear view of how banks are supporting local credit needs, encouraging fair practices and development. Let's push for accountability and transparency in the financial system to build stronger, fairer communities! 💪 #BankTransparency #CommunityReinvestment #FIRREA #FairBanking #EmpoweredCommunities

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Learn how to identify red flags and protect yourself from fraudsters with this article on our Finture Financial Education Center site: “Recognizing and Avoiding Scams.” https://ow.ly/G3vF50TNWkU

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🔔 Major Milestone in Open Banking! 🔔 The Consumer Financial Protection Bureau (CFPB) has taken a crucial step in the enforcement of Open Banking standards. The CFPB has finalized a rule to recognize industry standard-setting bodies for Open Banking. This rule outlines qualifications for these bodies to ensure openness, transparency, balanced decision-making, and due process. The recognized standards will help implement the upcoming Personal Financial Data Rights rule, promoting innovation and fair competition. The rule includes a step-by-step guide for applications and mechanisms for maintaining recognition standards. NOTE: This is Not the publication of the final 1033 rule that will be published in the Fall but is a giant step in preparing for the 1033 implementation and to ensure its success. Follow OpenFinity and join http://openfinity.org today to stay informed. Read more here: https://lnkd.in/gJTm6NGs #openbanking #openfinance #CFPB #FDX Laurent Van Huffel, Laura Heritage Financial Data Exchange

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The CSBS Annual Community Bank Survey provides insights from community bankers with assets under $10 billion on critical topics such as key risks, compliance costs, and technology. This year, 370 community bankers from 38 states shared their perspectives, highlighting that regulatory burden has become their top concern. Read more about the 2024 survey results: https://lnkd.in/edbbff_g

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Let's talk about third-party risk management! 🤝 Did you know that the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency have released a helpful guide to assist community banks in developing their third-party management practices? This guide offers a holistic approach to TPRM to mitigate associated risks and comply with all legal requirements. Read the full guide here: https://lnkd.in/dVzctaWg And if you want to stay ahead in the world of TPRM, subscribe to our newsletter! 📩 #ThirdPartyRisk #RiskManagement #FederalBankRegulatoryAgencies #CommunityBanks #BoardofGovernors #FederalDepositInsuranceCorporation #OfficeoftheComptrolleroftheCurrency

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All financial institutions will now be reporting a CECL-adjusted allowance in their first quarter call report. Now is a critical time to review your process and procedures to ensure compliance with the new standards as well as industry best practices. Download our guide of our Top 10 practical considerations in developing and refining your CECL model for the real world. https://hubs.li/Q02r4BHx0

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FFIEC guidance tells us CECL model validation is a must for credit unions. It ensures accuracy in risk management and compliance with federal standards. Our latest blog explains why independent validation is critical for maintaining reliable financial models. Use the link to learn about the 4 components of model validation and how SingerLewak LLP can assist in enhancing your credit union's risk management practices. #CreditUnions #CreditUnion #Compliance #SingerLewak #SLCUServices https://lnkd.in/gxnrsJCd

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Compliance audits are crucial for maintaining trust and integrity in the banking industry. To help you navigate these assessments effectively, we’ve put together some best practices that can make a real difference: 1. Prepare Early: Review policies, gather necessary documentation, and ensure all departments are aligned. 2. Involve the Right People: Assemble a cross-functional team that includes compliance, operations, and IT. Collaboration is key to identifying potential gaps. Conduct Internal Assessments: Before the official audit, perform your own internal checks. This helps you uncover issues early and demonstrates your commitment to compliance. 3. Stay Updated on Regulations: Keep an eye on changing regulations. Regularly updating your compliance practices will help you stay ahead of the curve. 4. Document Everything: Accurate and thorough documentation is essential. It provides clear evidence of your compliance efforts and can streamline the audit process. 5. Follow Up on Findings: After the audit, take immediate action on any findings. Addressing issues promptly shows your dedication to continuous improvement. 6. Foster a Culture of Compliance: Encourage all employees to prioritize compliance in their daily tasks. A strong culture helps minimize risks and enhances overall compliance efforts. Remember, compliance audits are not just a regulatory requirement — they're an opportunity to strengthen your organization’s processes and build trust with stakeholders. Let’s connect to discuss how we can support your compliance audit: thebankerssolutions.com #BankingCompliance #AuditBestPractices #FinancialIntegrity

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The IRS recently issued guidance on certain specified required minimum distributions (RMDs) for 2024. It adds that the final regulations it plans to issue related to RMDs will apply for purposes of determining RMDs for calendar years beginning on or after Jan. 1, 2025. Read More: https://ow.ly/h0jr50RiBlP #IRS #RMDs #retirementplanning #financialplanning #IRSguidance

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What's new in the Compliance Corner: FFIEC guidance, DFPI webinars, alerts and more. Read more here: https://buff.ly/4e4or9h #CANVLeagues #CreditUnions #Compliance

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Each handbook contains all the knowledge necessary for compliant ACH operations in a condensed format that is more easily referenced and digested by the Originator. It includes an overview of the ACH Network, its participants, and why it is a safe, efficient payment system. 🔗Link to purchase: https://lnkd.in/gMM_r_Jr #Payments #Publications #Origination #Handbook #ACH

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🔒 As a credit union, staying compliant with FFIEC regulations isn't just about avoiding fines—it's about ensuring the safety and privacy of your members' data. Dive into our latest article - https://bit.ly/4b5vXiS - to explore key regulations and actionable compliance strategies. #DataSecurity #CustomerTrust #FFIEC #CreditUnions #Compliance

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Access the latest tool for #communitybankers, ICBA's guide to check fraud. The guide will help community banks address check fraud, recover funds, and reduce losses. Get it here: https://lnkd.in/ed6D3UhF

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