Episodes

  • Increased External Fraud Activity Targeting the Federal Banking System: OCC

    Increased External Fraud Activity Targeting the Federal Banking System: OCC
    Jan 8 2025
    www.marktreichel.comhttps://www.linkedin.com/in/mark-treichel/ Hello, this is Samantha Shares. This episode covers A portion of The O C C's Semiannual risk perspective Special topic Increase fraud targeting the federal banking system. The following is an audio version of that topic. This podcast is educational and is not legal advice. We are sponsored by Credit Union Exam Solutions Incorporated, whose team has over two hundred and forty years of National Credit Union Administration experience. We assist our clients with N C U A so they save time and money. If you are worried about a recent, upcoming or in process N C U A examination, reach out to learn how they can assist at Mark Treichel DOT COM. Also check out our other podcast called With Flying Colors where we provide tips on how to achieve success with N C U A. And now the letter. The special topic focuses on the increasing trend in external fraud activity targeting consumers and the federal banking system. The frequency of both traditional and novel, more sophisticated fraud activities targeting customers and banks continues to increase. Banks should maintain sound fraud risk management practices through prudent controls and appropriate fraud monitoring capabilities to identify, investigate, mitigate, and report fraudulent activity. Banks can also support their customers by providing educational information about trending fraud activities and ways to protect themselves. Criminals continue to exploit traditional payment methods through check and wire transfer schemes. The Financial Crimes Enforcement Network (F I N C E N) September 2024 "Financial Trend Analysis" analyzed threat patterns and trend information on mail theft-related check fraud incidents over a six-month period in mid-2023. The report noted that financial institutions filed 15,417 B S A reports on mail theft-related check fraud, 13,618 (88 percent) of which were filed by banks. It described several types of check fraud such as bad actors altering stolen check payees and amounts, using the stolen check to create counterfeit checks, fraudulently signing the check, and selling the check or its identifying information on dark web marketplaces or encrypted social media platforms. Furthermore, the O C C's Customer Assistance Group observed an increase in the number of check fraud-related complaints submitted by consumers over the past year. Federal banking system-related wire transfer complaints that consumers submitted to the Customer Assistance Group reflect an increasing trend. For wire transfer schemes, the fraudster often poses as a trusted business, government agency, or even a bank employee, fabricating scenarios that require immediate action and convincing, with urgency, victims to wire money to a fraudster's account. In most cases, once the wire transfer is complete, the funds cannot be retrieved. While artificial intelligence (A I) can enhance fraud risk management capabilities, reduce costs, and improve efficiency, this and other new technologies are also being used to enable increasingly more sophisticated and frequent fraud tactics. Fraudsters could use A I to implement sophisticated frauds by digitally altering voices, biometric systems, or images (also known as "deepfakes"), or to facilitate social engineering schemes, identity theft, and impersonation of a trusted business or government agency. For example, deepfakes through voice replication have been used to perpetrate fraud by tricking voice biometric systems or by convincing a victim they are dealing with someone they know and trust, such as a family member. Increasing product and service digitization can also heighten fraud risk, including fraud targeting peer-to-peer (P2P) and other fast payment platforms. P2P payment platforms can provide enhanced capabilities and convenience to consumers and other users for managing payments. However, criminals also have exploited the faster, more streamlined payment capabilities and the irreversible and irrevocable nature of these payments. Effective fraud risk management includes appropriate internal controls, such as authentication, customer identification and verification processes, fraud monitoring, and open lines of communication between bank departments responsible for researching unusual activities. It is critical for banks to promptly identify, investigate, and resolve suspicious activities and potential fraudulent concerns. Banks should also continue to promptly identify, investigate, report, and resolve fraud concerns in accordance with applicable laws and regulations, including the B S A, Expedited Funds Availability Act (Regulation C C) and Electronic Fund Transfer Act (Regulation E). Recent increases in the volume of fraud cases have led to heightened unfair or deceptive acts or practices (U D A P) risk as some banks may take prolonged timeframes to complete investigations or implement broad account access limitations, preventing ...
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    7 mins
  • CFPB Finalizes Rule to Remove Medical Bills from Credit Reports

    CFPB Finalizes Rule to Remove Medical Bills from Credit Reports
    Jan 7 2025

    www.marktreichel.com

    https://www.linkedin.com/in/mark-treichel/


    CFPB Finalizes Rule to Remove Medical Bills from Credit Reports

    Today, the Consumer Financial Protection Bureau announced a final rule that will remove approximately forty-nine billion dollars in medical bills from the credit reports of about fifteen million Americans. The C F P B's action will ban the inclusion of medical bills on credit reports used by lenders and prohibit lenders from using medical information in their lending decisions.

    Director Rohit Chopra expressed that people who get sick shouldn't have their financial future upended. The rule will close a special carveout that previously allowed debt collectors to use the credit reporting system to coerce people into paying medical bills they may not even owe.

    The C F P B's research has shown that a medical bill on someone's credit report poorly predicts whether they will repay a loan. With this new rule, approximately twenty-two thousand additional, affordable mortgages could be approved yearly. Americans with medical debt on their credit reports could see their credit scores rise by an average of twenty points.

    This follows changes made by Equifax, Experian, and TransUnion, who previously announced they would remove certain medical debts from credit reports. The rule becomes effective sixty days after publication in the Federal Register.

    This concludes the announcement.

    If your Credit union could use assistance with your exam, reach out to Mark Treichel on LinkedIn, or at mark Treichel dot com. This is Samantha Shares and we Thank you for listening.


    Are you worried about an NCUA exam in process or looming on the horizon? Don't face it alone!

    We're ex-NCUA insiders with decades of experience, ready to guide you to success. Our team understands the intricacies of NCUA examinations from the inside out.

    Hire us and gain:

    • Peace of mind during your exam process

    • Insider knowledge of NCUA procedures and expectations

    • Strategies to address potential issues before they become problems

    • Continuous access to our extensive subject matter expertise

    With our access retainer, you'll have on-demand support from former NCUA experts. We're here to ensure your credit union achieves flying colors in its next examination.

    Contact Credit Union Exam Solutions today to learn more about our services and how we can help your credit union succeed.
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    2 mins
  • NCUA Board Approves Rare Investment Pilot Program

    NCUA Board Approves Rare Investment Pilot Program
    Jan 3 2025

    www.marktreichel.com

    https://www.linkedin.com/in/mark-treichel/


    Hello, this is Samantha Shares. Happy new Year!

    This episode covers N C U A Board’s Approval of a Non-Registered Investment Fund Pilot Program

    The following is an audio version of that press release. This podcast is educational and is not legal advice. We are sponsored by Credit Union Exam Solutions Incorporated, whose team has over two hundred and Forty years of National Credit Union Administration experience. We assist our clients with N C U A so they save time and money. If you are worried about a recent, upcoming or in process N C U A examination, reach out to learn how they can assist at Mark Treichel DOT COM. Also check out our other podcast called With Flying Colors where we provide tips on how to achieve success with N C U A.

    And now the press release.

    NCUA Board Approves Non-Registered Investment Fund Pilot Program

    On December 30th The National Credit Union Administration Board approved, by notation vote, an investment pilot program authorized under section 703 point 19 C of the N C U A’s regulations.

    The N C U A will permit up to 30 complex federal credit unions to engage in investment activities prohibited under part 703 but permitted by the Federal Credit Union Act. Note A credit union is considered "complex" if its total assets exceed a specific threshold set by the N C U A. As of today,the threshold is 500 million dollars or more in total assets. A L M First Financial Advisors, LLC., a Securities and Exchange Commission registered investment advisor, requested the investment pilot program.

    The requested pilot program would allow complex federal credit unions to invest in a series of non-registered investment funds comprised of consumer loans, as follows:

    The pilot fund would be comprised of permissible consumer loans for federally insured credit unions with maturities of less than 10 years and overnight investments.

    Federal credit unions must be complex and have a capital adequacy classification of well capitalized to invest in the fund and are limited to an aggregate investment of 50 percent of net worth as defined in part 702 of N C U A’s regulations.

    The pilot program is subject to the A L M First Loan Fund Investment Pilot Program Requirements and Conditions, which are available on the N C U A website.

    Under part 703 of the N C U A’s regulations, federal credit unions are authorized to invest in funds that are registered with the S E C or regulated by the Office of the Comptroller of the Currency, provided the underlying assets purchased by the fund are permissible under N C U A rules for federal credit unions.

    This concludes the press release

    If your Credit union could use assistance with your exam, reach out to Mark Treichel on LinkedIn, or at mark Treichel dot com. This is Samantha Shares and we Thank you for listening.


    Are you worried about an NCUA exam in process or looming on the horizon? Don't face it alone!

    We're ex-NCUA insiders with decades of experience, ready to guide you to success. Our team understands the intricacies of NCUA examinations from the inside out.

    Hire us and gain:

    • Peace of mind during your exam process

    • Insider knowledge of NCUA procedures and expectations

    • Strategies to address potential issues before they become problems

    • Continuous access to our extensive subject matter expertise

    With our access retainer, you'll have on-demand support from former NCUA experts. We're here to ensure your credit union achieves flying colors in its next examination.

    Contact Credit Union Exam Solutions today to learn more about our services and how we can help your credit union succeed.
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    3 mins
  • NCUA's 2025 Budget Approval In Their Words

    NCUA's 2025 Budget Approval In Their Words
    Dec 31 2024

    www.marktreichel.com

    https://www.linkedin.com/in/mark-treichel/


    NCUA approved their budget for 2025 and 2025 at the December Board meeting. This is a recording of that item.


    Are you worried about an NCUA exam in process or looming on the horizon? Don't face it alone!

    We're ex-NCUA insiders with decades of experience, ready to guide you to success. Our team understands the intricacies of NCUA examinations from the inside out.

    Hire us and gain:

    • Peace of mind during your exam process

    • Insider knowledge of NCUA procedures and expectations

    • Strategies to address potential issues before they become problems

    • Continuous access to our extensive subject matter expertise

    With our access retainer, you'll have on-demand support from former NCUA experts. We're here to ensure your credit union achieves flying colors in its next examination.

    Contact Credit Union Exam Solutions today to learn more about our services and how we can help your credit union succeed.
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    28 mins
  • NCUA Board Meeting: Final Succession Planning Rule Approved

    NCUA Board Meeting: Final Succession Planning Rule Approved
    Dec 24 2024

    www.marktreichel.com

    https://www.linkedin.com/in/mark-treichel/


    https://www.linkedin.com/in/mark-treichel/

    https://www.marktreichel.com/


    Are you worried about an NCUA exam in process or looming on the horizon? Don't face it alone!

    We're ex-NCUA insiders with decades of experience, ready to guide you to success. Our team understands the intricacies of NCUA examinations from the inside out.

    Hire us and gain:

    • Peace of mind during your exam process

    • Insider knowledge of NCUA procedures and expectations

    • Strategies to address potential issues before they become problems

    • Continuous access to our extensive subject matter expertise

    With our access retainer, you'll have on-demand support from former NCUA experts. We're here to ensure your credit union achieves flying colors in its next examination.

    Contact Credit Union Exam Solutions today to learn more about our services and how we can help your credit union succeed.
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    26 mins
  • CFPB's $870M Zelle Bombshell: What Credit Unions Must Know

    CFPB's $870M Zelle Bombshell: What Credit Unions Must Know
    Dec 21 2024

    www.marktreichel.com

    https://www.linkedin.com/in/mark-treichel/


    A link to the action:

    https://files.consumerfinance.gov/f/documents/cfpb_Zelle-Complaint_2024-12.pdf


    Are you worried about an NCUA exam in process or looming on the horizon? Don't face it alone!

    We're ex-NCUA insiders with decades of experience, ready to guide you to success. Our team understands the intricacies of NCUA examinations from the inside out.

    Hire us and gain:

    • Peace of mind during your exam process

    • Insider knowledge of NCUA procedures and expectations

    • Strategies to address potential issues before they become problems

    • Continuous access to our extensive subject matter expertise

    With our access retainer, you'll have on-demand support from former NCUA experts. We're here to ensure your credit union achieves flying colors in its next examination.

    Contact Credit Union Exam Solutions today to learn more about our services and how we can help your credit union succeed.
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    5 mins
  • Consumer Harm Stemming from Certain Overdraft and NSF Fee Practices - NCUA's Letter to Credit Unions 24-CU-03

    Consumer Harm Stemming from Certain Overdraft and NSF Fee Practices - NCUA's Letter to Credit Unions 24-CU-03
    Dec 17 2024

    www.marktreichel.com

    https://www.linkedin.com/in/mark-treichel/


    Reach Out to learn how we assist our clients with NCUA so they save time and money.

    https://www.linkedin.com/in/mark-treichel/

    https://ncua.gov/regulation-supervision/letters-credit-unions-other-guidance/consumer-harm-stemming-certain-overdraft-and-non-sufficient-funds-fee-practices

    https://www.marktreichel.com/


    Are you worried about an NCUA exam in process or looming on the horizon? Don't face it alone!

    We're ex-NCUA insiders with decades of experience, ready to guide you to success. Our team understands the intricacies of NCUA examinations from the inside out.

    Hire us and gain:

    • Peace of mind during your exam process

    • Insider knowledge of NCUA procedures and expectations

    • Strategies to address potential issues before they become problems

    • Continuous access to our extensive subject matter expertise

    With our access retainer, you'll have on-demand support from former NCUA experts. We're here to ensure your credit union achieves flying colors in its next examination.

    Contact Credit Union Exam Solutions today to learn more about our services and how we can help your credit union succeed.
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    16 mins
  • Joint Agency Statement on Elder Abuse

    Joint Agency Statement on Elder Abuse
    Dec 10 2024

    www.marktreichel.com

    https://www.linkedin.com/in/mark-treichel/


    Reach out to learn how we assist our clients with NCUA so they save time and money.

    Set up a free call here:

    https://calendly.com/cuexamsolutions/talk-to-mark-about-any-exam-topic


    Are you worried about an NCUA exam in process or looming on the horizon? Don't face it alone!

    We're ex-NCUA insiders with decades of experience, ready to guide you to success. Our team understands the intricacies of NCUA examinations from the inside out.

    Hire us and gain:

    • Peace of mind during your exam process

    • Insider knowledge of NCUA procedures and expectations

    • Strategies to address potential issues before they become problems

    • Continuous access to our extensive subject matter expertise

    With our access retainer, you'll have on-demand support from former NCUA experts. We're here to ensure your credit union achieves flying colors in its next examination.

    Contact Credit Union Exam Solutions today to learn more about our services and how we can help your credit union succeed.
    Show more Show less
    16 mins