Tag Archive: "financial institutions"
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What do you call your BSA Program? Moving from BSA to AML/CFT
Many examiners now use the term Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) instead of “BSA/AML” to reference this collection of laws and regulations, to align with the AML Act.
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Revisiting Loan Portfolio Management Fundamentals
This blog was authored by my colleague Erica Crain, a principal within our financial services group. As the economic environment shifts with increased interest rates and credit weakening projected while liquidity sources are highly scrutinized, it is important for financial institutions to revisit the significance of loan portfolio management fundamentals. Effective loan portfolio management involves […]
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Impacts of the Initial Adoption of CECL
This blog was drafted by my colleague Tessa Brockie, a manager in our Financial Services Group. At the start of 2023, the vast majority of financial institutions adopted CECL. The impact of adoption varied for institutions based on asset size as well as the makeup of the loan portfolio. Although there are conclusions you can […]
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Valuation Considerations for Financial Institutions
This blog was authored by my colleague Gwendolyn Duda, a signing director in our valuations, forensics, litigation, and investigations (VFLI) group. In a time of competitive economic conditions, valuations of financial institutions are increasingly instrumental for supporting business strategy decisions. Financial institutions continue to face near-term headwinds with rising inflation, rising interest rates leading to […]
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Including Digital in Your Budget Process- Part 2 of 2
In Part 1 of this blog series, we focused on the importance of considering digital in your budget process by leveraging data to help identify organizational priorities. As we wrap up this series, we’ve provided foundational best practices to get you on the right path during the upcoming budget season. As a supplement to this […]
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New Wisconsin State Tax Exemptions for Financial Institutions
This blog was authored by my colleague Chan-Yu Wang, a tax director in our financial services group. Wisconsin Exempts Certain Commercial and Agricultural Loan Income from State Taxation On July 5, 2023, Tony Evers signed the Wisconsin 2023-2025 budget (2023 Wisconsin Act 19) which included a significant favorable exemption from taxation on commercial and agricultural […]
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Regulation E: What Everyone is Talking About
Reg E is a very customer-centric regulation, and that concept does not appear to be changing anytime soon.
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Occupational Fraud in Financial Institutions
This blog was authored by my colleague Kyle Shafer, a manager in our forensic services group. The bank failures have put the spotlight on financial institutions as a result of significant industry regulations. Financial institutions continue to be a target for fraud, but in the modern age of technology and digital advancements prevention and detection […]
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A Trust Company & the Bank Secrecy Act: Is your BSA program good, or good enough?
While all aspects of the Bank Secrecy Act (BSA) rules may not be required for a trust company that are required for depository financial institutions, the oversight obligation and importance is not diminished. Trusts intrinsically have elevated risk based on the transparency of structure, ownership, and purpose. Section 352 of the USA PATRIOT Act requires […]
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1071 & What that means to your Financial Institution
Most financial institutions (FI) are aware of the current regulatory requirements to collect demographic information for applicants on certain covered transactions and soon similar demographic requirements will soon apply to small business applications. On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) issued the small business lending rule as final, which implements the small […]