Mary Thorson Wright
Mary Thorson Wright's Articles
Update: Check Re-Presentment Guidance
Check re-presentment fees have resulted in violations of Section 5 of the FTC Act for some banks. Will updated guidance from the federal regulators make things clearer?
2024's Regulatory Year Ahead
With many proposed rules to sections of well-known acts, there will be plenty of compliance and regulatory news for community banks to keep up with this year.
Are your community bank's BSA/AML programs up to date?
FinCEN recently reported that a bank willfully violated the Bank Secrecy Act, highlighting the importance of community banks updating their BSA/AML programs.
Updates to the beneficial ownership rules
Starting in 2024, banks will be required to collect beneficial ownership information on accounts they maintain. Here’s what’s changing and what it means for community banks.
Compliance changes to watch in 2023
From new fee practices to peer-to-peer fraud, keep an eye on what regulatory changes could be developing in the new year.
UDAAP policy update for 2022
With a recent executive push for the Consumer Financial Protection Bureau to resume its enforcement efforts, we look at how banks can increase prevention, mitigate risk and, most important, maintain compliance against potential UDAAP violations.
Compliance changes coming this year
Driven by uncertainty around the pandemic, few compliance reforms were realized in 2021. This year, regulators are considering reforms centered on the Community Reinvestment Act, the Fair Housing Act and more.
The overdraft regulations that you need to know
This past year, the Consumer Financial Protection Bureau (CFPB) fined a national bank for misinforming its accountholders about its overdraft services fees. A handful of regulations apply to banks offering overdraft programs.
From redlining to modernization: A CRA overview
The Community Reinvestment Act was designed to stop redlining, the impact of which is still felt in metro areas today. We look at the past and current CRA, including upcoming revisions from regulators.
Why diversity and inclusion matters to regulators
This year, many businesses have prioritized diversity and inclusion. But what are regulatory agencies doing to track and enforce diversity and inclusion (D&I) in the financial industry? Here’s what community banks should consider from a compliance perspective.
7 best practices to help avoid audit missteps
An audit tells a community bank whether it’s adhering to regulations and objectives. However, a lack of preparation and poor scoping techniques, among other factors, can lead to wasted time. Here’s how to ensure a helpful audit process.
Preventing and detecting mortgage fraud
Many compliance functions are needed to detect mortgage fraud, from FACTA and FCRA to the SAFE Act. Here’s a look at the requirements.
3 ways to protect your bank’s customer data
Community banks collect more customer data than ever before. A data security plan will ensure this valuable information is kept safe from hackers.
How your bank should handle consumer complaints
It’s important for community banks to understand and respond to customer complaints. But what should a complaint program include, and how might complaint data be an opportunity to improve your bank’s level of service?
How your bank can stay compliant on social media
It’s common for community banks to have a presence on one, two or up to half a dozen social media platforms to engage with customers. But what does being an active social media user mean for community banks from a compliance perspective?
Ways to avoid flood insurance compliance violations
Avoiding flood insurance-related violations requires understanding loans, notifying customers and/or assessing insurance coverage requirements.
Let's define 'unfair, deceptive or absuive'
More than its predecessors, the Unfair, Deceptive, or Abusive Acts or Practices can be a murky regulation for compliance officers. How well do you know the ins and outs of UDAAP?
Two approaches to overdrawn accounts
What community bankers should know about overdraft and sweep account rules.
Focus: The Right to Financial Privacy Act
What community bankers need to know about protecting and disclosing customers’ financial records.
Internal audit: in-house or third-party?
An internal audit reveals opportunities for improvement across the board, making your community bank safer and more efficient. Take a look at the pros and cons of conducting an internal audit in-house versus outsourcing to a third-party firm.
Final Updates to Debit Cards Rules
In October 2022, the Federal Reserve Board finalized updates to the Board’s rule for debit card transactions, which went into effect July 1, 2023. Learn about the background of this ruling and its importance for banks and their customers.
2023 Regulatory Review: A Late-Year Surge
Regulatory changes in 2023 may have started slowly but picked up speed in the fourth quarter.
An Update on Data Protection Regulations
Last year, the CFPB issued an advisory opinion on privacy protection for personal data compiled from community banks. Here’s what you need to know.
Modernizing the Community Reinvestment Act
To meet the needs of today’s world, the Community Reinvestment Act is getting an update. Here’s what to know about it.
Tips for Better Community Bank CMS Testing
By understanding and leveraging compliance management system testing, community banks can limit potential risk.
Q&A: Computer-Security Incident Notifications
To prevent cyber incidents, new computer-security incident notification requirements were established in late 2021, changing the way community banks need to react in case of a cybersecurity event.
Strengthening your compliance management program
Wells Fargo was heavily fined for mismanagement of multiple functions, demonstrating the importance of having an effective compliance management system.
Navigating new overdraft fee guidance for community banks
The CFPB recently issued new guidance on overdraft fees that was unanticipated by community banks. Learn what this means for the industry and how community banks can stay in compliance.
2022 regulatory compliance review
While the creation of new compliance regulations was slow this year compared with years past, some regulations were implemented as expected, and some continue to evolve.
Can staying vigilant prevent fraud?
Though fraudulent activity and erroneous transactions are inevitable in this day and age, community banks don’t have to surrender to these ever-evolving threats—in fact, staying vigilant to consumer guidelines and establishing their own security safeguards mean that banks can stay ahead of the game.
How did compliance change in 2021?
This year has largely been a quiet time for regulatory and compliance reform. But while community banks were focused on the economic recovery of their communities, a few changes came during 2021.
How to do a cybersecurity risk assessment
The way community banks gauge cybersecurity risk is the same as for any other risk, but it’s becoming more important as the industry adopts the latest digital tools and practices. Here’s why community banks should be doing cybersecurity risk assessments.
Tips for a successful PPP audit
Many community banks embraced the Paycheck Protection Program, building new relationships and deepening existing ones. While the onus of forgiveness is on the borrowers, PPP lenders need to be prepared for the program’s unique auditing challenges.
What’s a special-purpose credit program?
In an effort to help financial institutions expand access to credit, the CFPB recently addressed regulatory uncertainty around special-purpose credit programs, or SPCPs. These programs are intended to help those who would not otherwise have access to credit.
From redlining to modernization: A CRA overview
The Community Reinvestment Act was designed to stop redlining, the impact of which is still felt in metro areas today. We look at the past and current CRA, including upcoming revisions from regulators.
4 ways to conquer compliance challenges
For community banks, regulatory burdens and compliance costs are constant challenges. But by taking steps including building a culture of compliance, they’re challenges that can be met.
The advertising regulations you need to know
Like any business marketing its products and services, a community bank must keep its advertising truthful. There are plenty of regulations specific to financial institutions under the FDIC, CFPB and other regulators.