First 2018 Edition of Consumer Compliance Outlook Released

Earlier today, the first 2018 edition of the Consumer Compliance Outlook was released.  This ongoing publication is issued by the Federal Reserve System and is dedicated to consumer compliance issues.  Regardless of your primary regulator, this publication is a fantastic resource for compliance professionals.

This edition contains two main articles on “understanding how culture drives a bank’s mission” and “responding to counterfeit instrument scams.”   In addition, the publication includes news from Washington, a list of bills on the docket, and a calendar of events.

In the article titled Understanding How Culture Drives a Bank’s Mission, the Fed explains what culture is, why it is important, how a bank instills culture, and how culture is maintained.  The article closes with a message specifically to community bank CEOs where they are reminded of the impact their leadership has on their organization, especially in regards to ethics and the credibility of the CEO.

The article on Responding to Counterfeit Instrument Scams is an article originally published in 2008 and updated to reflect changes that have occurred since the original publication.  The article provides a background on counterfeit instrument scams, discusses the nature of the schemes (including winning the lottery or getting an inheritance), and provides risk mitigation techniques such as educating customers and educating employees.   This article can be especially beneficial for financial institutions who may want to use a “government publication” to convince customers that they are likely a victim of a scam.

The entire edition of the Consumer Compliance Outlook can be found here.  

FinCEN Advisory on Corrupt PEPs

BSA Statement of Loan Purpose

BSA Statement of Loan Purpose