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Community Bankers to Congress: We Are Not Wells Fargo
The Independent Community Bankers of America® (ICBA) urged Congress to keep in  mind the differences between community banks and megabanks as lawmakers consider any legislative response to Wells Fargo's massive consumer fraud. In a letter to members of Congress, ICBA called for targeted regulatory relief for community banks to promote consumer choice in financial services.
"Community bankers are gravely concerned that the legislative and regulatory reaction to Wells Fargo will again fail to distinguish between too-big-to-manage banks and community banks," ICBA President and CEO Camden R. Fine wrote to Congress. "Costly, unnecessary new requirements would only hamper community banks' ability to serve their customers and further drive consolidation and concentration of the nation's financial resources."
See the letter...
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Officials from 21 states sued the U.S. Department of Labor Tuesday over a new rule  that would make about 4 million higher-earning workers eligible for overtime pay, slamming the measure as inappropriate federal overreach by the Obama Administration.
Nevada Attorney General Adam Laxalt, a Republican, filed the lawsuit in U.S. District Court in Eastern Texas, urging it to block implementation before the regulation takes effect on Dec. 1. Laxalt, a frequent critic of President Barack Obama's policies, said the rule would burden private and public sectors by straining budgets and forcing layoffs or cuts in working hours.
"This rule, pushed by distant bureaucrats in D.C., tramples on state and local government budgets, forcing states to shift money from other important programs to balance their budgets, including programs intended to protect the very families that purportedly benefit from such federal overreach," he said in a statement.
The lawsuit came the same day that the U.S. Chamber of Commerce and more than 50 other business groups filed a legal challenge against the regulation.
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Busted: EMV security shortcomings more fiction than fact
By Chole Casber, TMG
Recent research from payment technology company NCR suggests hackers can
 override code on EMV chip cards to make them appear as regular magnetic stripe cards. Why is this a potential problem? Because it would mean EMV cardholders would be prompted to swipe instead of insert, leaving their cards vulnerable to counterfeit fraud.
In addition, fraudsters recently claimed they were able to manipulate dual-interface EMV cards, which offer cardholders the ability to insert, swipe or 'tap and go.' They said near field communication (NFC) amplifiers
allowed them to read card information on dual-interface cards. With this technology, the fraudsters claim, cards would be at risk even when tucked safely in pockets and purses.
Card issuers, merchants and consumers should know there are security measures in place to address both of these supposed vulnerabilities.
Read more...
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'Know your customer' goes corporate
By Keith Monson, CSI
Organized criminals sometimes employ loopholes to sneak illegally gotten cash into
 the banking system, like exploiting differences between international regulations and hiding behind legal entities and organizations. In response, the G20 issued its High-Level Principles on Beneficial Ownership Transparency in 2014-a pact amongst member countries to improve the transparency in legal entity ownership and recognize its importance in protecting the global financial system.
As part of that effort, the United States' Financial Crimes Enforcement Network (FinCEN) issued its Customer Due Diligence (CDD) Final Rule. This rule establishes the framework of an ownership identification and verification program for legal entities, similar to how the USA PATRIOT Act created a Customer Identification Program (CIP) for consumer accounts.
Banks have a little less than two years to implement the rule, but by breaking down the preparation into several distinct steps, institutions can ensure a smoother transition to the new standards.
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CSBS Opens Application Period for 2017 Community Bank Case Study Competition
The Conference of State Bank Supervisors (CSBS) has opened the application period  for the 2017 Community Bank Case Study Competition. The competition was opened for entries on September 6, 2016, and will remain open through November 4, 2016.
The competition will follow the same structure and format as the 2016 competition. Under the advisement of a college professor, a student team will work with a community bank, conduct a case study, and submit a paper and video that highlights study findings. Each team is responsible for soliciting the participation of the professor. A commitment from the professor is not necessary until February 1, 2017, when teams and community bank partnerships must be secured.
The submission deadline for the case-study paper and video is April 24, 2017. The winning team will be announced May 24, 2017, during the CSBS State-Federal Supervisors Forum in New Orleans.
Southeastern Louisiana University finished first in the 2016 competition. The University of Arkansas, Fayetteville, placed third in 2016, while Arkansas State University was selected among 12 finalists in the competition.
For more information...
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Tuesday, October 11, 2016
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