February 13, 2019
 
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Phishing Campaign Targets Compliance Officers    
A phishing campaign recently targeted anti-money-laundering contacts at banks and credit unions, according to security blogger Brian Krebs.

The KrebsOnSecurity post covers the Jan. 30 series of emails that contained malware, addressed contacts by name, and were disguised to look like they came from BSA-AML officers at other financial institutions.

The contact information used by fraudsters indicate a possible breach of BSA contact data. 

The Report  >>

FASB Proposes Targeted Transition Relief to Institutions Applying the Credit Losses Standard   
The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) that would ease transition to the credit losses standard by providing the option to measure certain types of assets at fair value. Stakeholders are asked to review and provide comments on the proposal by March 8, 2019.

The proposed ASU would allow preparers to irrevocably elect the fair value option, on an instrument-by-instrument basis, for eligible financial assets measured at amortized cost basis upon adoption of the credit losses standard. This would increase the comparability of financial statement information provided by institutions that otherwise would have reported similar financial instruments using different measurement methodologies, potentially decreasing costs for financial statement preparers while providing more useful information to investors and other users.
 
The ASU  >> 

Bank Structures Change as They Embrace Technology  
By Michael Stevens, CSBS Senior Executive Vice President 
 
Community banks are making structural changes as they fully embrace technology solutions. As technology solutions have become mission critical, technology-related roles are less likely to be a piece of someone's job. Instead, they fall under officer titles such as "Innovation Officer" and "Chief Technology Officer." 
 
That's one takeaway from our most recent community bank case study competition. CSBS has sponsored it for four years, asking undergraduate students to partner with a community bank to explore a key issue. The  2018 case study competition  focused on banks use of technology, with a record 51 participating teams from 45 academic institutions in 24 states.
 
The case studies provide valuable insights into how banks are viewing technology in their operations, customer service and retention, new products and disaster recovery. As you would expect, you get the full range from excitement and renewal to frustration and anxiety. But make no mistake, community banks are all in when it comes to technology.
The Study  >>

Committee Work Underway with Cannabis Hearing  
Financial services congressional committee hearings kick off this week on several topics, including banking cannabis-related businesses.

ICBA community banker Greg Deckard of State Bank Northwest in Spokane Valley, Wash., is slated to testify at Wednesday's House subcommittee hearing. ICBA supports a safe harbor from federal sanctions for financial institutions that serve cannabis-related businesses in states where cannabis is legal.
 

New Protections for Servicemembers and Veterans Alert      
Free credit monitoring, medical debt credit reporting restrictions, and mortgage protections for those recently back from active duty.

This law also addresses a number of key financial issues for the military, including:
  • Holding lenders to more stringent requirements when they participate in VA's refinance programs
  • Ensuring continued foreclosure protections for servicemembers up to one year after they leave active duty 
  • Prohibiting medical debt that should have been paid by the VA to be reported as  part of a veteran's credit history
  • Providing free credit monitoring for active duty military, including the national guard

 
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