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Our Subject Matter Experts Discuss Emerging Banking Issues

Beneficial Ownership During the Covid-19 Pandemic

3/6/2021

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Benefecial ownership requirements During COVID-19
Akash Govil, CAMS
Manager

As we all know, businesses have been suffering as the economy continues to take a major dip due to the effects of Covid-19.  Many establishments have had to alter or limit supply, products, and services they can offer in order to maintain a form of profitability with limited customer demands or even struggling to create new markets and demands for customers to remain sustainable. On the other hand, there has been a high expectation for financial institutions during the pandemic to be the necessary conduit for assisting businesses through the distribution of government supported loans.

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Avoiding Common Pitfalls with T&E Expenses

1/11/2021

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Avoiding Common Pitfalls with T&E Expenses
Mike McIntyre
Manager

Over the years, I have seen regulators more closely scrutinizing banks' expenditures that are related to Officer's Travel and Entertainment ("T&E"). Although controls in this area might vary greatly depending on the asset size, officer structure, and nature of the bank's business, strong T&E internal controls will help prevent potential abuse. As such, I have identified three common pitfalls that your bank should watch out for to avoid unnecessary regulatory issues.

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Dealing with Dormant Accounts

11/23/2020

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HomeStudio on Shutterstock
Daniel Sclafani
Senior Auditor


What are four dreaded words in banking operations? Date - of - last - contact. Dormant accounts (i.e., accounts with no activity for a certain period of time) can prove challenging for banks, as employees need to contact each customer who has a dormant account for more information and to discuss possible reactivation. So what can your bank do to lessen the burden of dormant account tracking?



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NYSDFS Part 500: Doing Your Part to Remain Prepared

9/18/2020

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Jasper Zabala, CISA
Manager


In July 2020, the New York State Department of Financial Services (“NYSDFS”) announced that First American Title Insurance Company (a subsidiary of insurance company, First American Financial Corp) was their first ever cybersecurity enforcement action after the financial institution exposed hundreds of millions of documents containing confidential information, such as social security numbers, wire transaction receipts, drivers’ license images, bank account numbers, etc. stemming back from 2003.

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Is Your Board’s Cybersecurity Training up to Code?

8/13/2020

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Jasper Zabala, CISA
Manager


Cybersecurity has been a hot topic within the past few years. It is especially important now due to the huge shift in people working remotely as a result of the current pandemic, which makes having strong cybersecurity measures invaluable. With the growing number of security breaches, companies are finding the best ways to secure their network through various types of administrative and technical controls. Yet, some organizations tend to overlook the importance of proper security awareness training being provided to their employees, especially specific training provided to the Board of Directors (“Board”).

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COVID-19’s Impact on Loan Modifications and Past Due Reporting

7/20/2020

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Yvonna Coyne, Manager

As you already know, the president declared a National Emergency on March 13, 2020 due to the COVID-19 pandemic.  Even after several months, this remains a unique and challenging situation that continues to cause business disruptions affecting banks, borrowers, and the economy alike. As a recap, here are some of the more major changes impacting the lending environment which are still important as we strive to move forward.

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    OnCourse is a blog dedicated to providing an informative and fresh look at matters that affect the banking and financial industry, including the direction of risk, compliance matters, audit, and more.
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