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The Sky Is Not Falling... Yet

7/20/2021

The U.S. Bureau of Labor Statistics recently announced the continued upward trend in inflation for June 2021, with the largest month-over-month gain in the consumer price index (CPI) in 13 years. Growth in the year-over-year measure of CPI also accelerated to 5.4%, and people are running around with their hair on fire!

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WEBINAR RECORDING: How to Approach Your FedLine Assessment for Banks

6/24/2021

With an update to Operating Circular 5 on October 15, 2020, the Federal Reserve added requirements for an annual Assessment for all banks. This timely webinar presented by the Financial Institution Advisory Group will cover strategies for completing the annual assessment timely, effectively, and efficiently.

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Nacha's ACH Contact Registry Rule - Phase 2

6/21/2021

Under Phase 2, on August 1, 2021, Nacha’s enforcement authority for the Automated Clearing House Network (ACH) Contact Registry Rule becomes effective. ACH participating DFIs that do not register their contact information with Nacha may be subject to a Rules enforcement proceeding and Class 2 violation fines.

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Asset Liability Management Modeling in a COVID-19 World

6/1/2021

Throughout this COVID-19 pandemic, we have seen some unusual and unexpected Asset Liability Management (ALM) model results. Most notably, model results are showing lower Economic Value of Equity (EVE) values relative to base case book values than normal, created by the historically low levels of market interest rates. We have also observed cases where projected or actual asset growth rates are putting stress on regulatory capital ratios, creating a need to re-evaluate (and possibly lower) internal minimum capital target levels.

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The Evolution of Ransomware

5/28/2021

As many people know, ransomware started by simply encrypting large amounts of victims’ data and holding the encryption key until the victim paid a ransom. The initial iterations of this were almost harmless, but as we look back, the genius involved is obvious. Read more! 

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WEBINAR MATERIALS: Nacha Operating Rules Update

5/28/2021

The Nacha Operating Rules (Nacha Rules) direct how the ACH Network is operated.  As the payments industry continues to evolve, so do the Nacha Rules. Has your financial institution or business kept pace with the recent and upcoming Nacha Rule changes? Access webinar...

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The Excess Liquidity Puzzle

5/24/2021

Liquidity: We’re up to our eyeballs in it. Over the last 12 months, financial institutions have experienced unprecedented levels of deposit growth driven by consumer and commercial government stimulus (PPP, stimulus checks, unemployment benefits, etc.), as well as elevated household savings rates resulting from stagnant economic activity and consumer flight-to-safety behavior.

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BankTech Bytes: The Evolution of Ransomware

5/21/2021

This BankTech Bytes Newsletter discusses the evolution of ransomware and what it is today.

As many people know, ransomware started by simply encrypting large amounts of victims’ data and holding the encryption key until the victim paid a ransom. The initial iterations of this were almost harmless, but as we look back, the genius involved is obvious.  

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Nacha's Reversals Rule

5/18/2021

Currently, the Nacha Rules define a limited number of permissible reasons for reversing entries; but, they do not explicitly address improper uses of reversals. Nacha’s Reversals Rule will explicitly address the improper uses and will expand the permissible reasons for a reversal to include an error in the entry effective date. 

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White House Unveils Plan to Help American Families Funded by Tax Increases on Wealthy

5/7/2021

On April 28, 2021, the Biden administration unveiled a $1.8 trillion plan to provide assistance to middle- and low-income families that would be largely funded by tax increases on wealthy Americans. The plan is expected to be fleshed out during President Biden’s first address to a joint session of Congress scheduled for the evening of the announcement.

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Nacha's Supplementing Data Security Requirements Rule

4/20/2021

Nacha’s Supplementing Data Security Requirements rule expands the existing ACH Security Framework to explicitly require large, non-financial institution Originators, Third-Party Service Providers, and Third-Party Senders to protect account numbers (consumer and non-consumer) used in the initiation of ACH entries by rendering them unreadable when stored electronically.

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IRS Extends Certain Tax Filing and Payment Deadlines to May 17

4/1/2021

The Internal Revenue Service confirmed in an announcement on March 29, 2021, that individuals have until May 17, 2021 to meet certain deadlines that would normally fall on April 15. 

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Deadline Extended for PPP Loan Applications

4/1/2021

The U.S. Senate passed legislation (PPP Extension Act of 2021) on March 25, 2021 that provides a 60-day extension for eligible employers to apply for a Paycheck Protection Program (PPP) loan. The House of Representatives approved the legislation on March 16, 2021.

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New IRS Guidance Regarding Tax Due Date Change 2021

3/18/2021

On Wednesday, March 17th, the U.S. Treasury Department and Internal Revenue Service extended the due date of individual Federal income tax returns and the deadline to make contributions to IRAs and HSAs from April 15, 2021 to May 17th, 2021.

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Nacha's Limitation on Warranty Claims Rule

3/18/2021

Effective June 30, 2021, Nacha’s Limitation on Warranty Claims Rule will expressly limit the time in which an RDFI may make a claim against the ODFI’s authorization warranty.

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CFPB Finalizes HPML Escrow Exemptions

3/11/2021

The Consumer Financial Protection Bureau (CFPB) issued a final rule amending the higher-priced mortgage loan (HPML) escrow rule. The final rule exempts certain insured depository institutions and insured credit unions from the requirements to establish escrow accounts for HPMLs.

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To Compete in Fintech, Banks Must Build on Pandemic-Driven Digital Transformation

3/9/2021

Lockdowns during the pandemic precluded face-to-face transactions at bank branches, forcing even “late adopter” banking customers to embrace digital banking and compelling financial institutions to roll out digital alternatives for those transactions—sometimes overnight. When the pandemic eventually subsides, banks may be tempted to rein in those digital transformation initiatives.

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Nacha's Differentiating Unauthorized Return Reasons Rule - Phase 2 Becomes Effective April 1, 2021

3/3/2021

Nacha is implementing the Differentiating Unauthorized Return Reasons Rule in two phases. Phase 1 became effective on April 1, 2020, and Phase 2 becomes effective on April 1, 2021.

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Supplementing Fraud Detection Standards for WEB Debits Rule

2/16/2021

Currently, ACH originators of WEB debit entries are required to use a “commercially reasonable fraudulent transaction detection system” to screen WEB debits for fraud. Effective March 19, 2021, Nacha will enhance this rule to make it explicit that “account validation” is part of a “commercially reasonable fraudulent transaction detection system.”

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New Same Day ACH Processing Window

2/2/2021

Effective March 19, 2021, this new rule expands access to Same Day ACH by allowing Same Day ACH transactions to be submitted to the ACH Network for an additional two hours every business day. 

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WEBINAR MATERIALS: Strategies for Maximizing PPP Loan Forgiveness PART 8

1/12/2021

On December 21st, Congress passed the long-awaited $900 billion COVID-related Tax Relief Act (COVIDTRA) as part of the Consolidated Appropriations Act, 2021. In this webinar, we break down the PPP provisions, discuss the latest guidance from the SBA, and more. Access materials here.

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Selecting an Anti-Money Laundering Software for Your Institution (Part 2 of 3)

12/1/2020

(Part 2 of 3) Selecting your financial institution’s anti-money laundering (AML) software is a highly critical and usually expensive decision. There are five key decision-making steps to help avoid common pitfalls during the process: planning, implementation, initial testing, activity analysis, and ongoing maintenance. 

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Creating a Culture of InnovationFireside Chat

11/4/2020

In this first-ever Saltmarsh Fireside Chat, Kristen Stogniew, Esq., CFE, and the panel tackle an important issue not often associated with community banking – innovation. 

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Selecting an Anti-Money Laundering Software for Your Institution (Part 1 of 3)

10/27/2020

(Part 1 of 3) Selecting your financial institution’s anti-money laundering (AML) software is a highly critical and usually expensive decision. There are five key decision-making steps to help avoid common pitfalls during the process: planning, implementation, initial testing, activity analysis, and ongoing maintenance. 

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WEBINAR MATERIALS: Strategies for Maximizing PPP Loan Forgiveness, Part VII

9/17/2020

In this webinar we provide real-world scenarios to answer your common questions related to the deadline to file, payroll taxes, potential new bills, and latest guidance. Access webinar materials here.

 

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