Updated Financial Industry Essentials

The U.S. financial system involves more than just paper bills and coins. This module will provide an overview of the financial system and explain many of the common methods used to transfer funds, including the Automated Clearing House (ACH), wire transfers, sweeps, P2P, and more. It will also address how deposits that originate through mobile banking integrate into the way money moves.

Opening even a “basic” business account can involve considerable time, paperwork, and risk! It can be daunting to meet the regulatory requirements and understand the commercial products and services offered specifically to meet the needs of commercial accountholders and borrowers. This segment will provide an overview of common ownership types (sole proprietorships, LLCs, nonprofits, etc.) and best practices for the documentation required to meet your due diligence requirements.

Who are the regulatory agencies and what is their role in the financial industry? What is the FFIEC? This module will identify the relevant financial agencies, their roles, and the types of examinations they conduct. In addition, this big-picture overview will explain FDIC insurance coverage for deposit accounts at your bank.

Whether big or small, located in a city center or on the corner of a rural Main Street, no financial institution is exempt from a potential security threat. The best defense is to be prepared! Attend this session to learn best practices to protect yourself and your institution prior to, during, and after a security incident. It will cover your responsibilities under Regulation P and the Right to Financial Privacy Act to safeguard accountholders’ personal and financial information.

Policies and procedures may feel like red tape, but they’re vital safeguards for accountholders, your institution, and your team. This module will break down the fraud triangle and explain why overrides, transaction limits, and internal controls are essential defenses — not hassles. It will explain the Bank Bribery Act and highlight why employees, officers, and directors must avoid accepting anything of value in connection with any transaction/business. You’ll walk away informed, empowered, and ready to protect what matters most.

The Bank Secrecy Act (BSA) was passed to assist US law enforcement in fighting money laundering. It requires financial institutions to maintain records and file reports regarding currency transactions, funds transfers, and monetary instruments. BSA impacts all areas of your institution from the frontline to operations to the loan department and even the board. Discover the BSA basics, including an overview of the five BSA pillars, the three steps of money laundering, and best practices for identifying and reporting potential suspicious activity to your BSA officer.

Fraudsters are taking advantage of your accountholders at a rapid pace and unfortunately, financial institutions and their accountholders are suffering losses. Recognizing red flags during consumer interactions and transaction processing are critical in preventing loss of accountholders’ hard-earned money. Join us to learn about current fraud trends and red flags for spotting identity theft.

Financial institution employees must ensure everyone has equal access to credit. Now, this does not mean that every application is approved, but applicants must be given opportunities, evaluated fairly, and not discriminated against on prohibited bases. This module will address fair lending hot topics, including redlining and appraisal discrimination, and also share examples of discrimination. In addition, unfair, deceptive, abusive acts or practices will be covered. Both topics can cause significant injury to consumers, erode consumer confidence, and undermine the financial marketplace. Therefore, it’s critical that all staff understand the importance of fair lending and be able to accurately explain products, services, and fees.

Community financial institutions are known for offering a variety of products and services to meet consumers’ needs. Every accountholder’s situation is different and there is often uncertainty about account ownership and how to conduct appropriate due diligence. This session will review features and benefits of traditional consumer deposit and loan products. It will also provide an overview of various ownership types (joint WROS, joint WOROS, POAs, etc.) and the documentation needed to meet due diligence requirements.

Community financial institutions are unique because they truly know their accountholders and borrowers. Each institution provides valuable products and services to the community. This segment will detail best practices for understanding the needs of accountholders and borrowers. It will detail the importance of knowing the features and benefits of the products and services you offer and how those can be matched with the needs of consumers and commercial entities. Learn how to build trust and provide the elite level of service for which community institutions are known.