Financial Industry Essentials

Money moves like a well-oiled machine, but there are many parts that must work together when money changes hands. This module will provide an overview of the financial system and explain the many avenues for transferring funds from account to account and customer to customer, including the Automated Clearing House (ACH) system, funds transfers, sweeps, P2P, and more. It will also address how transactions, such as deposits, that originate through mobile banking integrate into the overall process of how money moves. Approximately 40 minutes

Everyone’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 cover various ownership types (joint WROS, joint WOROS, POAs, etc.) and the documentation that should be requested to meet due diligence requirements. Approximately 30 minutes

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 your institution offers to meet specific needs. Learn common ownership types (sole proprietorships, LLCs, nonprofits, etc.) and best practices for the documentation needed to meet due diligence requirements. Approximately 30 minutes

Have you heard about the FDIC, CFPB, examiners, and regulators but wondered who they are and what they do? Increase your awareness of the financial regulators, the types of examinations they conduct, and which financial institutions each regulates. In addition, this big-picture overview will explain how deposit accounts are insured at your financial institution. Approximately 40 minutes

All financial institutions face potential security threats, whether they are big or small, located in a city center or on the corner of a rural Main Street. The best defense is to be prepared! Learn best practices to protect yourself and your institution prior to, during, and after an incident. You’ll also discover your responsibilities under Regulation P and the Right to Financial Privacy Act to safeguard the personal and financial information of accountholders. Approximately 40 minutes

Policies and procedures are often viewed as a time-consuming hindrance but are actually critical internal controls designed to protect your accountholders, your institution, and you! This session will cover the components of the fraud triangle and explain why those overrides and internal controls are so very important. It’s also critical for employees, officers, and directors to understand the prohibition on accepting anything of value in connection with any transaction/business with your financial institution as required by the Bank Bribery Act. Approximately 30 minutes

The Bank Secrecy Act (BSA) was passed to assist law enforcement in fighting money laundering in the United States. The BSA 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 of directors. This session will explain the BSA basics and include 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 institution’s BSA officer. Approximately 30 minutes

Spotting identity theft protects your financial institution and accountholders from losses. In 2022, the Federal Trade Commission received over 1.1 million reports of identity theft. Join us to learn about the current fraud trends and the red flags for spotting identity theft. This topic is so important that annual red flags training is required to detect and mitigate identity theft risk. Discover how to prevent accountholders from losing their hard-earned money to fraudsters! Approximately 30 minutes

This topic is hotter than hot! As an employee, it is critical to fairly evaluate loan applicants and fully disclose our products and services. Types of discrimination will be described along with unfair, deceptive, or abusive acts and practices (UDAAPs). Both issues can cause significant financial injury to consumers, erode consumer confidence, and undermine the financial marketplace. It’s critical that all staff understand the importance of fair lending and be able to accurately explain their institution’s products, services, and fees. Approximately 40 minutes