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Educational pieces for financial institutions.
advantages of core banking solutionsCore ConversionCore Processing Providers & Your Bank’s Service Expectations
November 7, 2024

Core Processing Providers & Your Bank’s Service Expectations

In today’s fast-paced financial landscape, the importance of core banking solutions cannot be overstated. With technology evolving at a rapid pace, banks are under increasing pressure to meet the diverse…
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Core ConversionCore Processing and Your Fintech Needs
October 10, 2024

Core Processing and Your Fintech Needs

The banking and finance industry is constantly evolving. With the help of new technology, traditional banking is getting a modern makeover. At the heart of these changes is core banking…
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A man with the word API in his hand.EducationalITaaSWhat Is API Access and What Are the Advantages for Your Business?
May 30, 2024

What Is API Access and What Are the Advantages for Your Business?

Unlock seamless integration and enhanced functionality with API access. Explore API keys, security, and the advantages for your business and development.
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A person using a laptop with various software and security icons floating around him.EducationalIt’s Time to Review Your IT Services
February 29, 2024

It’s Time to Review Your IT Services

Discover IT-as-a-Service (ITaaS) for Comprehensive IT and Security Assistance. Explore the Features and Benefits for Institutions IT and Security Solutions.
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Teaching children about moneyEducationalHow To Teach Kids About Banking Basics and Money
August 24, 2023

How To Teach Kids About Banking Basics and Money

Teaching kids about banking from a young age lays the foundation for financial independence later in life. But what is the right age to start teaching kids about money? How…
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A young woman working remotely at her computer.EducationalHow Bank Clients Working Remotely Has Changed Banking
June 13, 2023

How Bank Clients Working Remotely Has Changed Banking

The Federal Reserve has always played a role in providing payment services to supplement those of private-sector providers, processing small-value transfers like recurring bill payments and direct payroll deposits.
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US Capital Building in Washington DCCompliance & Security UpdatesIRA RMDs For 2023 – May 2023
May 18, 2023

IRA RMDs For 2023 – May 2023

On December 29, 2022, the SECURE 2.0 Act was signed into law as part of the government spending bill (see Division T of the Consolidated Appropriations Act 2023 – P.L.…
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What is fed now?EducationalWhat Is FedNow?
April 26, 2023

What Is FedNow?

The Federal Reserve has always played a role in providing payment services to supplement those of private-sector providers, processing small-value transfers like recurring bill payments and direct payroll deposits.
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Compliance & Security UpdatesFDIC Remarks on Recent Bank Failures – April 2023
April 6, 2023

FDIC Remarks on Recent Bank Failures – April 2023

Remarks by Chairman Martin J. Gruenberg on Recent Bank Failures and the Federal Regulatory Response Before the Committee on Banking, Housing, and Urban AffairsChairman Martin J. Gruenberg "On March 10th,…
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Compliance & Security UpdatesEmerging Bank Call Report Changes – March 2023
March 28, 2023

Emerging Bank Call Report Changes – March 2023

Bank Call Report The FFIEC has proposed several changes to the Bank Call Report that would become effective with the 06/30/2023 filing. Schedule RI – Income Statement Non cash Income…
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Compliance & Security UpdatesCompliance Update – February 2023
February 15, 2023

Compliance Update – February 2023

The FDIC approved a final rule to increase initial base deposit insurance assessment rates by 2 basis points.
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A sign reading wallstreet in front of an exchange buildingEducationalWhat is a Neobank
February 9, 2023

What is a Neobank

Learn what NeoBank is, how it works, its benefits and more. Read through this post or get in touch with BMA Banking for more information.
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A cake decorated with the words "GEN Z" being touched by two hands.EducationalUnderstanding Generation Z’s Financial Needs and Preferences
January 17, 2023

Understanding Generation Z’s Financial Needs and Preferences

As with every generation, Gen Z’s financial needs and approaches differ from their predecessors. Gen Z watched their parents struggle through the Great Recession and are now looking for opportunities…
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Calculation of spending with credit cardsCompliance & Security UpdatesProjected Compliance Changes to Watch for in 2023
January 17, 2023

Projected Compliance Changes to Watch for in 2023

The FDIC approved a final rule to increase initial base deposit insurance assessment rates by 2 basis points.
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Compliance & Security UpdatesCharges for Consumer Credit Reports – December 2022
December 14, 2022

Charges for Consumer Credit Reports – December 2022

Charges for Consumer Credit Reports - The Consumer Financial Protection Bureau (CFPB) has announced that the maximum allowable charge for consumer credit reports will increase for 2023. Under Section 612(f)(2)…
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A man holding up a physical coin with the bit coin symbol on itCompliance & Security UpdatesCrypto Failures – November 2022
November 17, 2022

Crypto Failures – November 2022

Key Regulator Call for Heightened Crypto Supervision - The Commodity Futures Trading Commission (CFTC) should invoke heightened supervision of the crypto exchanges, CFTC Commissioner Christy Goldsmith Romero said. Speaking in…
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Fees Under FireCompliance & Security UpdatesFees Under Fire – October 2022
October 12, 2022

Fees Under Fire – October 2022

Fees Under Fire - A “fee” is any charge to a customer account, regardless of the naming convention employed. It includes origination and servicing charges, which can include corporate advances.…
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Regulation J Fed Now ServiceCompliance & Security UpdatesRegulation J: Fed/Now Service – September 2022
September 14, 2022

Regulation J: Fed/Now Service – September 2022

Regulation J: Fed/Now Service - The Federal Reserve Board (FRB) has published final changes to Regulation J (Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers…
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acquisitions of community banksCompliance & Security UpdatesStates Slam on the Brakes for Credit Union Acquisitions of Community Banks – August 2022
August 10, 2022

States Slam on the Brakes for Credit Union Acquisitions of Community Banks – August 2022

States Slam on the Brakes for Credit Union Acquisitions of Community Banks Over the last few months, the list of growing mergers announced between tax-exempt credit unions and taxpaying banks…
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Protect financial institutionCompliance & Security UpdatesProtecting your Financial Institution from Security Breaches – July 2022
July 13, 2022

Protecting your Financial Institution from Security Breaches – July 2022

Protecting your Financial Institution from Security Breaches To assist Financial Institutions from breaches in security you must tighten your data security controls and also plan for a significant breach should…
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2022 IRS Tax Form ChangesCompliance & Security Updates2022 IRS Tax Form Changes – June 2022
June 14, 2022

2022 IRS Tax Form Changes – June 2022

2022 IRS Tax Form Changes Identified We have identified and summarized the changes that we can expect for the 2022-year tax forms. Form Name of Form Description of Changes 1098…
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Building an Effective and Efficient Compliance Program – May 2022Compliance & Security UpdatesBuilding an Effective and Efficient Compliance Program – May 2022
May 17, 2022

Building an Effective and Efficient Compliance Program – May 2022

Building an Effective and Efficient Compliance Program A well designed and implemented compliance program will protect your financial institution and is identified by the first five (5) basic factors; All…
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Discussion in MeetingEducationalHow Banks Can Successfully Integrate With FinTech’s
April 27, 2022

How Banks Can Successfully Integrate With FinTech’s

Success in contemporary banking comes down to providing the best consumer experience. People’s banking expectations are higher today than they used to be due to the rapid expansion of consumer…
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CECL Compliance Update – April 2022Compliance & Security UpdatesCECL Compliance Update – April 2022
April 12, 2022

CECL Compliance Update – April 2022

CECL ( Current Expected Current Loss) What is the effective date for CECL? The FASB pushed back the effective date of CECL from January 2021 to January 2023 for smaller…
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Girl Talking on CallEducationalHow Can a Core Provider Be More Helpful to Your Financial Institution?
April 6, 2022

How Can a Core Provider Be More Helpful to Your Financial Institution?

Core banking is vital software that keeps bank systems up to date in providing the latest feature and products that customers depend on and expect. Because of the vast competition…
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Girl Writing Something on PaperEducationalThe 6 Steps to a Successful Core Conversion
March 24, 2022

The 6 Steps to a Successful Core Conversion

The computational needs of a financial institution are difficult for the human mind to fathom. Not only are there impressive numbers to keep track of, but all sorts of customer…
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Business Deal with ProfessionalsCompliance & Security UpdatesIRA Tax Withholding Compliance Update – March 2022
March 9, 2022

IRA Tax Withholding Compliance Update – March 2022

Current Important Topics IRS – Tax Withholding on IRAs The IRS has announced several form changes that will impact tax withholding on distributions from individual retirement accounts (IRSs). Form W-4P…
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Business Deal with ProfessionalsCompliance & Security UpdatesCompliance Update – February 2022
February 8, 2022

Compliance Update – February 2022

Current Important Topics IRS 1095-B-C – Extended Due Dates The Internal Revenue Service (IRS) has published a proposed rule that would provide an automatic extension of the filing due dates…
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Is Your Core Bank Software A Good Partner?EducationalIs Your Core Software Provider a Good Partner?
January 13, 2022

Is Your Core Software Provider a Good Partner?

In order for your bank to operate smoothly, it requires accurate and precise core software. As you evaluate your current core software provider, do they provide all the elements your…
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Business Deal with ProfessionalsCompliance & Security UpdatesCompliance Update – January 2022
January 10, 2022

Compliance Update – January 2022

OFAC New Guidance for the Virtual Currency Industry What you need to know This guidance is directed at technology companies, exchangers, administrators,  miners, wallet provider, and users. The goal is…
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BMA Banking Compliance Update December 2021Compliance & Security UpdatesCompliance Update – December 2021
December 21, 2021

Compliance Update – December 2021

Privacy Notices Under Gramm-Leach-Bliley Act and Regulation P Definition The Gramm-Leach-Bliley Act (GLBA) requires financial institutions to provide  consumers with a privacy notice disclosing that a consumer’s nonpublic personal  information…
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Stock Price IndicatorsEducationalHow Will Cryptocurrency Affect the Financial Industry?
December 21, 2021

How Will Cryptocurrency Affect the Financial Industry?

As more and more online companies begin to accept cryptocurrency as a form of payment, it has both lawmakers and financial institution regulators feeling nervous. The frequent introduction of cryptocurrencies…
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Persons Shaking HandCompliance & Security UpdatesCompliance Update – November 2021
December 1, 2021

Compliance Update – November 2021

Regulation Z – Credit Card Fees The Consumer Financial Protection Bureau (CFPB) has announced the 2022 safe harbor maximum fee amounts that may be imposed when a card holder violates the…
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Two Men Talking TogetherEducationalWhat Is a Core Conversion?
November 9, 2021

What Is a Core Conversion?

If a bank determines to review its core software platform, it might decide to perform a software conversion to replace it with a state-of-the-art system. A conversion can be undertaken…
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Persons Shaking HandCompliance & Security UpdatesCompliance Update – October 2021
October 22, 2021

Compliance Update – October 2021

Changes to U.S First-Class Mail Delivery Times What’s Happening? Effective October 1, 2021, the United States Postal Service (USPS) has revised its service standards for certain First-Class Mail items, resulting…
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Credit UnionEducationalStarting a Credit Union
October 7, 2021

Starting a Credit Union

Starting a credit union can seem like an overwhelming process, but it doesn’t have to be. There are simple steps to follow, and anyone can be ready to open a…
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Persons Shaking HandCompliance & Security UpdatesCompliance Update – September 2021
September 21, 2021

Compliance Update – September 2021

TRID Disclosure Timing What is TRID? TRID is an acronym made up from other acronyms. TRID is short for TILA-RESPA Integrated Disclosures. TILA is the acronym for the “Truth in…
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Golden Colour CoinsEducationalHow Much Capital Do You/I Need to Open a Bank?
September 14, 2021

How Much Capital Do You/I Need to Open a Bank?

Organizing and starting your own bank is a massive undertaking for a variety of reasons, with raising capital as only being one of them. Owning and operating a bank, needless…
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Multiple Credit CardsCompliance & Security UpdatesCompliance Update – August 2021
August 20, 2021

Compliance Update – August 2021

Regulation II – Debit Card Processing Description: The Federal Reserve Board (FRB) has published proposed change to Regulation II (Debit Card Interchange Fees and Routing) to clarify the coverage of…
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Automated Clearing House (ACH)EducationalUnderstanding the Automated Clearing House (ACH)
August 17, 2021

Understanding the Automated Clearing House (ACH)

Most consumers and businesses have used ACH payments before, whether for recurring payments or bulk transactions. However, while many people have used these payments, they may not know what the…
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Girl Writing Something on PaperCompliance & Security UpdatesCompliance Update – July 2021
July 19, 2021

Compliance Update – July 2021

2021 IRS Form Changes BMA has received the updates and changes to the IRS forms for 2021. The changes have been reviewed and approved in our Work in Progress meeting…
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Man Passing Cash from WindowEducationalBank vs Industrial Loan Company (ILC) Charters: Which Should You Start and What Are the Differences?
July 1, 2021

Bank vs Industrial Loan Company (ILC) Charters: Which Should You Start and What Are the Differences?

When it comes to starting a financial institution, the variety of options available makes it challenging to narrow your choices. Join BMA as we look at the differences between traditional…
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Man Making Payment OnlineCompliance & Security UpdatesCompliance Update – June 2021
June 24, 2021

Compliance Update – June 2021

The Federal Financial Institutions Examination Council (FFIEC) has announced that it will proceed with two sets of proposed Bank Call Report changes. One set impact Schedule RC-O and the other…
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Adam Weight - BMA CEO/PresidentPress ReleaseNew President/CEO – Adam Weight
May 19, 2021

New President/CEO – Adam Weight

Press Release For Immediate Release Salt Lake City, Utah May 19th, 2021 Utah Based Financial Software Company Announces New President and CEO BMA Banking Systems Welcomes Executive With Decades of…
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Man Using Online Banking ServiceEducationalWhat Is an Online/Digital Bank and How is One Started?
May 18, 2021

What Is an Online/Digital Bank and How is One Started?

What Is an Online/Digital Bank and How is One Started? As banking trends and technology continue to evolve, digital banking solutions are quickly becoming a popular option. While traditional banks…
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A Girl Pointing on SomethingCompliance & Security UpdatesCompliance Update – May 2021
May 13, 2021

Compliance Update – May 2021

April 09, 2021: Federal regulators issued a joint statement addressing how risk management principles in “Supervisory Guidance on Model Risk Management” relate to banking systems or models designed for Bank…
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Banks vs. Credit UnionEducationalHow Is a Bank Different from a Credit Union?
May 6, 2021

How Is a Bank Different from a Credit Union?

These days, there is no shortage of options when it comes to choosing an institution for storing your cash and taking out loans. It seems as if there’s a bank…
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Man Holding a Bank CardCompliance & Security UpdatesCompliance Update – April 2021
April 7, 2021

Compliance Update – April 2021

As we reviewed in this publication last June, it still stands that the LIBOR Index will no longer be available after 2021. As the transition remains a global priority, the…
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Currency and GraphsEducationalUnderstanding the New Current Expected Credit Loss (CECL) Regulation
March 23, 2021

Understanding the New Current Expected Credit Loss (CECL) Regulation

Understanding Current Expected Credit Losses (CECL) After the 2008 financial crisis, the Financial Stability Board determined that the banking industry’s failure to recognize future credit loss was compounding the disaster.…
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EducationalThe Factors That Influence Interest Rates in 2021
March 16, 2021

The Factors That Influence Interest Rates in 2021

The Factors That Influence Interest Rates An interest rate is essentially a fee for borrowing money, and it’s virtually unavoidable if an individual is looking to buy a home, car,…
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A Guy Working on LaptopCompliance & Security UpdatesCompliance Update – March 2021
March 16, 2021

Compliance Update – March 2021

What is Cryptocurrency? Cryptocurrency (or “crypto”) is a digital currency that can be used to buy goods and services. It uses an online ledger with strong cryptography to secure online…
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A Girl Working on LaptopCompliance & Security UpdatesCompliance Update – February 2021
February 8, 2021

Compliance Update – February 2021

Charge for Consumer Credit Reports The Consumer Financial Protection Bureau (CFPB) has announced that the maximum allowable charge for consumer credit reports will increase for 2021. Under Section 612(f)(2) of…
BMA
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Man Using Mobile PhoneCompliance & Security UpdatesCompliance Update – January 2021
January 19, 2021

Compliance Update – January 2021

Regulation D – Annual Adjustments The Federal Reserve Board (FRB) has amended Regulation D (Reserve Requirements of Depository Institutions) to reflect the annual adjustment of two key dollar amounts that…
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Girl Talking on CallDe Novo BankEducationalHow to Start a De Novo Bank in 2021
December 15, 2020

How to Start a De Novo Bank in 2021

Starting a bank often seems like an impossible task. In this day and age, that conception is false. With experience and modern technology, anyone with ambition has the opportunity to…
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Girl Holding a Bank CardCompliance & Security UpdatesCompliance Update – December 2020
December 11, 2020

Compliance Update – December 2020

 Helping Customers Through the PPP Forgiveness Process Review the rules governing the loan forgiveness process on the U.S. SBA Website  Train Staff on how to review the calculations and documents…
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Man Using Laptop and MobileCompliance & Security UpdatesCompliance Update – November 2020
November 10, 2020

Compliance Update – November 2020

Documentation Question: What type of documentation should financial institutions maintain relative to providing an accommodation to a borrower affected by COVID-19? Answer: Financial institutions should maintain appropriate documentation that considers…
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Man and Woman with LaptopCompliance & Security UpdatesCompliance Update – October 2020
November 4, 2020

Compliance Update – October 2020

Question: Can the bank's Compliance Officer also be the OFAC Compliance Officer? Answer: Yes, the FFIEC Examination Manual does not dictate the individual responsible for day to day compliance with…
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A Boy and Girl Siting TogetherUncategorizedWhen Should Financial Institutions Advertise Mortgage Loans?
October 17, 2020

When Should Financial Institutions Advertise Mortgage Loans?

  The real estate market is fast-paced and constantly changing. Buyers and sellers already face the uncertainty of the market but what about financial institutions, credit unions, and other financial…
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Stock Market CrashUncategorizedHow Are Financial Institutions Affected by a Financial Crisis?
October 2, 2020

How Are Financial Institutions Affected by a Financial Crisis?

How Financial Institutions Are Affected by Financial Crises In light of the current economic conditions caused by the global pandemic, many pundits are concerned about financial institutions affected by the…
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Lady Using Credit Card for PaymentCompliance & Security UpdatesCompliance Update – September 2020
October 1, 2020

Compliance Update – September 2020

Regulation B / Request for Information The Consumer Financial Protection Bureau (CFPB) is requesting comments on creating a regulatory environment that will; Expands Access to Credit Ensure that all consumers…
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Pen Drives on LaptopUncategorizedWhat Is a USB Data Blocker and Why Do You Need One?
September 14, 2020

What Is a USB Data Blocker and Why Do You Need One?

When your phone is running low on battery, public charging stations can save the day. But these blessings can quickly turn into a curse when hackers steal your data through…
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man using atmEducationalEvolution of the ATM
September 1, 2020

Evolution of the ATM

Today’s automated teller machines (ATMs) have a plethora of capabilities. Using your debit or credit card — or using contactless payment options on your smartphone — you can view your…
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wealth growthEducationalIs a Bank a Profitable Business?
August 20, 2020

Is a Bank a Profitable Business?

Most of us wonder at some point about how a bank makes a profit. How do banks make money when they provide so many free service offerings — especially ones…
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merger dealEducationalBank Mergers and Acquisitions: A Growing Trend
August 5, 2020

Bank Mergers and Acquisitions: A Growing Trend

There were 249 bank mergers in 2019, totaling $57.68 billion which was almost double the valuation of the previous year. The high value was a result of the merger of…
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Person Checking Data on SheetCompliance & Security UpdatesCompliance Update – August 2020
August 1, 2020

Compliance Update – August 2020

1. Changes in Allowances for Credit Losses (Schedule R1-B; Part II) a. Provisions for Credit Losses on Off-Balance-Sheet Credit Exposures, New Memo Item 7. This new item would be used…
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credit card phishingEducationalGone Phishing: How Vigilance Thwarts Scam Attacks
July 7, 2020

Gone Phishing: How Vigilance Thwarts Scam Attacks

Phishing is a type of online scam that has been a constant, unfortunate accompaniment to the digital age. Research shows nearly one-third of all data breaches in 2019 involved phishing…
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Escrow Written on Paper with MarkerCompliance & Security UpdatesCompliance Update – July 2020
July 1, 2020

Compliance Update – July 2020

The Consumer Financial Protection Bureau issued a proposed rule to implement relief from mandatory escrow requirements for higher-priced mortgage loans. Under the proposal, institutions with $10 billion or less in…
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Starting a credit unionEducationalHow to Start a Credit Union
June 28, 2020

How to Start a Credit Union

A credit union is a not-for-profit financial institution that is run and owned by its members, unlike a bank, which may be publicly traded or privately owned. Credit unions offer…
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Banking and Graph DataEducationalHow to Choose the Right Banking Software
June 11, 2020

How to Choose the Right Banking Software

Financial institutions require powerful technology solutions that can keep up with ever-changing client needs. Patrons expect their banks and credit unions to offer a full suite of digital services, and…
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Interest Rates On Laptop ScreenCompliance & Security UpdatesCompliance Update – June 2020
June 1, 2020

Compliance Update – June 2020

“I don’t know how some of the things in the past month would have been done but for community banks, …Community banks are the small engines that could and did…
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Economy Graph in COVIDCompliance & Security UpdatesCompliance Update – May 2020
May 1, 2020

Compliance Update – May 2020

The Federal Reserve Board (FRB) has published a temporary change to its capital rule that impacts holding companies. This is in response to recent disruptions in economic conditions cause by…
BMA
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Man Looking on LaptopEducationalEmerging FinTech Trends of 2020
April 23, 2020

Emerging FinTech Trends of 2020

Technology has slowly been taking over the finance industry ever since the stock market went electronic decades ago. People far and wide are investing in fintech for its time- and…
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A Girl Checking CalendarCompliance & Security UpdatesCompliance Update Special Edition– April 2020
April 1, 2020

Compliance Update Special Edition– April 2020

The banking regulators (FDIC, FRB, and OCC) have announced that banks will have an additional 30 days to file their Bank Call Report for the quarter ending 3/31/20. The regulators…
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Girl Holding a Bank CardCompliance & Security UpdatesCompliance Update – March 2020
March 1, 2020

Compliance Update – March 2020

Question: May a prepaid card be set up without requiring customer identification verification? Answer: Regulation E permits not requiring customer identification verification. However, it must be disclosed. If a prepaid…
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Sky View with BuildingEducational5 Popular Banking Trends in 2020
February 18, 2020

5 Popular Banking Trends in 2020

The year 2020 is something we’re used to hearing about in sci-fi movies — but the new decade is already here. Along with a fresh decade comes exciting new banking…
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Compliance in OfficeCompliance & Security UpdatesCompliance Update – February 2020
February 1, 2020

Compliance Update – February 2020

Question As a Bank, you have an arrangement with an insurance company to offer homeowner’s insurance to borrowers that have received a mortgage. Do you need to provide a privacy…
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Businessman Whiteboarding Business PlanEducationalCreating a Business Plan for a De Novo Bank
January 25, 2020

Creating a Business Plan for a De Novo Bank

Before you open the doors of your De Novo Bank and start accepting customers, there are a few hurdles to overcome. One of the first ones is to create a…
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Man Checking his PhoneCompliance & Security UpdatesCompliance Update – January 2020
January 1, 2020

Compliance Update – January 2020

Question For the Regulation CC the availability threshold adjustments, effective July 1, 2020, does the bank need to send a change in terms? Answer The final rule which addresses the…
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Stock Price GraphsEducationalHow to Raise Capital When Starting a New Bank
December 20, 2019

How to Raise Capital When Starting a New Bank

Banks are rock solid investments that can, upon maturity and after prodigious legwork, yield capital appreciation and significant dividend income for investors. Financial institutions make their money through the charging…
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Downtown View from BuildingEducationalHow Small Online Banks are Changing the Financial Landscape
November 11, 2019

How Small Online Banks are Changing the Financial Landscape

Today’s consumers expect to be able to do just about everything from their smartphones, and that includes managing their bank accounts. Online banks have emerged to meet the demands of…
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Sky View from the RoadEducationalGetting to Know ILC Banking
August 12, 2019

Getting to Know ILC Banking

An industrial loan company (ILC) is a financial institution within the United States that lends money, typically to consumers and small businesses. A fixed institution since 1910, the distinctive feature…
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Benefits of Core Banking SystemsDe Novo BankEducationalWhat Is a Core Banking System?
July 11, 2019

What Is a Core Banking System?

Advanced technology in the banking industry has made transactions safer, faster, and more efficient for banking staff as well as customers. Gone are the days of manually processing checks and…
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Unlocked Lock With CoinsDe Novo BankEducationalBack in Black: Renewed Interest in De Novo Bank Investment
May 15, 2019

Back in Black: Renewed Interest in De Novo Bank Investment

It’s been a long road, but regulatory conditions are finally more receptive to bank startups than at any time since the financial crisis struck a decade ago. Only 11 new…
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