TOPIC: Compliance

BID ARTICLE: Inquiry & Insight: Compliance, AI, Strategic Initiatives

Readers of the BID recently asked us about compliance management systems, AI to improve customer experience, and re-evaluating strategic initiatives. We provide our insight in today's article. Read Article

Have a questions for Steve Brown or one of our specialists? Email your questions to or ask them in the comment section below. 

    CARES Act RMD Waiver

    AVP at a bank ($809MUSA)
    For those of you that had filed the 5498s by the May deadline prior to the IRS extending the deadline to August, if you had marked that an RMD was required, how are you handling the scenario?

    We have sent a letter to notify our customers they no longer have an RMD for 2020 but haven't amended those 5498s as of yet. We have spoken with our consultant and they have stated the IRS hasn't released guidelines to that issue, but that they would recommend amending all of the 5498s that had RMD required noted, even though we have notified the customers of the waiver. 

    What is your institution doing for those 5498s?

      Ledger Balance - Overdrafts

      VP at a bank ($217MUSA)
      We use the account ledger balance, less holds on deposits, to determine whether to pay an overdraft. We are revising our Terms & Conditions document, hoping someone can share the language used in their T&C for those that use the ledger balance method? Thanks in advance!

        Abrigo's BSA Demo - BAM+ in Action Empowering your institution with a more powerful tool

        Tuesday, July 28 | 3 p.m. ET
        Register here

        Through customer feedback, decades of industry knowledge and experience, and new state of the art features, we've taken everything that was great about BAM+, updated it, and added even more functionality to help you catch bad actors. We have overhauled BAM+, our comprehensive BSA/AML automation and compliance system, over the last six months and want to share the updates with you. 

        During this demo, we'll walk you through the updated product and demonstrate the improvements we've made to BAM+. You can register here to see all of the enhancements we've made in action and learn how Abrigo will work to keep your institution and customers/members safe from financial crimes.

        Register for the upcoming BAM+ demo

          Appraisal Field Reviews - 10% requirement -

          Employee at a bank ($667MUSA)
          Hello - looking for clarification regarding the quantity of required Field Reviews.  While reading thru the Fannie Mae QC section - states an appraisal field review is needed for 10% of mortgage loans selected for QC?  - Is this for all loan programs or just the FHA loans? We have been completing 10% field reviews - based off total FHA loans - not all loan programs?  - Please advise