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aRTiCLeS

          fields  as  key  fields  that  examiners  will  use  to  evaluate  bank   The survey noted that banks also educate seniors and their
          compliance.                                            caregivers about financial fraud – 47 percent of banks surveyed
                                                                 said they host educational events on topics such as avoiding
          The identification of these fields is intended to support the
          efficient and effective evaluation of financial institutions’   scams, identity theft and choosing a trusted financial caregiver.
          compliance with the HMDA’s requirements. In certain    To help bankers in these efforts, ABA in 2015 launched Safe
          circumstances, however, examiners may determine it necessary   Banking for Seniors, which provides resources to help bankers
          to review additional HMDA data fields as appropriate. The   engage and educate their older customers.
          agencies also issued guidelines for bank examiners to use when   To view the report visit: https://www.aba.com/Engagement/
          evaluating HMDA data.                                  Documents/2017-Older-Americans-Benchmark-Report.pdf
          In other HMDA-related news, the Consumer Financial     To learn more about Safe Banking for Seniors visit:
          Protection Bureau has updated its chart on the collection and   https://www.aba.com/Engagement/Pages/safe-banking-for-
          reporting of HMDA information about ethnicity and race, and   seniors.aspx
          published a new reporting reference chart banks can use as a
          reference for the data points that are required to be collected   CFPB Outlines Principles for
          under Regulation C.
                                                                 Third-Party Data Access
          To view the joint agency data fields visit: https://www.
          fdic.gov/news/news/financial/2017/fil17051.pdf         The CFPB has issued nine guiding principles for protecting
                                                                 consumers that choose to share their financial data with third
          To view the CFPB’s compliance resources visit: https://  parties and data aggregators. The principles were released after
          www.consumerfinance.gov/policy-compliance/guidance/    the CFPB last year conducted a formal investigation into “screen
          implementation-guidance/hmda-implementation/           scraping,”  a process  in  which  consumers  provide their online
                                                                 banking credentials to a third-party app or tool. The principles do
          Survey Highlights Banks’                               not reflect new or alter any existing guidance.
          Efforts to Protect Older                               While the CFPB affirmed that consumers should generally have
          Americans                                              the ability to share their financial data, it noted that consumers
                                                                 should not be required to give up their banking credentials to do so.
          With Americans over                                    The principles establish that third parties that are granted access to
          age 50 accounting for                                  customer data should use it only to the extent necessary to provide
          70 percent of all bank                                 the products and services selected by the customer, and that the
          deposits,  and with  an                                data should be accessed, stored and used safely and securely. In
          estimated one in five                                  addition, the CFPB emphasized that consumers should have the
          seniors  targeted  by                                  ability to quickly review who has access to their data and have
          financial fraud, the ABA                               disputes over unauthorized access resolved in a timely manner.
          Foundation released its
          inaugural Older Americans Benchmarking Report highlighting   To view the principals visit: http://files.consumerfinance.
          how banks are working to combat elder abuse.           gov/f/documents/cfpb_consumer-protection-principles_data-
                                                                 aggregation.pdf
          A majority of banks – 7 1 percent – said they required additional,
          specialized training for frontline staff to help spot elder financial   Article Focuses on AML/BSA
          abuse, while 64 percent reported using automated tools to help
          better monitor their older customers’ account activity. Six in 10   Trends
          said they offer products with favorable terms for older customers.   The cover story in the November/

          Banks also reported working closely with financial caregivers to   December 2017 issue of ABA Bank
          detect and prevent elder abuse. In cases where fraud is suspected,   Compliance magazine covers anti-
          77 percent  said  they call to  notify the  financial caregiver,   money laundering and Bank Secrecy
          while 55 percent schedule an in-person meeting. When elder   Act compliance and enforcement
          fraud is suspected, banks respond by flagging the account for   trends, noting that under the current
          further monitoring (82 percent), reporting the incident to law   administration these compliance
          enforcement (68 percent), and reporting it to adult protective   expectations  will  continue  to
          services (62 percent), the survey found.               intensify.





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