IforD - Forestry and Climate Change Fund’s Post

FCRA & Adverse Action When it comes to taking adverse action, the first thing that usually comes to mind are the notification requirements found in Regulation B (aka the Equal Credit Opportunity Act). However, if a financial institution uses information from a credit report in its decision to take adverse action, additional disclosures are also triggered under The Fair Credit Reporting Act (FCRA). Unlike Regulation B, which only applies to credit products/services, the FCRA requirements apply to both deposit and credit products/services. In other words, if information from a credit report is used in the decision to deny a checking account, there are certain disclosures that must be provided. Kevin explains more in the video. Be sure to JOIN US on August 22, 2024, for our webinar, “Deposit Operations Overview”. Register here - https://lnkd.in/gAn33-dE https://bit.ly/3M4JRa2

There is a new filing requirement for LLCs to file a Beneficial Ownership Information Report. Please see the link to view the PSA from the Financial Crime and Enforcement Network. https://lnkd.in/e6dA45wT Also, see if you are exempt from the filing requirement, how to file your report, and any questions you have at the link below. https://www.fincen.gov/boi To file your report is free and it takes no more than 10 minutes. To file your report online, you can use the link below. https://lnkd.in/egdQWVWW

#DidYouKnow? Checking your #CRB report regularly is a smart practice that helps you monitor your financial standing and quickly identify any inaccuracies.😉 To access a copy of your credit report, please visit our website: https://lnkd.in/dabJDqja #CreditAwareness #WisdomWednesday

The UK financial regulators, the Prudential Regulation Authority (PRA), the Financial Conduct Authority (FCA) and the Bank of England (BoE), have published new rules on the oversight of critical third parties (CTPs) – suppliers that provide vital services to UK-regulated financial entities and are heavily relied upon across the financial system. These rules, referred to as the “CTP Oversight Regime”, were published on 12 November 2024. They will bring CTPs directly within the supervisory powers of the financial regulators with the aim of improving the resilience of the UK financial sector. Read this article for further insight. #FinancialServices

UPCOMING WEBCAST: While the CECL adoption has come and gone, financial institutions are still left with many questions. Uncover current industry trends and data, the importance of back testing models and CECL program validations, practical strategies to elevate your credit risk game, and more in our upcoming webcast. Register today! https://hubs.li/Q02H-_Lx0

Its good practice to know your Credit Status at minimum once a year.

UPCOMING WEBCAST: While the CECL adoption has come and gone, financial institutions are still left with many questions. Uncover current industry trends and data, the importance of back testing models and CECL program validations, practical strategies to elevate your credit risk game, and more in our upcoming webcast. Register today! https://hubs.li/Q02H_4hW0

#TuesdayTip: DYK? Many companies in the U.S. must report information about their beneficial owners—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. Learn your company’s reporting requirements, see FAQs and more at >> fincen.gov/boi

Perfect timing for strategic planning!

Listen here to this week's Financial Services Newsletter, reporting on the latest regulatory news headlines from across the financial services industry. Bank of England Payment Systems Regulator Financial Conduct Authority Financial Stability Board (FSB) #TaxCompliance #HMRC #BreakingNews #FinancialServices