September Newsletter 2010

IN THE NEWS

[firstname], here's a complimentary copy of our E-Newsletter. Many lenders find this information very helpful. I hope you do too!

In this newsletter...

 Editorial

If you haven’t seen this Detroit Robbery video you should…as one lender said to me, “these are either the luckiest robbers or the dumbest cops I’ve ever seen...


Based on the most recent figures released from CrimeAmerica, there were 1,212 reported violations of the Federal Bank Robbery and Incidental Crimes Statue during the third quarter of 2009. According to statistics released today by the FBI, there were 1,184 robberies of financial institutions, and 28 burglaries reported between July 1, 2009 and September 30, 2009. Highlights of the report include:
  • Money was taken in 90 percent of the incidents, totaling more than $9.4 million.
  • Of the money taken, 22 percent of it was recovered. More than $2.2 million was returned to financial institutions.
  • Bank crimes most frequently occurred on Friday. Regardless of the day, the time frame when bank crimes occurred most frequently was between 9:00 a.m. and 11:00 a.m.
  • Acts of violence were committed in 5 percent of the incidents, resulting in 26 injuries, five deaths (perpetrators), and 32 persons being taken hostage.
  • The most common methods used were oral demands, closely followed by demand notes.
  • Most violations occurred in the southern region of the U.S., with 492 reported incidents.

On September the 15th, we are offering the Live Webinar Armed Robbery: Preventing & Being in Regulatory Compliance!

Charles Williams, our presenter is an experienced banker. As the author of “Don’t Panic!,” Charles has applied his energy and imagination to the world of Physical Security. Charles knows exactly what it takes to raise awareness and overcome complacency in financial institutions.

Come join us and learn:
  • How to make your Financial Institution less attractive to perpetrators;
  • What you can do to prepare your bank employees and local law enforcement;
  • What you have to do to be in compliance with the Regs;
- Greg
BANKING NEWS

This is an important decision for the retail and e-commerce industries.Lenders engaged in e-commerce should consider complying with FACTA’s credit card truncation requirements simply as a matter of good business practice, but court rules in creditor’s favor.

FACTA does not apply to e-mail order confirmations
In Shlahtichman v. 1-800 Contacts, No. 09-4073, slip op. (7th Cir. Aug. 10, 2010), the 7th Circuit held that the credit card truncation requirements of the Fair and Accurate Credit Transactions Act of 2003 (FACTA) do not apply to e-mail order confirmations.

While the decision strictly applies only within the 7th Circuit (Illinois, Indiana and Wisconsin), as the first and only appellate court decision on the issue, it will carry persuasive effect elsewhere.

Another ruling that Federal law supersedes State Law...

Fair Credit Reporting Act preempts portion of California Credit Reporting Act
On August 18th, the Ninth Circuit held that the federal Fair Credit Reporting Act preempts a California statute governing how consumer credit reporting bureaus investigate and report a disputed credit report.
See Carvalho v. Equifax Information Services.

Enforcement Actions from Federal Reserve, OCC & FDIC

Federal Reserve Press Release

OCC Enforcement Actions

FDIC Material Loss Review

WEB BASED TRAINING OFFERED!
We can customize programs for your company's needs. Call 888-842-2408 or email us at greg@gregsouther.com. Visit our website at www.gregsouther.com.

CREDIT, COLLECTIONS, and COMPLIANCE

Mortgage loan originators must be registered with the Nationwide Mortgage Licensing System

S.A.F.E. Act Mortgage Loan Originator Registration Requirements
The S.A.F.E. Act requires the agencies to develop and maintain jointly a federal registration system for individuals employed by banks, thrifts, credit unions, and Farm Credit System institutions and certain of their subsidiaries, who engage in the business of residential mortgage loan origination.

Consumer’s going to jail for not paying their bills!!!

Debtors face jail for missing appearances
Post-Tribune
Yes, "debtors' prisons" were condemned more than a century ago, and it's not a crime to be in debt. But thousands of Americans -- and hundreds of Northwest Indiana residents -- are getting tossed in the clinker after not showing up in court to make bill payment arrangements or to plead their case in front of a judge.

Credit spending has increased, on average, by 6% in the first half of 2010, but plastic swipes still fall short...

Credit card interest rates are through the roof
CNNMoney.com
Credit card interest rates soared in the second quarter to a nine-year spike, according to the market research company Synovate.
The average interest rate on existing cards jumped to 14.7% last quarter, up from 13.1% a year earlier, Synovate said. Synovate is the market research arm of Aegis Group plc.

WEB BASED TRAINING OFFERED!
We can customize programs for your company's needs. Call 888-842-2408 or email us at greg@gregsouther.com. Visit our website at www.gregsouther.com.

DATA BREACH & INFORMATION SECURITY

Fraudster was selling compromised credit and debit card numbers through Web sites for nearly eight years.

Russian charged with selling credit card numbers online
www.computerworld.com
A Russian man accused of selling stolen credit card numbers online for nearly a decade has been arrested in Nice, France, and faces charges in an indictment unsealed Wednesday, the U.S. Department of Justice said.

This is a great article. A must read for all in data security...

Security perspectives on call center ID theft risks
www.scmagazineus.com
How do your call center employees factor into identity theft risk assessment? Considering that often the weapon of choice may be a notepad and a pencil, this hard-to-track insider threat has become...

WEB BASED TRAINING OFFERED!
We offer cost-effective training programs and solutions that can help you reach your goals and stay in compliance! Call 888-842-2408 or email us at greg@gregsouther.com. Visit our website at www.gregsouther.com.
  Compliance and Credit Officer Wanted


Want to advertise employment opportunities? Contact us at eric@gregsouther.com

  WEBINARS
Go green with our webinars and save time, money, and the Earth!

All Live Webinars are $225

Section 312 FACT Act Integrity & Accuracy Compliance: Deadline July 1, 2010
 Thu, Sep 9, 2010 3:00 PM - 4:30 PM EDT
Email us and we'll register for you!
Email us and we'll send you the CD!

Armed Robbery: Preventing & Being in Regulatory Compliance!
 Wed, Sep 15, 2010 3:00 PM - 4:30 PM EDT
Email us and we'll register for you!
Email us and we'll send you the CD!

Credit Reports, Credit Scores, FACTA Compliance & Preventing Application Fraud Identity Theft
 Thu, Oct 21, 2010 3:00 PM - 4:30 PM EDT
Email us and we'll register for you!
Email us and we'll send you the CD!

Risk Based Pricing - FACTA Section Act 311 Compliance: Deadline Jan 1, 2011
 Wed, Nov 10, 2010 3:00 PM - 4:30 PM EST
Email us and we'll register for you!
Email us and we'll send you the CD!

Successful Collections: Scripting to Collect in Full !!!!
 Thu, Nov 18, 2010 3:00 PM - 4:30 PM EST
Email us and we'll register for you!
Email us and we'll send you the CD!

We accept:

  Download Previous Webinars or Order on CD...

Section 312 FACT Act Integrity & Accuracy Compliance: Deadline July 1, 2010
Email us and we'll send you the CD!

Bankruptcy: How the Law will affect Your Financial Institution's Mortgages
Email us and we'll send you the CD!

Successful Collections: Scripting to Collect in Full !!!!
Email us and we'll send you the CD!

Foreclosure: A Lender's Guide From Prevention to Recovery!
Email us and we'll send you the CD!

Reporting Your Company's Credit Data, E-OSCAR & Compliance
Email us and we'll send you the CD!

FACING FACTA & RED FLAG Compliance - Surviving Your Audit
Email us and we'll send you the CD!

  GSC


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Our Company was founded in 1996, and our Associates provide training and consulting services to Financial Institutions in the areas of Customer Service and Communication, Credit Collection & Compliance, Fraud Prevention & Information Security, Human Resources & Leadership Development, and Marketing & Sales.

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