1071 Small Business Lending Compliance: What Every Financial Institution Must Know
After over a decade of anticipation, the Consumer Financial Protection Bureau (CFPB) unveiled its definitive Section 1071 rule on March 30, 2023, reshaping the landscape of small business lending data collection. This monumental rule, a cornerstone of the Dodd-Frank...
Beyond the Checklist: Deep Dive into Common Audit Findings in Financial Institutions
In the evolving landscape of financial services, ensuring that your institution is compliant, transparent, and proactive in addressing potential pitfalls is not just ticking off regulatory checkboxes. It’s about fostering trust, ensuring operational excellence, and safeguarding reputations in a highly competitive market.
The Most Common BSA Findings and What Financial Institutions Can Do to Avoid Them
The importance of adhering to compliance regulations cannot be understated. For financial institutions, the spotlight has never shone brighter on ensuring rigorous compliance with the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regulations. These rules are...
Unmasking the Many Faces of Risk: A Deep Dive into Community Banking’s Challenges
Imagine a tightrope walker, balancing with grace and precision, high above a bustling city. It might seem a feat of pure talent to the onlooker, but it's as much about understanding and managing the risks of the gusty winds, the tautness of the rope, and the...
Why Your Financial Institution Should Consider Hiring a Compliance Consultant
Boost your financial institution’s compliance game! Discover the benefits of hiring a compliance consultant and stay ahead of regulatory challenges.
The Regulatory Maze: A Comprehensive Guide for Fintechs
Navigate the complexities of fintech regulations with ease! Our comprehensive guide unravels the regulatory maze for fintechs. Don’t miss out! 🧭🚀
Demystifying Asset Liability Management An Essential Tool for Financial Institutions
Discover the power of Asset Liability Management for financial institutions. Unravel its complexities and optimize your strategies. Must-read guide.
Key Challenges for Community Banks in 2023 and Strategies for Navigating Them
The community banking sector, a critical part of our financial landscape, faces unique challenges in 2023. From increased regulatory complexity to the need for fostering innovation and talent acquisition, these institutions must navigate a rapidly evolving environment...
A leading Fintech company has engaged RADD LLC to serve as their Chief Risk Officer
Exciting news! A leading Fintech company has engaged RADD LLC to serve as their Chief Risk Officer. We are thrilled to partner with this innovative company and support their risk management needs. As their Chief Risk Officer, RADD LLC will bring extensive expertise,...
We are Pleased to Announce our Latest Engagement with a Community Bank in Southern California
Exciting news! We are pleased to announce our latest engagement with a community bank in Southern California. RADD LLC has been engaged to provide an internal audit proposal. At RADD LLC, we pride ourselves on our ability to provide tailored solutions that meet each...
RADD LLC has been engaged by a community bank in Southern California to provide Credit Operations Support.
Great news! RADD LLC has been engaged by a community bank in Southern California to provide Credit Operations Support.Our experienced professionals will work closely with the bank to ensure smooth and efficient credit operations, helping drive growth and success.If...
Raddllc Announce her Latest Engagement with a $325M Bank in Victor, MT
We are excited to announce our latest engagement with a $325M bank in Victor, MT! Our team will be conducting a Cannabis Related Banking Program Audit to ensure their compliance with all applicable regulations.Do you require similar compliance services for your...
Raddllc Thrilled to Announce our Latest Engagement with a $2B Credit Union in Riverside, CA.
Exciting news! We're thrilled to announce our latest engagement with a $2B Credit Union in Riverside, CA. We will be working with them to develop their Marijuana Related Business Program.If you're looking for guidance on Marijuana-Related Business Program Development...
Raddllc Signed a New Engagement with a Prominent Community Bank in California!
Exciting News! We just signed a new engagement with a prominent community bank in California!We are thrilled to share that our team will be conducting their SOX Program and Testing, ensuring strong compliance and risk management practices.At RADD, we are dedicated to...
Bank and Fintech Partnerships: What Regulators Lookout For
In light of the recent Consent Order issued to CBR, bank and Fintech relationships necessitate a more diligent and rigorous approach.
The Ultimate Guide: Fintech Regulatory Roadmap Map
For a long time, Fintechs were commonly subject to regulatory requirements through the financial institutions that regulators oversee.
Comprehensive Overview of Regulations in Fintech
Regulatory challenges in Fintech are usually related to striking a balance between fostering innovation and protecting consumers from financial crime and loss. This has not come with ease. The debate over whether some digital assets should be categorized as commodities or securities is a prime example.
For one thing, Fintech products often blur the lines between traditional financial services and emerging technologies. With new business models and products, regulatory and compliance risks tend to expand at a rapid pace.
Nevertheless, countries around the world are continually adapting financial regulations to respond to Fintechs’ unique offerings. The regulatory gap is closing slowly but surely.
In this article, we explore some of the major regulatory developments that relate to US Fintechs. But first, let’s answer the following question
KYC/AML Compliance Checklist for Fintechs
KYC/AML compliance is a complex area of regulation that requires a deep understanding of both the financial sector and your business. Do you know what your firm’s obligations are? Read on to learn more about some of the major compliance checklists Fintech firms need to adhere to in order to ensure robust KYC/AML practices and successful third-party relationships.
Understanding the CFPB Section 1071 Final Rule: Implications for Financial Institutions
The Consumer Financial Protection Bureau (CFPB) recently issued its long-awaited final rule to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to collect and report certain data concerning credit applications made by small businesses, including women- or minority-owned small businesses. Here’s what financial institutions need to know about the CFPB Section 1071 Final Rule.
We just won an Engagement with a Delaware Based Fintech Company
Exciting news! We are thrilled to announce our latest engagement with a Fintech company based in Delaware.
RADDllc Signed an Engagement with a California Credit Union with an Asset Size of 4.5 billion
Exciting news! We are thrilled to announce that we just signed an engagement with a California Credit Union with an asset size of 4.5 billion. We will conduct their BSA/AML and OFAC audit and perform a gap analysis of their BSA Program.
What Silicon Valley Bank’s Collapse Teaches Us About the Importance of Strong Risk Management Programs
Despite being a major lender in the tech industry for decades, Silicon Valley Bank's (SVB) risky investments and lack of proper risk management protocols led to its downfall. Yes, government policies were not favorable to banks as the Federal Reserve raised the...
Our team of highly-experienced experts are proud to be providing a BSA Model Validation Audit for a popular Southern California-based Bank
This project is a big deal for us and we are ready to tackle it head-on! With our experienced BSA Model Validation Audit team, this process will be painless. We promise to provide comprehensive analysis, clear recommendations, and timely results - all while making...
Guidelines for Bank SecrecY Act / Anti-Money Laundering (BSA/AML)Compliance Program 2023
A BSA/AML compliance program aims at bringing about greater transparency, inclusiveness, and accountability in financial systems. Given the increased regulatory scrutiny and enforcement actions, financial institutions must prioritize BSA/AML compliance and ensure their policies, procedures, and controls are up-to-date.
In this article, we explore some of the fundamentals of BSA/AML regulations (BSA 101), including BSA/AML compliance meaning and examples, the pillars of BSA/AML, the entities subject to BSA/AML compliance, and important steps taken by financial institutions to stay compliant.
Fintech Compliance Risks and Regulatory Landscape 2023
The risks and regulatory landscape for fintech companies are complex and constantly evolving. To survive, you must navigate a patchwork of federal and state regulations. These include the US Patriot Act, the Bank Secrecy Act, the Fair Credit Reporting Act, and...
Audit Procedures for Financial Institutions
the audit procedure is a standardized process set up by banks to assess their level of compliance with relevant rules and regulations. Also known as the technique of auditing, an audit procedure is carried out by an internal or external auditor and may be conducted on a continuous or periodic basis.
Top 10 Risk and Compliance Trends for 2023
With the rapidly growing digital revolution, financial institutions have undergone a significant technological change to meet demands from increasingly sophisticated customers and global competition. Hence, it is crucial to know what should be your risk and compliance...
RADD Just Won an Engagement with a Technology Firm in Canada
RADD just won an engagement with a technology firm in Canada with an asset value of $2 billion to develop their compliance policies and procedures for Regulation B - The Equal Credit Opportunity Act (ECOA). We're thrilled to help this client improve their operations,...
We’re so excited to Announce that we’ve just Won a Deal with a Credit Union out of Michigan!
We're so excited to announce that we've just won a deal with a credit union out of Michigan! We will be providing them with a validation of their cannabis compliance software. We can't wait to start working with them on their compliance software. Congrats to our team...
We’re Excited to Announce our New Engagement with one of the Oldest Banks in Montana
We're excited to announce our new engagement with one of the oldest banks in Montana. They contracted RADD LLC to perform an audit of their Cannabis Banking Program, perform a validation of the Cannabis Banking Software and provide ongoing compliance support. We are...