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LenderHub

SWBC's LenderHub blog is a one-stop resource for lenders.

 

Warn Your Customers About Romance Scams in Payments

This is an important notification to inform clients of a scam affecting the payments industry.

What is a romance scam?

A romance scam is perpetrated via the internet and predominantly targets older widowed or divorced women by exploiting their emotional vulnerabilities. This crime can be committed from anywhere in the world, making it difficult to catch the perpetrator.

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Improve Your Retail Investment Program

You want your institution's members to have the best customer experience possible. As you evaluate ways to improve, consider how your retail investment program fits into your overall product mix and helps members meet their life goals and investment needs. Here are six elements to look for in a dedicated investment program partner.

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Attributes of the Most Effective CPI Programs

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  Your aging CPI program have you worried? Could Hybrid CPI be the answer?

 Reducing borrower noise and lowering CPI premiums resulted in the creation of Hybrid CPI

The largest asset that a lender has is their loan portfolio. In order to mitigate the risk caused by uninsured collateral, lenders have several options to choose from in loan risk management programs. Not all programs are the same, so, your financial institution needs to carefully review the program which best fits your needs, considering the collateral being financed, the make-up of the loan portfolio, and the amount of risk your team is willing to assume.

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What Your Institution Needs to Know About UDAAP

Regulation and compliance is something we all have to contend with in the financial institutions arena. It's not always pleasant, nor is it easy, and it's usually far from fun. However, knowing your role and responsibilities within compliance can keep your institution out of hot water. And, breaking compliance regulations generally means being asked to pony up some serious fine monies. The greater damage is the one done to your financial institution's reputation, something members and potential members won't soon forget.

The best way to stay out of trouble is to be well informed. Let's take a look at the unfair, deceptive, or abusive acts or practices (UDAAP) and why you should take prohibited acts outlined under Dodd-Frank seriously. 

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Preparing for a 401(k) Audit: Yes, They Really Do Exist

In business, the word ‘audit’ tends to send chills down the spine and upset the stomach. But did you know that if your company offers a retirement plan to your employees, your Plan Sponsor—party designated to administer a retirement plan, usually a company—should be conducting a plan audit?

That’s right; it’s that time of year for 401(k) audits to begin for Plan’s who have over 100 eligible participants at the beginning of the plan year. Now would be a great time for Plan Sponsors to check in with your Plan’s record keeper to see if they have a general audit package they can prepare for you for your audit.

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Credit Card Compliance: The Military Lending Act

The Military Lending Act (MLA) was created to protect active duty members of the military, their spouses, and their dependents from certain lending practices that could pose a risk and a possible threat to military readiness as well as affect the retention of military service members. Since the inception of the MLA in 2006, there have been a number of changes to the program’s rules and regulations. In 2015, the final rule was announced which involves expanding the types of credit products that are covered by the 36-percent rate cap and other military-specific protections covered under the MLA. These changes can have a major impact on financial institutions if they are not compliant to rules that affect this act and credit card accounts.

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Prepare for New HMDA Reporting Requirements

The deadline for expanded reporting requirements for the Home Mortgage Disclosure Act (HMDA) is coming soon, and it is important that your financial institution is prepared. More credit unions will have to report data to comply with this act and the data points will become more numerous. For some, the reporting will come every three months, instead of annually. So, it is important to know about this act, the new reporting requirements, and how it will affect your financial institution.

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What Flood Insurance Reform Means for Your Institution

With the National Flood Insurance Program (NFIP) set to expire in September, flood insurance reform is a hot topic up for discussion. As part of the process, the government must answer some hard questions when it comes to resolving problems that have reoccurred year after year. What should be done with the properties that continually flood, causing the program hardship? How will climate changes impact the need for the program? And, what options are available that can both lessen the burden on the government and not add more to FEMA's nearly $25 billion debt?

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Pres. Trump and the ACA: What Businesses Need to Know

President Trump has been working to possibly repeal and replace The Affordable Care Act (ACA) also known as Obama Care since he was sworn into office in January 2017. His goal to repeal and replace The ACA that insures more than 20 million citizens continues to be top of mind for the Trump administration. But, what does this mean to business owners and when will it happen?

Here are the top 4 things businesses need to know.

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Top Regulatory Challenges Lenders Will Face this Year

Lenders have always faced challenges in the compliance side of lending. Regulatory compliance is not new for lenders; it is just evolving. As the economy moves and the government administration changes, the regulatory environment is expected to have some movement as well. There is still uncertainty as to how much movement and attention lending compliance will receive under the new presidential administration. Only time will tell as the new administration settles in and takes action.

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