Compliance Corner

Can Peer-To-Peer Borrowing Go Mainstream?

The emergence of peer-to-peer lending as a vehicle for non-banked or underbanked people to get business loans and to develop or improve their credit history has become a financial feel-good story.

The Rise of the Modern Banking Compliance Professional

Technology, terrorist attacks and the near-collapse of the entire financial system have forever changed the landscape of banking compliance. Banking compliance is vastly different than it was just five years ago – and new regulations and technology are responsible for the changes.

National News

Rockland Trust Finances Dairy Deal

Rockland Trust recently partnered with a New York bank to provide a $45.1 million credit facility to the only New York City-based dairy manufacturing company.

Technology Trends

Hidden Traps of Payment Processing

For community banks, staff experience and training don’t always keep up with the technological advances in payment processing. It’s a prescription for a perfect storm – and a perfect customer-relations headache.

Products & Services

Data on Demand: Real-Time Analytics for Mission-Critical Needs

Real-time analytics used to be the province of the biggest and richest companies, but a combination of declining cost of random access memory and the availability of open-source software to manage real-time computing needs is addressing the need for immediate analysis.

Brothers Use Big Data to Connect Small Businesses with Capital

Sean and Kenny Salas want to get you a loan – but unlike greasy salesmen advertising on daytime television, they’re using sophisticated algorithms to match up business owners with appropriate sources of capital. And they have a pretty great personal story, too.

Regulatory Updates

Avoiding Regulatory Criticism

Many community banks develop their asset liability management modeling assumptions based on four measures: the bank’s historic experience, current customer loyalty, economic projections and industry benchmark data. Before discussing best practices, the need to develop accurate modeling assumptions starts with the fact that the banking industry is currently flush with funding.

Congress Considers Revisions To Credit Reporting Act

While federal lawmakers debate the merits of a consumer credit reporting overhaul, lenders continue to value the consumer credit report as an important tool. U.S. Rep. Maxine Waters, D-Calif., introduced the Fair Credit Reporting Improvement Act, which, if passed, would be the most aggressive overhaul of the Fair Credit Reporting Act in more than a decade.

Fraud Prevention & Detection

Stakes Rise on Check Fraud: Vigilance Required on Rights and Remedies

Small businesses continue to suffer large losses due to check fraud. In recent years, check fraud schemes have become increasing sophisticated and the legal environment more uncertain, making it essential that banks examine their procedures to safeguard against check fraud and avoid potential liability.

Cyber Security Still More Reactive Than Proactive

JP Morgan Chase and numerous other financial entities were hit with a cyber breach, discovered in July and disclosed in August, at which time the bank estimated that 1 million accounts had been compromised. In early October, the scope of the breach was made public, and an estimated 76 million households and 7 million small businesses were affected.