Michael L. Moore

Preventing ACH fraud in isolation is almost impossible. Institutions need to harness the collective power of the industry to better protect against evolving ACH fraud threats. Learn how a consortium approach to payments fraud can help your institution protect yourself and your customer from falling victim to sophisticated scams. Download our infographic, NACHA’s New Rules: What Your Institution Needs to Know, to learn more! https://buff.ly/3zMrvbh

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Credit unions: Your member experience requires constant attention and vigilance. Make sure that you: - Regularly assess your member journey across all channels. - Define your brand thoroughly for a consistent experience. - Create a journey map to identify all touchpoints. - Conduct monthly trainings to keep everyone aligned. As you map out your customer journey, don't forget your member authentication processes. Are outdated methods like one-time passcodes or knowledge-based questions frustrating your members? If so, IDgo offers a seamless, passwordless solution that not only enhances member experience, but also bolsters fraud protection. #CreditUnions #MemberExperience #Authentication

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𝗧𝗵𝗶𝘀 𝘄𝗲𝗲𝗸 𝗼𝗻 𝘁𝗵𝗲 𝗟𝗢 𝗗𝗼𝘄𝗻 𝘄𝗶𝘁𝗵 𝗠𝗮𝗰 & 𝗞𝗶𝗿𝗸: 𝗧𝗵𝗲 𝗖𝗦𝗕𝗦 𝗖𝗿𝗮𝗰𝗸𝗱𝗼𝘄𝗻: 𝗘𝗻𝘀𝘂𝗿𝗶𝗻𝗴 𝗖𝗘 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 🚨 Reminder for all loan officers: The Conference of State Bank Supervisors (CSBS) is cracking down on continuing education (CE) compliance. 21 investigations since July have led to 350 courses needing to be retaken. Ensure you're taking your own CE to avoid the hassle. Stay compliant and informed with Knowledge Coop. 📚 #ContinuingEducation #Compliance #LoanOfficers #KnowledgeCoop

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Looking to elevate workflow efficiency? Shastic's AI-Workflow-Automation platform is what your credit union needs to revolutionize operational efficiency and member engagement. Why Choose Shastic? -Streamline Processes: Automate to save time and minimize errors to focus on high-value tasks. -Enhanced Member Experience: Deliver personalized, digital-first services that exceed member expectations. -Drive Efficiency and Growth: Leverage predictive analytics for data-driven decisions, enhancing your competitive edge. -Seamless Integration: Effortlessly connects to your existing systems in minutes with minimal IT lift. 🔍 Transformative Impact From loan processing to member services, witness a tangible improvement in productivity, satisfaction, and ROI. Join the leaders who are already redefining the credit union industry with Shastic. 🌐 Schedule Your Demo Today Don't just keep pace with technology—lead the charge. Request your Shastic demo today and take the first step toward a smarter, more responsive, and member-focused future. https://hubs.ly/Q02Py-7B0 #AI #workflowautomation #efficiency #automation #creditunion #banking #workflow

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For the first time, RDFIs will have a defined role in monitoring ACH payments they receive. This significant development, approved by Nacha members, aims to combat fraud, including business email compromise (BEC), associated with credit-push payments. As Jane Larimer, Nacha President and CEO, points out, "All participants in the ACH Network have a part to play in reducing the incidence of fraud and recovering when fraud has occurred." Learn more in our April 2024 Innovating Payments Executive Summary— Nacha Rules Take Aim at Credit-Push Fraud: https://lnkd.in/ezsgudgX. Plan to join Sean Carter, AAP, APRP, Mark J. Dixon, CTP, AAP, APRP, NCP, Mary Morrison, AAP, APRP, NCP, CAMS, and Patty Presta for a comprehensive two-part series, "Diving Into the Operation Impact of the New ACH Rules," on May 31 and June 07, 2024, where they will delve into the implications of these new rules, offering insights on implementation, procedures, policy updates, audits, risk assessments, and organizational engagement. 🔍 Curious about engaging with third-party providers? 📝 Wondering about new procedures and policy updates? 🤔 Unsure about ACH audits or risk assessments? Get the answers by registering for Diving Into the Operation Impact of the New ACH Rules: https://lnkd.in/e7y73DN2 #ACH #FinancialServices #FraudPrevention #RegulatoryCompliance #ProfessionalDevelopment

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The #CFPB issued an interpretive rule describing how lenders issuing digital user accounts to access credit are also “creditors” subject to subpart B of Regulation Z. The rule makes clear that lenders issuing BNPL products and other digital user accounts to access credit will be regulated like credit card providers. Read more in this #clientalert: https://ow.ly/8IYm50RTU3w #legalnews

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Lenders verifying employment using The Work Number® can benefit from LPA’s assessment of employment R&W relief eligibility prior to closing – the latest automation enhancement from Freddie Mac’s Loan Product Advisor® (LPASM) asset and income modeler (AIM). In collaboration with Freddie Mac, Equifax is committed to helping our customers efficiently close loans. Learn more about this latest enhancement here: https://lnkd.in/gj9b7GW3 #MortgageTechnology #LPA #AIM #RunWithIt

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The current challenges of ACH fraud require an industry wide approach. Download our new infographic, NACHA’s New Rules: What Your Institution Needs to Know, to learn how your institution can be prepared to respond to this evolving landscape. https://buff.ly/3zMrvbh

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All lending involves risks. BAFS’ Loan Review team provides an early warning system for potential credit issues to mitigate those risks. Download the Loan Review Product Services Guide to learn about our process: https://hubs.la/Q02xqrv-0 #LoanReview #CommercialLending

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Ohio-based credit union service organization (CUSO) partners with mortgage technology providers to help credit unions originate, underwrite and service conventional and government-backed mortgages.

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#Wisconsin lawmakers recently debated reforms for payday loans. Efforts to protect consumers come amid new research about financial pain associated with cash advances offered through smartphone apps. The Center for Responsible Lending is out with findings that detail how "earned wage advances" from digital platforms come with extra costs disguised as things like tips. Traditional payday lenders are often criticized for charging excessive interest rates on loans that are usually around $500. Lucia Constantine, a researcher with the Center for Responsible Lending, said customers are usually seeking smaller amounts from the apps, but she warns they can be just as costly. "They are trapping consumers in a cycle of borrowing that is similar to that of a payday loan, " she said. The report said after using these financial products, customers are seeing overdrafts on their checking accounts increase by 56% on average. Industry leaders deny they're barraging consumers with hidden fees, stressing that features such as suggested tips are optional. More broadly, a bipartisan payday loan reform bill in the Wisconsin Legislature failed to advance this month. Constantine said like longstanding payday lenders, these cash advance apps can be hard to regulate. Meanwhile, she urged those in a bind to explore other options. "[They should] try talking to their friends and family as a first source. The other option which I would recommend is reaching out to their credit union or banking institution to see if they can get some sort of small-dollar loan," she said. She noted places such as credit unions typically provide more transparency on loan costs. According to the report, three-quarters of consumers took out at least one advance on the same day or day after a re-payment was posted.

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For our Credit Union friends... Check out our latest blog post for CU Division's top 5 essential steps to bolster your crisis management strategy. From proactive planning to transparent communication, these tips will help you navigate any storm with confidence. Don't wait until a crisis hits—get prepared now! 💪📈 https://lnkd.in/ekSdTarS

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🌐 Experience Convenience with Shared Branching!! 🏦 Volt has proudly partnered with other credit unions across the country to provide you convenient access to accounts and money, creating the Shared Branching network that allows members of other credit unions use their branches to conduct basic transactions. ✔️What does that mean for you? You can conduct transactions at more than 5600 locations nationwide including performing transactions at other participating credit unions just like you would at your usual one, with the same service and convenience. ✔️What can you do at a Shared Branching location? Almost everything you normally do with a teller, and there’s no additional charge to you. You can make deposits, withdrawal money, cash checks, transfer funds, make loan payments, and more. ✔️How Do I Use a Shared Branch? To access your account at a Volt shared branch location, all you need is: -The name of your credit union -Your account number -A valid government ID Whether you’re traveling, relocating, or simply need to access your funds while away from home, shared branching makes it easy to manage your finances wherever life takes you! Click the video below to learn more. 📱 You can text your zip code to 91989 to find a shared branch near you and experience banking convenience like never before! • • #VoltCU #SharedBranching #CreditUnionConvenience

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🤖Navigating AI implementation can be challenging – that's why Trellance has created an AI roadmap! This guide will help you to: - Start building your credit union’s AI roadmap, including quick wins and long-term plans. - Identify the people, processes and technology needed to meet your AI goals. - Learn about the benefits of partnering with an AI provider. Download the Credit Union AI Roadmap today and start working towards AI implementation at your credit union! 🌐Read more: https://hubs.ly/Q02SZtpX0 #whitepaper #AI #creditunions #AIroadmap

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The Financial Stability Oversight Council (FSOC) has released a report highlighting concerns about the vulnerabilities of nonbank mortgage servicers (NMCs) and their potential impact on the financial system. https://hubs.la/Q02w-r4L0 #mortgageindustry #nonbank #lender

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“Everyone has a plan until they get punched in the mouth” (Mike Tyson) Or Managing vendor risk and mitigation Unifimoney is constantly engaging with potential #communitybank and #creditunion clients as they conduct their vendor due diligence process. Working in a highly regulated and might we say traditionally conservative industry requires a very high bar in terms of vendor due diligence and risk assessment - especially so during the ongoing fintech extinction event the market is experiencing. We have developed a Client Resource Center to make this process as robust and smooth as we can whilst acknowledging that no two organizations have the same approach and responding to specific information requests. As we all know however there are unexpected and often unwanted lessons that are learnt only during the implementation or operating phase post the sales agreement and long after the sales person has moved onto new opportunities. The fear of the unknown accounts for a significant degree of the relative lack of innovation in #communitybanking where being wrong is often punished but doing nothing is risk free at least for the individual if not the institution. At Unifimoney we have sought to overcome this challenge with two innovations: Pilots are free - don't trust our word for it - try us risk free instead. We have conducted pilots with just one employee at an institution - the executive sponsor who wanted to be sure he understood and could talk to the solution from direct experienced. This is the same experience your members/customers will get - you get to see digital wealth management in your live online banking environment but before you have to commit. Second - if we don't deliver you can cancel any time without penalty. We have to earn the trust of our clients and we have to deliver value - if we don't deliver then we have no right to be your vendor. We try and reduce the barriers to innovation by Community Banks by making it easy, fast and low risk to work with us from lived experience not a powerpoint deck. Unifimoney is a turnkey digital wealth management platform enabling Community Financial Institutions to compete with Fintechs and Big Brand Banks at high speed, low cost and without the need for technical integration. Owned by Palm Ventures a large family office backed investment firm. If you would like to speak to us please reach out or visit the website. #wealthtech #RIA #fudiciary #wealthmanagement #invest #digitalbanking #bankinnovation Alkami Technology Jack Henry #Q2

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