Yesterday the Federal Reserve Chairman Jerome Powell testified in front of the US House  Financial Services Committee about monetary policy generally, however he was asked an interesting question during his appearance by  Representative Brad Sherman (D-CA). Rep. Sherman inquired why the Federal Reserve does not establish a payee name matching requirement to prevent wire transfer […]

Read More The Importance of Escrow Payment Recipient Name Matching to Avoid Wire Fraud Harm

A recent article in Bloomberg Business Week chronicled the SIX YEAR plight of a reporter who was a victim of identity theft.  The cost mentally, physically, financially and to his reputation was severe and life changing.  Consumers are paralyzed without good credit, and the theft of identity can  launch a nightmare scenario involving significant personal […]

Read More The All Too Real Threat of Consumer Identity Theft and What Mortgage Banks Must Do to Help Prevent It

The National Credit Union Administration, based in Washington, was an early advocate for vendor management policies.  As early as 2001, the NCUA issued a guideline suggesting that credit unions manage third party service provider risk carefully. The suggestion had no real weight however. After the CFPB issued its Bulletin 2012-3 bringing third party vendor management […]

Read More NCUA Gets Serious About Credit Union Third Party Vendor Management