Financial institution – NA Golovu http://nagolovu.com/ Sat, 08 Jan 2022 15:22:49 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://nagolovu.com/wp-content/uploads/2021/08/cropped-icon-32x32.png Financial institution – NA Golovu http://nagolovu.com/ 32 32 Frost Bank of San Antonio latest financial institution to face overdraft charge lawsuit https://nagolovu.com/frost-bank-of-san-antonio-latest-financial-institution-to-face-overdraft-charge-lawsuit/ Wed, 05 Jan 2022 22:40:34 +0000 https://nagolovu.com/frost-bank-of-san-antonio-latest-financial-institution-to-face-overdraft-charge-lawsuit/ San Antonio’s Frost Bank is facing a possible class action lawsuit, alleging it charged overdraft fees on accounts that weren’t actually overdraft. The lawsuit follows a similar lawsuit against the Credit Human Federal Credit Union of San Antonio in April, also filed in San Antonio state district court. Indeed, the lawsuit against Frost Bank contains […]]]>

San Antonio’s Frost Bank is facing a possible class action lawsuit, alleging it charged overdraft fees on accounts that weren’t actually overdraft.

The lawsuit follows a similar lawsuit against the Credit Human Federal Credit Union of San Antonio in April, also filed in San Antonio state district court.

Indeed, the lawsuit against Frost Bank contains several paragraphs almost identical to those of Credit Human’s complaint – the only difference being that the name of the bank is substituted for that of the credit union.

Many financial institutions have settled similar complaints about overdraft fees in the past year. Many other cases are still pending.

San Antonio resident Theodore Woods filed a lawsuit against Frost Bank last week for what he calls its “unfair and unreasonable collection of overdraft fees” on certain transactions.

Wood says his contractual documents on checking accounts for overdraft fees promise that Frost will only charge these fees on transactions where there are insufficient funds to cover them.

But Wood adds that Frost charges overdraft fees even when there is enough funds to cover debit card transactions.

“Frost clients have been hurt by Frost’s improper practices to the tune of millions of dollars diverted from their accounts in violation of their agreements with Frost,” Woods alleges.

Bank spokesman Bill Day declined to comment on the lawsuit. He referred a reporter to an April press release that said Frost would no longer charge certain clients overdraft fees when they flow from their checking accounts up to $ 100, provided they have monthly direct deposits. of at least $ 500.

“Frost understands it’s human to make a mistake and wants to show customers they matter by giving them this overdraft grace where they need it,” the bank said.

Frost previously charged $ 35 for each overdraft, up to $ 175 per day, Day said in April. This still applied to overdrafts greater than $ 100, but most overdrafts are less than that amount.

The bank generated $ 32.3 million in overdraft and insufficient fund charges on consumer and commercial accounts in 2020, up from $ 42.3 million in 2019. It has not publicly disclosed how much the change could make. cost in income.

Austin attorney Jeff Edwards, who is part of Woods’ legal team, did not respond to a request for comment on Wednesday. The lawsuit claims more than $ 1 million in damages.

According to the Woods lawsuit, the moment a debit card transaction is authorized to an account with positive funds to cover the transaction, Frost immediately reduces a customer’s checking account to cover the amount of that transaction.

As a result, the lawsuit adds, a customer’s account will always have sufficient funds to cover debit card transactions, as Frost has already set aside those funds for payment. In other words, funds are not available to cover subsequent transactions.

This means that many subsequent transactions incur overdraft fees due to the unavailability of funds reserved for these debit card transactions.


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MUFG Hires Kimberly Boulmetis to Lead U.S. Financial Institutions Coverage for Debt Capital Markets Group https://nagolovu.com/mufg-hires-kimberly-boulmetis-to-lead-u-s-financial-institutions-coverage-for-debt-capital-markets-group/ Wed, 05 Jan 2022 13:30:00 +0000 https://nagolovu.com/mufg-hires-kimberly-boulmetis-to-lead-u-s-financial-institutions-coverage-for-debt-capital-markets-group/ Situated at New York, Ms. Boulmetis will assume her new functions in January and will report to Richard testa, responsible for quality financing. She will be responsible for leading the coverage of MUFG’s extensive roster of client financial institutions – including banks, insurance companies, asset management companies, private equity sponsors and business development companies. (BDC) […]]]>

Situated at New York, Ms. Boulmetis will assume her new functions in January and will report to Richard testa, responsible for quality financing. She will be responsible for leading the coverage of MUFG’s extensive roster of client financial institutions – including banks, insurance companies, asset management companies, private equity sponsors and business development companies. (BDC) – and to provide issuers with the full range of the group’s capital markets capabilities. investment grade debt.

“Kim’s distinguished track record spans renowned institutions large and small,” says Mr. Testa. “She brings in-depth knowledge of markets, complex capital structures and complex execution strategies, as well as an entrepreneurial approach, which makes her well suited to the practice and culture of MUFG as we complete mandates of first for our customers and continue to grow. “

Ms. Boulmetis joins MUFG from BTIG, where she was Managing Director in charge of specialized finance within the Investment Banking division of the company. She has 25 years of experience covering capital markets and financial institutions with various other companies including JP Morgan, Oppenheimer & Co., Bear Stearns and The Bank of New York. Ms. Boulmetis obtained a JD from the Rutgers School of Law and a BS in Finance from the University of Maryland.

About the MUFG Debt Capital Markets team
With a traditionally strong foundation in the quality investment industry, MUFG’s Debt Capital Markets team provides a full range of fixed income finance and advisory services to the private and public markets. The group serves corporate clients in various verticals in the Americas. According to data compiled by Bloomberg, MUFG was the 6the first underwriter of American quality loans and 13e largest US investment grade bond in 2021.1 The bank has consistently ranked among the leading issuers of investment grade, high yield bonds and loans over the past 5 years.

About the U.S. operations of Mitsubishi UFJ Financial Group, Inc., including MUFG Americas Holdings Corporation
The U.S. operations of Mitsubishi UFJ Financial Group, Inc. (MUFG), one of the world’s leading financial groups, have total assets of $ 319.8 billion at September 30, 2021. As part of this total, MUFG Americas Holdings Corporation (MUAH), a financial holding company, a bank holding company and an intermediary holding company, has total assets of $ 164.6 billion at September 30, 2021. The main subsidiaries of MUAH are MUFG Union Bank, NA and MUFG Securities Americas Inc. MUFG Union Bank, NA provides a wide range of financial services to consumers, small businesses, mid-market businesses and large corporations. From September 30, 2021, MUFG Union Bank, NA operated 298 branches, primarily retail bank branches in the West Coast states. MUFG Securities Americas Inc. is a registered securities brokerage firm engaged in origination transactions in the capital markets, domestic and foreign debt and equity transactions, private placements, guaranteed financings and securities borrowing and lending transactions. MUAH is owned by MUFG Bank, Ltd. and Mitsubishi UFJ Financial Group, Inc. MUFG Bank, Ltd., a wholly owned subsidiary of Mitsubishi UFJ Financial Group, Inc., has offices in Argentina, Brazil, Chile, Colombia, Peru, Mexico, and Canada. Visit www.unionbank.com or www.mufgamericas.com for more information.

About MUFG (Mitsubishi UFJ Financial Group, Inc.)
About MUFG Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Based at Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,500 locations in over 50 countries. The Group has more than 180,000 employees and offers services such as commercial banking, fiduciary banking, securities, credit cards, consumer credit, asset management and leasing. The Group aims to “be the most reliable financial group in the world” through close collaboration between our operating companies and to respond flexibly to all the financial needs of our clients, at the service of society and by fostering shared growth and sustainable for a better world. MUFG shares trade on the Tokyo, Nagoya, and New York scholarships.

For more information visit https://www.mufg.jp/english

1 From December 17, 2021

Press contact:
Assaf Kedem
(212) 782-4926
[email protected]

© 2022 Mitsubishi UFJ Financial Group, Inc. All rights reserved.
The MUFG logo and name are a service mark of Mitsubishi UFJ Financial Group, Inc.

MUFG SOURCE


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Why Zero Trust for Mainframes is a Must for Financial Institutions – The New Stack https://nagolovu.com/why-zero-trust-for-mainframes-is-a-must-for-financial-institutions-the-new-stack/ Wed, 05 Jan 2022 08:00:00 +0000 https://nagolovu.com/why-zero-trust-for-mainframes-is-a-must-for-financial-institutions-the-new-stack/ Chris Perry Chris Perry is a cybersecurity strategist, for BMC Mainframes continue to form the backbone of financial services IT operations. According to Constellation Research, 45 of the top 50 banks rely on them for core banking functions. Mainframe systems process approximately $3 trillion in transactions every day, a figure that likely underestimates the impact […]]]>

Chris Perry

Chris Perry is a cybersecurity strategist, for BMC

Mainframes continue to form the backbone of financial services IT operations. According to Constellation Research, 45 of the top 50 banks rely on them for core banking functions. Mainframe systems process approximately $3 trillion in transactions every day, a figure that likely underestimates the impact of mainframes in financial services, as it only counts transactions using COBOL.

The need will continue to grow. According to a recent survey by Deloitte, 91% of business leaders who rely on mainframes identified expanding their mainframe footprint as a top priority over the next 12 months.

However, mainframe security is prone to misconceptions that expose financial institutions. Leaders rely too much on the idea of ​​“security through obscurity,” which is a way of saying that threat actors avoid attacking mainframes because they are more familiar with operating systems Windows or Linux.

Security through obscurity is insufficient. The reality is that today all mainframes run Unix system services with the same Linux-based capabilities and tools hackers are familiar with. On top of that, mainframes often lack the modern detection and response tools that have become ubiquitous on other parts of the network. This means that attackers who are able to access a mainframe system will be able to maintain persistence and easily expand their initial footprint to take full control of the platform.

The Risks of Mainframe Trust

To secure their mainframes and stay resilient, financial services companies must transition to a modern Zero Trust architecture, defined by its mantra “Never trust, always verify”. Zero Trust gained popularity when cybersecurity advocates realized they needed a deeper defense. There were too many examples of hackers gaining initial access to an organization through stolen credentials and realizing they could use those same credentials to gain access to the entire environment. This dramatically reduces the amount of work a hacker must do to steal or destroy sensitive data while limiting the ability of defenders to effectively detect and respond to the breach.

With Zero Trust, you continuously assess the user’s identity, the sensitivity of the resources the user interacts with, and the user’s permissions to access those resources. It is designed to prevent the privilege escalation and lateral movement within the network that advanced threat actors have so often successfully used. This philosophy, which has existed for nearly a decade, has gained tremendous momentum over the past year with the The US National Security Agency is pushing its guidelines and the The White House releases its own Zero Trust strategy.

Exacerbate the risks

The overreliance on traditional perimeter-based security models, which instill enormous trust in users, exacerbates the weakness of security by obscurity. Unfortunately, it is still quite common to hear experienced mainframe professionals claim that the mainframe is not in danger because it is not connected to the Internet. Yet they also log into the mainframe from a typical laptop, which is one targeted phishing attack away from being the mainframe entry point with single-factor credential access.

Inside a misconfigured mainframe, users can access files, export data, and perform lateral moves to gain more privileges. Although the mainframe has identity access management controls from one of the larger external security managers, the reality is that these platforms are almost never evaluated by a penetration tester. adversary-based, which means that most financial institutions operate daily with a significant number of unknown vulnerabilities. on their system. The lack of adequate controls makes this type of system extremely vulnerable to insider threats or threats in which an outside actor gains access to compromised credentials.

For example, a company lacked modern cybersecurity capabilities on the mainframe and fell victim to a ransomware attack. The hacker used a fileless keylogger on a laptop with access to the mainframe. Over time, they gained access to sensitive passwords and were able to extort a multi-million dollar ransom after encrypting a mainframe computer. It is unlikely that these hackers took the ransom and simply retreated.

Ultimately, losing the mainframe to a ransomware or other cyberattack would spell disaster for almost any financial institution. If you’re a bank that can’t process credit card transactions or allow users to view their accounts because the central computer is down, you simply won’t be able to do business. This requires the mainframe to receive the same security capabilities and focus as all other servers in the enterprise, all of which are best served by a Zero Trust architecture.

Walk and Run to Zero Trust

For IT administrators, key components of a Zero Trust policy for mainframes include robust identity management and strong device security policies. These components should govern how your sensitive data interacts with the people, workloads, networks, and devices that access it. Perfection doesn’t exist in this area, but when you begin your Zero Trust journey, you can run small and highly efficient solutions before moving on to more complex capabilities.

Below are four immediate actions that can be taken to significantly improve the resiliency of the mainframe environment and move you towards a Zero Trust architecture:

  1. Encryption: Workloads between the mainframe and other environments like the cloud must be encrypted. It may seem obvious, but many companies still run 3270 connections without encryption, which leaves the user name and password in clear text on the network.

  2. Monitoring: IT admins need solid visibility across the entire network to enforce and monitor these policies. Consider whether your mainframe data is integrated into your real-time security tools like your enterprise security information event monitor (SIEM). If not, you are at significant risk because of this blind spot.

  3. Multi-factor authentication (MFA): You cannot allow a single mainframe administrator to be the sole bridge between an external threat and privileged control of your mainframe. What happens if this admin is a victim of phishing? While not a panacea, MFA authentication has been shown to significantly reduce the ability of external threats to compromise credentials and conduct cloaking attacks.

  4. Privileged access management: You don’t want to let security controls limit the agility your operations teams need to do their jobs. Automate the management of privileged access related to legitimate and trusted service work so that the mainframe is maintained smoothly while adhering to the principle of least privilege.

Although these policies greatly improve security, the list is by no means complete and some of these features are easier to achieve than others. The ultimate goal is for your technology to enforce the policy that your data is only truly accessible to those who are properly authorized to use it.

What’s most important is that you decide that Zero Trust is a core business goal and form an official initiative, because a Zero Trust architecture won’t develop by accident. If your corporate security team under the CISO already has a Zero Trust initiative, it’s not too late to make sure the mainframe is part of the deliberate scope. If not, now is the perfect time to begin that journey while confirming that all servers, from mainframe to cloud, are equally defended.

Image selected via Pixabay.

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“The most reliable financial institution for all Cambodians” https://nagolovu.com/the-most-reliable-financial-institution-for-all-cambodians/ Mon, 03 Jan 2022 04:27:12 +0000 https://nagolovu.com/the-most-reliable-financial-institution-for-all-cambodians/ As Woori Bank enters a new chapter in the Kingdom’s banking landscape, CEO-nominee Kim Hongju is confident that the institution will remain committed to providing quality financial services through its multiple distribution channels, without deviating from its core values ​​of promoting the government’s national agenda on funding inclusion and reaching out to people during tough […]]]>

As Woori Bank enters a new chapter in the Kingdom’s banking landscape, CEO-nominee Kim Hongju is confident that the institution will remain committed to providing quality financial services through its multiple distribution channels, without deviating from its core values ​​of promoting the government’s national agenda on funding inclusion and reaching out to people during tough times.

How has Woori Bank developed in the Kingdom over the years?

The story of Woori Bank in Cambodia began in 2014 when Woori Bank in South Korea acquired Malis Microfinance and renamed it Woori Finance Cambodia.

After seeing undeniable growth in the financial sector, Woori Bank Korea knew that the next step in our global expansion would be to further expand our presence in Cambodia.

In order to carry out this strategy, it was clear that an acquisition of an established and trusted institution such as VisionFund was needed.

In 2018, Woori Bank of Korea (WB) acquired 100% of the institution and renamed it WB Finance Co Ltd. In 2019, a merger between the two sister companies – WB Finance and Woori Finance Cambodia – took place in Cambodia and formed the new WB Finance Co Ltd.

Following a successful merger, Woori Bank Korea continued to provide strong support by injecting an additional $ 100 million to accelerate our growth.

This infusion of capital has helped us grow strategically as we seek to offer more products and services, nurture the best available talent, and improve the experience for our clients.

All these steps have led us to this exciting new chapter for the Cambodian bank that is the launch of Woori Bank Cambodia.

This operational launch brings us one step closer to our mission of supporting all Cambodians by providing better and more innovative financial services.

How did the bank weather the Covid-19 pandemic as businesses and SMEs faced a credit crunch?

To support our clients as well as our business in the midst of this unpredictable economy, and with the support of the National Bank of Cambodia, our company has restructured loans and credit payments for clients in need.

Through this implementation, he has helped our clients to have some leeway to recover and rebuild their businesses.

Woori Bank is here to help Cambodians overcome all obstacles with Cambodians – and always be there for Cambodians.

True to this philosophy, we believe that we will always find the best and most suitable solutions for our customers.

It is now a commercial bank. How is the atmosphere with your shareholder and your staff?

The enthusiasm of our employees and shareholders towards this major transformation into a commercial bank is undeniable.

We all share the same common mission of providing the most comprehensive and convenient banking experiences to all of our current and future customers.

This upgrade to our business license will allow us to offer even more products and services while making banking easier and faster than ever.

The excitement can be seen in all of the changes and additions highlighted by the launch of our premium branches, the addition of exciting new corporate banking products and services, upgrades to our mobile banking apps and much more. others.

With your new identity, how will you position the bank in a competitive sector, and what are your priorities for 2022?

At Woori Bank Cambodia, we are focused on providing seamless banking experiences for all clients. By being customer-centric at the very heart of our strategy, Woori Bank focuses on improving every step of the consumer’s banking journey.

First, consumers can expect an upgrade to 138 branches nationwide. Woori Bank has deployed premium branches while modernizing existing branches to better serve our customers.

In addition, more than 100 ATMs will be deployed throughout the year to welcome our customers.

Business banking products and services will be presented to clients seeking financial support for their growing businesses.

International trade products will also be deployed to meet the needs of transfers abroad. Credit and debit cards will also be introduced to support this digital economy.

These are just a few of the many new features and innovations that Woori Bank will introduce as we seek to achieve our overall goal of becoming the fastest, most convenient and innovative bank.

The bank upgrade came as the Covid-19 threat persisted and the market tried to stabilize. Are you confident in this movement?

Woori Bank remains very optimistic about the country’s future and is committed to supporting our clients.

Over the past two years, Woori Bank has prepared relentlessly for this exact moment, and I can say with confidence that we are ready to meet any obstacles that may arise.

We seek to leverage our exceptional talents, strong support from our shareholder, and a meticulously thought-out strategy to meet any challenges while capitalizing on opportunities.

Is there something you would like to share with our readers?

I would like to express my deepest gratitude and sincere thanks to regulators, shareholders, the board of directors, employees and customers.

To the regulators – thank you for your enthusiastic support and valuable advice.

To our shareholder and our board of directors, thank you for your confidence in our strategy and your unwavering support.

To customers – thank you for placing your trust in Woori Bank and your choice of financial services.

I look forward to welcoming you all to the new chapter of Cambodian banking – welcome to Woori Bank Cambodia!


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Sheriff’s Department Warns of Financial Institution Scams | Local and state https://nagolovu.com/sheriffs-department-warns-of-financial-institution-scams-local-and-state/ Tue, 21 Dec 2021 19:27:00 +0000 https://nagolovu.com/sheriffs-department-warns-of-financial-institution-scams-local-and-state/ The Overton County Sheriff’s Department has been made aware of scams involving Tennessee financial institutions. The scam involves a text or email message that informs the targeted victim that there may be irregular debits on their bank account. When the victim replies “no” to the message, they create a paid Samsung account and the scammer […]]]>

The Overton County Sheriff’s Department has been made aware of scams involving Tennessee financial institutions.

The scam involves a text or email message that informs the targeted victim that there may be irregular debits on their bank account. When the victim replies “no” to the message, they create a paid Samsung account and the scammer is able to get money from the victim’s bank account.

“Also, there are scams involving emails or calls telling people that someone had bought something they didn’t authorize or needed to be refunded,” Sheriff John Garrett said. . “Then they ask you to call a spoofed number and they ask you to log into your financial account information and ask for permission to remotely access your computer.

“Legitimate businesses already have your account information and would already have your financial information if you bought something from them,” Sheriff Garrett said.

The Sheriff’s Department emphasized, “Please be aware of these types of scams and DO NOT respond to these messages.”

Anyone receiving such a message should contact their financial institution or business contact by phone or in person to determine whether it is a scam or not.

“The Overton County Sheriff’s Office wants everyone to have a Merry Christmas without being scammed,” Sheriff Garrett said. “Please protect your personal information during this holiday season. “


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PRESS RELEASE – Fortune 500 financial institution chooses https://nagolovu.com/press-release-fortune-500-financial-institution-chooses/ Fri, 17 Dec 2021 08:00:00 +0000 https://nagolovu.com/press-release-fortune-500-financial-institution-chooses/ PRESS RELEASE – A Fortune 500 FFinancial Instituteion Chooses Universal SSH Key Manager® Helsinki, Finland A large US-based financial institution works with Universal SSH Key Manager® (UKM) as an SSH key management solution. The initial order includes an annual subscription and professional deployment support and knowledge transfer services. The deal follows SSH’s “land and expand” […]]]>

PRESS RELEASE – A Fortune 500 FFinancial Instituteion Chooses Universal SSH Key Manager®

Helsinki, Finland

A large US-based financial institution works with Universal SSH Key Manager® (UKM) as an SSH key management solution. The initial order includes an annual subscription and professional deployment support and knowledge transfer services.

The deal follows SSH’s “land and expand” subscription model. This is a major new UKM client for SSH.

UKM was chosen by the customer because of its unique approach to SSH key management, providing the customer with the following features and capabilities to centrally manage and control SSH keys on their network and secure their most sensitive assets.

  • Dto discoverYes and watching SSH key inventory in a complex and heterogeneous Linux and Unix environment
  • Zero confidence option allowing the customer to later upgrade UKM to the Zero Trust Edition to ensure the sustainability of their SSH key environment via patented ephemeral certificate technology
  • VScontrol SSH keys and execution security policies for interactive and machine-to-machine access as part of general access lifecycle management
  • Automated access management eliminating the manual work of granting, removing and certifying SSH key-based access, providing excellent return on investment
  • VSfull and centralized visibility and control in all SSH keys, and the access they provide across the network allowing, for example, accurate reporting and a centralized means of locking down connections

For more information on Universal SSH Key Manager, please visit:
Universal SSH Key Manager

For more information on Zero Trust SSH solutions, please visit:
Zero Trust SSH Solutions

For more information:
Kristian nieminen
SSH Communications Security Corp.
+358 50 3777970
kristian.nieminen@ssh.com

About SSH
SSH helps organizations protect their critical digital assets at rest, in transit, and in use. We have more than 5,000 customers worldwide, 40% of which are Fortune 500 companies and major organizations in finance, government, retail and industry.

We are committed to helping our clients secure their businesses in the age of hybrid cloud and distributed IT and OT solutions. Our Zero Trust solutions provide secure electronic communications, secure access to servers and between servers. Our teams in North America, Europe and Asia as well as a worldwide network of certified partners ensure the success of our clients. The company’s shares (SSH1V) are listed on Nasdaq Helsinki. www.ssh.com.

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National Bank’s latest financial institution delays plans to return to office https://nagolovu.com/national-banks-latest-financial-institution-delays-plans-to-return-to-office/ Wed, 15 Dec 2021 21:22:30 +0000 https://nagolovu.com/national-banks-latest-financial-institution-delays-plans-to-return-to-office/ TORONTO – National Bank is the latest financial institution to delay plans to bring more employees back to the office as concerns rise over the highly transmissible Omicron variant of COVID-19. TORONTO – National Bank is the latest financial institution to delay plans to bring more employees back to the office as concerns rise over […]]]>

TORONTO – National Bank is the latest financial institution to delay plans to bring more employees back to the office as concerns rise over the highly transmissible Omicron variant of COVID-19.

TORONTO – National Bank is the latest financial institution to delay plans to bring more employees back to the office as concerns rise over the highly transmissible Omicron variant of COVID-19.

Bank spokesman Jean-François Cadieux said on Wednesday the bank has asked employees to avoid the office as it is closely monitoring developments.

“A message was sent earlier this morning to our employees asking them to work remotely if they can,” he said in a statement.

In the longer term, the bank plans to stick with a strategy of gradual and voluntary opening up, Cadieux said. Before the last announcement, about 15 percent of employees were back in company offices.

The change in plans comes as Omicron variant COVID-19 cases increase, prompting the Ontario government on Friday to ask employers to make every effort to allow employees to work from home.

The Bank of Nova Scotia said earlier this week it was suspending its return to the office scheduled for Jan. 17 and would reassess the schedule in the new year.

“Based on the latest guidelines from the Ontario government, Scotiabank is on hold on plans to begin a gradual and gradual return to power,” Scotiabank spokeswoman Kate Simandl said in an email.

The bank plans a phased return to the office when it does eventually move forward, with the majority of headquarters employees working in a hybrid model, she said.

Sun Life Financial Inc. also said this week that it has suspended expansion of its pilot back-to-office program.

“We encourage all employees, including volunteer participants in the pilot project, to work from home until the end of January,” spokeswoman Robyn Keene said in an email.

She said some employees might still prefer to work in the office and the company will continue to assess security protocols.

The policy change comes as downtown Toronto began to show signs of activity, said Jennifer Reynolds, managing director of Toronto Finance International.

“Unfortunately, I think we’re going to see a reduction in traffic from what we’re starting to see in the Financial District and in general.”

She said companies are working through a long back-to-office process and trying to figure out what the best role models are for the future, but companies see the value of people working together in person.

“There is a feeling in senior management that we need some of our time in the office, that there is, in the long run, something wasted if everyone is at home.”

This report by The Canadian Press was first published on December 15, 2021.

Companies in this story: (TSX: NA; TSX: BNS; TSX: SLF)

Ian Bickis, The Canadian Press


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Truliant Is First North Carolina-Based Financial Institution To Complete Fully Remote, Fully Digital Residential Mortgage Closing | Business https://nagolovu.com/truliant-is-first-north-carolina-based-financial-institution-to-complete-fully-remote-fully-digital-residential-mortgage-closing-business/ Wed, 15 Dec 2021 17:23:45 +0000 https://nagolovu.com/truliant-is-first-north-carolina-based-financial-institution-to-complete-fully-remote-fully-digital-residential-mortgage-closing-business/ WINSTON-SALEM, NC (December 14, 2021) – North Carolina Secretary of State Elaine F. Marshall and Truliant Federal Credit Union today announced that Truliant has become the first Carolina-based financial institution Nord to enter into a fully digital and fully remote electronic mortgage. closing, or eClosing. The transaction included a paperless mortgage eClosing and also used […]]]>

WINSTON-SALEM, NC (December 14, 2021) – North Carolina Secretary of State Elaine F. Marshall and Truliant Federal Credit Union today announced that Truliant has become the first Carolina-based financial institution Nord to enter into a fully digital and fully remote electronic mortgage. closing, or eClosing.

The transaction included a paperless mortgage eClosing and also used the state’s temporary emergency video notarization law.

It was the first electronic fence in North Carolina where the buyer, solicitor, and lawyer were each in different physical locations. Previously, NC notaries were required to provide final “wet ink” signatures in person with homebuyers. A buyer in King, North Carolina completed the electronic fence with Truliant in Winston-Salem and a notary in Charlotte using the state’s emergency video notarization law. The electronically notarized documents have been accepted by the Stokes County Deeds Register.

“The desire to own a home remains high. As a leader in electronic closures, Truliant is proud to continue to pioneer greater convenience in the mortgage process, ”said Todd Hall, President and CEO. “With another year of strong demand expected in 2022, electronic closings make it easier for our members to navigate the intricacies of buying a home, achieving their personal dreams and building thriving communities. “

North Carolina passed the temporary Emergency Video Notarization Act in 2020 in response to the coronavirus pandemic that enabled Remote Online Notarization (RON). Previously, electronic notaries had to be present when signing electronic closing documents. The state has not enacted a permanent RON law, but a law is currently under consideration by the General Assembly.

“North Carolina is a national leader in electronic closings, which makes mortgage fencing more efficient, secure, and convenient for the consumer, the financial institution, and everyone else involved in the home buying process.” , said North Carolina Secretary of State Elaine Marshall. “Now, pairing electronic mortgage fencing with our emergency video notarization law makes it even more convenient and secure during this global pandemic. These innovative tools give North Carolina a competitive advantage to help our consumers. “

In 2020, Truliant became the second North Carolina-based financial institution to be able to offer a fully electronic mortgage closing process. Fences – from mortgage applications to closing – dramatically shorten the length of the mortgage process. No paper is exchanged throughout the process. The shutdown in this case took 27 minutes from start to finish.

In March, Truliant became the first financial institution in the Southeast to complete an electronic promissory note transfer to the Federal Home Loan Bank (FHLB) of Atlanta. The transaction used the DocMagic eVault and Mortgage Electronic Registration Systems (MERS) electronic delivery systems.

Beth Eller, vice president of Truliant Mortgage Services and a member of the North Carolina Secretary of State’s 2021 Electronic Mortgage Closure Advisory Committee, oversaw the fully remote electronic closure at Truliant. Eller started Truliant’s eClosings program in 2020 and was responsible for his FHLB eNotes transfer this year.

“This is a monumental milestone for Truliant and the eClosings process. We are committed to continuing to innovate in mortgage eClosings and to be at the forefront of North Carolina’s efforts to make them thrive, ”said Beth Eller, vice president of Truliant Mortgage Services.

The electronic closing process is streamlined so that communication between the borrower, lawyer and electronic notary is fast and secure. Once the documents are digitally signed, an electronic note is securely submitted to the electronic mortgage registration system. Truliant then electronically disperses the funds to close the sale. Full electronic shutdowns reduce paper use, legal fees, mail and courier costs. The process is carried out over a secure network, with all documents encrypted and stored in an electronic safe.

About Truliant Federal Credit Union

Truliant is a mission-driven, non-profit financial institution that promises to always have the best interests of its member-owners at heart. It improves lives by providing financial advice and affordable financial services. Truliant was established in 1952 and now has over 280,000 members. Truliant has more than 30 member financial centers in North Carolina, South Carolina and Virginia.


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Lawmakers advocate for more help for minority-owned financial institutions https://nagolovu.com/lawmakers-advocate-for-more-help-for-minority-owned-financial-institutions/ Wed, 15 Dec 2021 13:08:07 +0000 https://nagolovu.com/lawmakers-advocate-for-more-help-for-minority-owned-financial-institutions/ Two US senators forwarded correspondence to a trio of government agencies, arguing for more resources for minority-owned financial institutions. © Shutterstock Sense. Sherrod Brown (D-OH), chairman of the US Senate Committee on Banking, Housing, and Urban Affairs, and Raphael Warnock (D-GA) sent letters tothe Federal Deposit Insurance Corporation (FDIC), the Federal Reserve and the Office […]]]>

Two US senators forwarded correspondence to a trio of government agencies, arguing for more resources for minority-owned financial institutions.

© Shutterstock

Sense. Sherrod Brown (D-OH), chairman of the US Senate Committee on Banking, Housing, and Urban Affairs, and Raphael Warnock (D-GA) sent letters to
the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve and the Office of the Comptroller of the Currency (OCC) detailing the need to help
Minority deposit-taking institutions (MDI).

“For generations, the financial system has denied communities of color equal access to credit and banking services that allow families to build wealth and seize opportunities,” lawmakers wrote. “MDIs are an essential counterweight to these long-standing inequalities. MDIs have a larger footprint and make more loans in minority and low- and moderate-income communities, helping to make financial services accessible to all Americans, regardless of income, race, gender or background. geography.

Lawmakers cited the FDIC’s auction of its Almerica Bank shares, which they said could potentially end the financial institution‘s minority ownership status while reducing the number of black-owned banks.

“We need more MDI and black-owned banks, not less, and we applaud the recent steps in Columbus, Ohio, to create Adelphi Bank, which would be the only black-run bank in the world. ‘Ohio and twenty-first nationwide,’ lawmakers concluded. “Adelphi will address the unmet needs of minority and low-income consumers in Columbus, and we hope similar efforts lead to new MDIs elsewhere in Ohio and across the country. “


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New Mexico Credit Union Receives Nation’s First Financial Institution Certification for Cannabis and Hemp Banking Protocols https://nagolovu.com/new-mexico-credit-union-receives-nations-first-financial-institution-certification-for-cannabis-and-hemp-banking-protocols/ Tue, 14 Dec 2021 13:44:00 +0000 https://nagolovu.com/new-mexico-credit-union-receives-nations-first-financial-institution-certification-for-cannabis-and-hemp-banking-protocols/ ALBUQUERQUE, New Mexico, December 14, 2021 / PRNewswire / – Today, New Mexico Attorney General Hector Balderas announces this New MexicoHeadquartered in the United States, Eagle Federal Credit Union is the first financial institution to be certified in the country for current US monetary banking protocols in cannabis and hemp banking. This honor is part […]]]>

ALBUQUERQUE, New Mexico, December 14, 2021 / PRNewswire / – Today, New Mexico Attorney General Hector Balderas announces this New MexicoHeadquartered in the United States, Eagle Federal Credit Union is the first financial institution to be certified in the country for current US monetary banking protocols in cannabis and hemp banking.

This honor is part of a financial services certification program overseen by the Policy Center for Public Health & Safety (PH&S) in collaboration with state attorneys general. It is also part of a larger certification effort implemented by ASTM International and PH&S.

The marijuana industry will soon explode in New Mexico, and it is important have bank guarantees to mitigate illicit and criminal behavior. It’s a important first step in partnering with law-compliant companies in the market ”, said New Mexico Attorney General Hector Balderas.

The certification brings banking and financial transparency to ensure the security of the monetary system for hemp and cannabis banking institutions.

Credit unions were created to serve the unbanked and underserved population. The cannabis industry has been unbanked and underserved for years, often negatively impacting public safety in communities where cannabis is legal, ”said Majors of Marsha, President / CEO of the US Eagle Federal Credit Union.

“The basis of market validation is knowing which financial institutions follow procedures and protocols that comply with state and federal regulations law. And, so that the industry Bankand receive financial services and take institutional investment – financial institutions and their insurers seek advice, ”said Karen Blanche, Executive Director, Alliance of Attorneys General.

The certification is endorsed by Safe Harbor Financial, a subsidiary of Partner Colorado Credit Union, which has led the industry in the development of financial systems in agreement with the US Department of the Treasury and FinCEN. In addition, the CEO of Safe Harbor Financial Sundie seefried is a leading expert and resource on law enforcement and regulatory matters relating to money laundering and cannabis and hemp banking.

The global certification model is accepted by state and federal agencies as the standard for compliance and in the implementation of general risk mitigation strategies. The program focuses on the following points:

  • The highest level of compliance standards that will meet the expectations of BSA and FinCEN guidelines.
  • Consumer filing options for cannabis-related entities, including ancillary and plant contact service providers, ensuring accountability, transparency and industry reporting.
  • Monitoring the internal activities of all personnel involved in the compliance program to ensure full compliance with the processes that will protect US Eagle.
  • Monitor cannabis clients to ensure they are internally prepared to prevent or involve any enforcement priorities previously recorded in the Cole Memo and still referenced in the Financial Crimes Enforcement Network (FinCEN) guidelines.
  • Create a transparent environment of all activities with examiners, auditors and other third parties who work with financial institutions to enhance comfort and understanding; ultimately improve long-term processes.
  • Join a network of cannabis banking financial institutions that share and develop best practices regarding cannabis banking and use this shared network to help each other with safety and soundness.
  • Digitize financial transactions to the highest level possible to increase transparency.
  • Ensure files are complete, easy to navigate, and readily available to meet law enforcement requirements such as subpoenas, investigations, etc.

US Eagle Federal Credit Union: is the oldest state-owned, nonprofit credit union. Founded in 1935, US Eagle offers a full line of financial products and services and has ten branches in Albuquerque, Bernalillo, Farmington, and Santa Fe. With assets of more than one $ 1.4 billion, more than 80,000 members and three times Forbes® Recipient of the Best-In-State Credit Union award, US Eagle is where people matter most.®

About the Alliance of Attorneys General: Alliance AG initiates meetings, panels and discussions and serves as a host forum for bipartite cooperation within the attorney general community. Alliance AG cultivates and nurtures these relationships through webcasts, working groups and social events.

ABOUT PH&S: PH&S is a 501 (c) (4) company that addresses the challenges facing law enforcement agencies, regulators, cannabis investors and operators, and financial institutions.

Contact: Monica McCafferty – (303) 903-3394 – [email protected]

SOURCE Center for Public Health and Safety Policy


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