Latest News

Should an ODFI Ask a TPS for Proof of a Rules Compliance Audit?

Here's Why RMAG Thinks You Should

On February 7th, Jordan Bennett (Senior Director, Network Risk Management for Nacha) highlighted an important question for ODFIs: Should you be asking your TPS for proof of their rules compliance audits?

According to members of Nacha’s Risk Management Advisory Group,(RMAG): Yes, you should. The risk management professionals from RMAG emphasized that it’s not enough to trust your customer when performing the due diligence process at onboarding or during the lifespan of the relationship. Click to read more on this important discussion.

Nacha Requests Feedback by February 28

Survey: FI Business Decisions and Governance in the Crypto Space

The Nacha Payment Innovation Alliance is currently conducting a survey between now and the end of the February to gain industry feedback from financial institutions about business decisions and governance in the crypto space. The team is hoping to get as much feedback as possible to aid in addressing tools and resources that could benefit the industry.

Take the Survey

Upcoming Changes to Funds Transfers Through Fedwire^® Funds Service

Effective February 18, 2025, the Federal Reserve Banks will amend Operating Circular 6, Funds Transfers Through the Fedwire^® Funds Service. Is your financial institution prepared?

The Federal Reserve has advised that your continued use of the Fedwire Funds Service on or after February 18, constitutes agreement to the revised terms of the operating circular. See the Operating Circulars page for the revised operating circular and information related to the changes.

Learn More

You can also join us for an informative 2-hour webinar on January 30th. Important details and considerations will be addressed to help attendees and their organizations prepare for the Fedwire ISO 20022 Migration.

Countdown to Fedwire ISO 20022 Migration

Identity Theft Awareness Week is Coming!

The Federal Trade Commission (FTC) is hosting Identity Theft Awareness Week, January 27 - 31, 2025. During the week, the FTC and its partners will host free webinars and other events to talk about how to spot, avoid, report, and recover from identity theft.

Mark your calendars. It starts Monday, January 27!

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2025 Supervisory Priorities: Be Prepared

The Office of the Comptroller of the Currency (OCC) and the National Credit Union Administration (NCUA) have announced their 2025 supervisory priorities. Key focus areas for regulators include:

Payment systems and products:

Checks
Peer-to-peer transfers
Wire transfers
Bank-fintech partnerships

Specific risk areas:

Fraud risk management
Real-time/instant payments
Third-party risk management
Electronic Fund Transfer Act (Regulation E) compliance
Payment and error resolution policies/procedures

To help your financial institution be prepared for an upcoming OCC or NCUA exam, contact SFE.

SFE can provide deep expertise in all payments systems, including auditors' perspectives with a team made up of payments industry veterans, including AAPs, APRPs, NCPs, and certified auditors. We can answer all of your regulatory and compliance questions and take it a step further, evaluating your policies and procedures from an auditor's perspective and identifying ways to lessen your risk.

Contact SFE Today

Statement on New Orleans Terrorist Attack

Payments Hot Tip: Addressing Elder Financial Exploitation

A financial institution (FI) is required to file a Suspicious Activity Report (SAR) if it knows, suspects, or has reason to suspect a transaction conducted or attempted by, at, or through the financial institution involves funds derived from illegal activity, or attempts to disguise funds derived from illegal activity; is designed to evade regulations promulgated under the BSA; lacks a business or apparent lawful purpose; or involves the use of the financial institution to facilitate criminal activity, including Elder Financial Exploitation. All statutorily defined financial institutions may voluntarily report suspicious transactions under the existing suspicious activity reporting safe harbor.

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