EGRPRA 2017 Report

Economic Growth and Regulatory Paperwork Reduction Act Report for 2017 Available

The Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA) requires that regulations prescribed by the Federal Financial Institutions Examination Council, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Board of Governors of the Federal Reserve System be reviewed by the agencies at least once every 10 years.

The purpose of this review is to identify, with input from the public, outdated, unnecessary, or unduly burdensome regulations and consider how to reduce regulatory burden on insured depository institutions while, at the same time, ensuring their safety and soundness and the safety and soundness of the financial system. The first EGRPRA review was completed in 2007, with the submission of the required Report to Congress in July of that year.

The second EGRPRA review, which began in 2014, is now complete.  The agencies submitted their second EGRPRA Report to Congress on March 21, 2017.

The National Credit Union Administration conducted a review of its regulations at the same time and in a manner consistent with the EGRPRA review. The results of its review are included in the Report to Congress. The Consumer Financial Protection Bureau is required to review its significant regulations and publish a report of its review five years after the regulations take effect, in a process separate from EGRPRA.

The 2017 EGRPRA Report to Congress is available here: https://www.ffiec.gov/pdf/2017_FFIEC_EGRPRA_Joint-Report_to_Congress.pdf

CDD Requirements for Bank Secrecy Act

Its effective date is 06/11/2016 and date of the final CDD rule is May 11, 2018

https://www.fincen.gov/sites/default/files/2016-09/FAQs_for_CDD_Final_Rule_(7_15_16).pdf

FinCEN released SAR Stats for the past through December 2016

The number of SAR filing keeps increasing. See the details.

https://www.fincen.gov/sites/default/files/sar_report/2017-03-09/SAR%20Stats%203.pdf

FDIC issued Supervisory Insights to promote Risk Management titled “Credit Risk Trends and Supervisory Expectation Highlights”.

See details by clicking here.

https://www.fdic.gov/regulations/examinations/supervisory/insights/index.html

Web-based Trade Finance System – eTradePlus

Bankinfra has completed upgrade of trade finance system from windows based system to web-based one in June, 2010. It took more than nine months with detailed business analysis with banking experts. The major difference from the previous version is that eTradePlus is developed from the SWIFT framework and communication among the users and customers.

FASB 156 amended to FASB 166

Effective as of June 30, 2009, Financial Accounting Standard Board (“FASB”) incorporated U.S. generally accepted accounting standards in the name of “Accounting Standards Codification (“ASC”). With this, FASB’s Statement No. 156 titled as “Transfers and Servicing” was amended to ASC No. 860 or FASB’s Statement No. 166 with provisions which will influence FASBinfra2 software to be modified and upgraded accordingly.

DocuFront for Document Management

Bankinfra finally completed a robust Document Management system, DocuFront, expecting that many government institutions, colleges, legal companies, medical institutions, and financial institutions who seek Green paperless environment policy with seamless disaster recovery plan.

Smart Phone Banking

Bankinfra has released its smart phone banking application to replace mobile banking in one of the Los Angeles based bank. The phone O/S has been implemented with Android, Blackberry, and iPhone for user interface linking its host bank’s websites in the format of mobile banking.

eVoucher – Paperless Item Entry

Item Block Entry for paperless item management requires dual control and proper logging procedure.

Bankinfra developed eVoucher to automate paperless entry from ITI Core System for block entry user banks.

Intranet or web-based version is also available for easy installation. Main feature includes:
1) Dual control,
2) Automatic interface with ITI Core System,
3) Account Number, Tran Code, and Balance validation,
4) Multi-level security for entry, supervisor, and administrator, and
5) Complete audit trail report to remove unnecessary documentation for dual control.

iStatement Plus – Check Image

Wilshire State Bank and Hanmi Bank selected iStatement Plus from Bankinfra Technology Inc. for thier Check Image Statement and Check Image Viewer.

iStatement Plus built in Microsoft SQL Enterprise stores and archives TIFF images in safe and optimized format so that retrieving image is so fast enough. Search criteria is made up of account number, portfolio/CIF number, TAX ID number, date of transaction by deposited/issued items.

It also provides a Who-Did-What-When audit trail report, and CD statement for business accounts with EXCEL spreadsheet export capability.

Customer’s viewer program can be downloaded from bank’s website or can be delivered in a CD.