Banking
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360 mins!
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What you'll learn
Learn banking topics such as Regulation E, credit unions, bank secrecy basics for frontline employees and management, loan processing, PATRIOT Act, robbery training, check fraud, the Right to Financial Privacy Act, Foreign Corrupt Services Act, and much more.
Skills covered in this course
Description
Our Banking library covers topics such as Regulation E, credit unions, bank secrecy basics for frontline employees and management, loan processing, PATRIOT Act, robbery training, check fraud, the Right to Financial Privacy Act, Foreign Corrupt Services Act, and much more.
System Requirements
• Windows 7 and newer
• Mac OS 10 and newer
Supported Browsers:
The current and previous major releases of the following browsers
• Safari v11 and higher
• Firefox v65 or higher
• Chrome v70 and higher
• Microsoft Edge v42 and higher
• Internet Explorer v11 and higher (Windows only- may exhibit visual differences from other
browsers)
Computer Speed and Processor:
• Use a computer 5 years old or newer when possible.
• 1GBofRAM
• 2GHz processor
Author
Making the Workplace Safer and Smarter
HSI (Health & Safety Institute) is a recognized leader in Environmental, Health and Safety (EHS) and workforce development software, training, and compliance solutions.
HSI is your single-source partner for EHS, Compliance, and Professional Development solutions. HSI provides integrated e-learning content, training solutions, and cloud-based software designed to enable your business to improve safety, operations, and employee development. Across all industries, we help safety and technical managers, human resources, first responders, and operational leaders train and develop their workforce, keep workers safe, and meet regulatory and operational compliance requirements. We are a unique partner that offers a suite of cloud-based software solutions including learning management, safety management, chemical SDS management, and more, integrated with our content and training so businesses can not only monitor and manage multiple workflows in one system, but train employees via one partner.
Banking
The SAFE Banking Act of 2021
Today, much of the United States has legalized some form of recreational or medical marijuana. Because cannabis remains illegal under the federal Controlled Substances Act, individuals who grow, possess, use, sell, transport, or distribute cannabis remain subject to federal criminal prosecution. Financial institutions providing banking services to legitimate and licensed cannabis businesses under state laws are subject to criminal prosecution. As you can imagine, this is a big problem for businesses that legally grow, market, or sell cannabis in states that have legalized its sale, since they're generally locked out of the banking system. The Secure and Fair Enforcement Banking Act of 2021, known as the SAFE Banking Act, is legislation that would impact the ability of federal banking regulators to intervene in the actions of a depository institution dealing with a legal cannabis business. In this program, we'll talk about what this act intends to accomplish, when and if it becomes law.
The Military Lending Act
In 2006, the federal government enacted the Military Lending Act, or MLA, which regulates what lenders can and can't do, when working with service members and their dependents. This act came as a result of lenders targeting military service members with predatory loans that had punishing interest rates, fees, and terms. In this course, we'll talk about the protections this act includes, go over who qualifies for it, and explore what types of loans are covered by the act.
What's a UDAAP?
After the 2008 financial crisis, regulators created new laws to protect consumers and increase consumer confidence in financial transactions. Among those laws was the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Under the Dodd-Frank Act, it is unlawful for any provider of consumer financial products/services or a service provider, to engage in any unfair, deceptive, or abusive acts or practices - known as UDAAPs. In this course, we'll define what a UDAAP is and discuss how they affect consumers, as well as the financial industry. This program will also provide some examples of UDAAPs and go over how the law is enforced.
Mortgage Servicing
When most people buy a home, they take out a mortgage. The buyer typically puts down a portion of the cost, the down payment, and they get a mortgage loan for the remainder of the cost. The home serves as collateral. After closing on a home, the mortgage servicing company becomes the main point of contact for everything related to paying off a mortgage. In this course, we'll talk about the services these companies provide and the responsibilities they carry out to ensure successful and sustainable homeownership for their clients.
Banking Customer Service
Providing quality customer service is essential to any business, but in order to do that, every institution should establish a set of customer service guidelines for their employees to follow. In this course, we'll discuss the four basic elements of customer service that banks can implement for their employees. We'll talk about situations that bank customers want to avoid. We'll also cover areas where training is essential, touch on various ways to reward employees for exemplary customer service, and go over how to measure your customer service efforts.
Banking Phone Calls
Customers call us for many different reasons. Maybe it's just faster and more convenient to call than getting in the car and driving to your location. Maybe they've got an urgent problem and can't wait for a visit. Or maybe they just need the information quickly. Whatever it is, the caller wants their phone experience to be fast, be efficient, and satisfy their needs. Each phone call gives your company an opportunity to develop a new relationship or solidify and strengthen an existing one. In many organizations, the customer's first contact happens over .the phone, so it's essential that the experience is a good one. In this course, we'll talk about how to provide that by going over phone system designs, the three-ring rule, and general customer service phone etiquette.
Banking Customer Interactions
Walking into a bank can be an intimidating experience. Many people don't enter physical bank locations anymore, so they may be unsure of where to go or who to see. As a bank employee, it's your job to make these customers feel welcome and comfortable. In this course, we'll talk about how to be a helpful, informative, and friendly bank professional. We'll discuss how to best interact with customers, whether they're new to your institution or have had an unsatisfactory experience. We'll go over greeting people, dress codes and appearance, offering assistance, referring customers to someone else, and handling customer complaints.
Fair Lending Laws
During the 60s and 70s, Congress passed several laws to ensure fair and equitable access to credit for individuals and communities. These laws include the Fair Housing Act, or FHA, of 1968, the Equal Credit Opportunity Act, or ECOA, of 1974, the Home Mortgage Disclosure Act, or HMDA, of 1975, and the Community Reinvestment Act, or CRA, of 1977. In this program, we're going to talk about the two laws, in particular, that are the fair lending laws (FLLs). We'll go over what and who they apply to, and what lenders need to do in order to stay compliant. Keep in mind, we aren't lawyers and are not giving legal advice. This course is simply a review of these laws.
The Bank Bribery Act
The Bank Bribery Amendments Act of 1985 requires that the financial institution regulatory agencies publish guidelines to assist employees, officers, directors, agents, and attorneys of financial institutions in complying with the law. The Act is in place to prevent misconduct in lending transactions, but it also applies more broadly to any business or transaction. So, it includes vendors, contractors, and anyone else who may have contracts with the financial institutions as well. In this program, we'll break down what this act says.
Office of Foreign Assets Control
A man walks into your financial institution and requests a wire transfer to Burma. It's a pretty small amount and he says he wants to pay for the transaction with cash. So, you go ahead and do it. Easy enough, right? You probably process wire transfers everyday. It turns out, the man you helped was a drug trafficker sending money overseas to fund his drug cartel.
It makes you sick, doesn't it? How do you stop that from happening? That's what the Office of Foreign Assets Control, or OFAC, helps with. In this course, we'll discuss the origin of the OFAC and its responsibilities. We'll also talk about the various laws it administers, so that you and your financial institution can avoid possible violations.
It makes you sick, doesn't it? How do you stop that from happening? That's what the Office of Foreign Assets Control, or OFAC, helps with. In this course, we'll discuss the origin of the OFAC and its responsibilities. We'll also talk about the various laws it administers, so that you and your financial institution can avoid possible violations.
Electronic Payment Systems
In an increasingly digital world, electronic payment systems have become the standard of modern finance. In this course, we'll dive into how these kinds of transfers work, both domestically and overseas. We'll discuss automated clearing houses (ACH), Fedwire, CHIPS, and SWIFT. We'll talk about what they are, how they operate, the number of banks that use these systems, and the transfer amounts they handle.
Check Processing
These days, most people use their debit card and automatic bill pay for paying off bills. Rarely do many of us use checks, and some struggle with knowing how to fill one out properly. If we're forgetting how to fill out checks, it's likely we've also forgotten how they work. In this course, we'll provide an overview of the check processing system. We'll discuss check clearing and how financial institutions communicate to move the cash from one bank to another using intermediaries. We'll go over endorsements, proofing, processing local versus non-local items, and check truncation. We'll also talk about potential problems with clearing a check.
Cross-Selling
In order to aggressively compete for business, banks need to offer multiple services to their customers. So, for employees of financial institutions, it's vital to understand the basics of cross-selling. In this program, we'll go over the sales process for bank professionals and discuss the differences between cross-selling and upselling, including the benefits to both sales strategies. We'll go over where to find these sales opportunities, touch on features vs. benefits, and talk about using technology to your advantage.
Handling Customer Complaints
One thing we know about business is that customers complain. As an organization, it's impossible to always get it right for every customer, every time. But customer complaints aren't necessarily a bad thing. Why? Because it's direct customer feedback, and if that customer complains directly to a bank employee, then the bank gets the opportunity to rectify the situation, changing the negative experience into a positive one. In this course, we'll talk about why handling customer complaints properly is important, and we'll discuss the process for dealing with these situations successfully.
Selling Nondeposit Investment Products
More and more Americans are opting to invest their money into mutual funds, rather than in interest-bearing checking accounts. Mutual funds are considered a non-deposit investment product (NDIP), which depository institutions can offer directly, or through third parties like affiliated or unaffiliated registered securities broker-dealers. Non-deposit investment products carry certain risks that some consumers may not be aware of, so in this course, we'll talk about how to properly educate your customers and discuss guidelines surrounding the sale of these products.
The Importance of Good Communication Skills
Being able to communicate in an accurate, friendly manner is extremely important in the world of banking. Communication involves all methods used to convey thoughts and feelings to other people. This generally involves spoken words and body language to convey information, and then watching and listening to receive information. Seems simple enough, right? But there's some complexity to communicating well, particularly in the financial field. In this course, we'll talk about the benefits of developing these skills. We'll talk about persuasion, knowing your audience, and using your observations to help you communicate more effectively.
Pandemic Planning
As we all saw during the coronavirus pandemic, the economic effects of a pandemic can be severe, both nationally and internationally. Since financial institutions play a critical role financially and economically, FIs need to have plans in place that describe how they will manage through a pandemic event. But you personally, as an FI employee, need to be aware of what these plans might contain, and what your role in such a plan might be. In this program, we're going to discuss some of those measures and provide you with instructions on how to get a pandemic plan in place.
Check Kiting
Check kiting is a growing problem in the banking industry, and one that's become easier in recent years, due to increasingly competitive banking practices requiring banks to make funds available sooner. Because check kiting is so easy, this crime is growing rapidly, and financial institutions are losing millions of dollars each year. In this program, we'll talk about what check kiting is and how to look out for it at your FI.
Signs of Check Fraud
Check fraud is one of the largest challenges facing financial institutions. Technology has made it increasingly easier for criminals to create realistic counterfeit checks and false identification to defraud FIs. To protect yourself and your customers from check fraud, you need to become familiar with check fraud schemes and common warning signs of counterfeit checks. Typically, the teller is the person who has the responsibility of identifying fraudulent checks and the criminals trying to use them. In this program, we'll talk about how to determine if a check is real or possibly counterfeit.
Types of Check Fraud
If you've seen the movie Catch Me if You Can with Leonardo DiCaprio and Tom Hanks, then you've seen check fraud at work. The movie is based on the life of Frank Abagnale and his time as a conman and check forger. When he was finally caught and convicted, Abagnale went to work for the FBI, teaching them his check forgery tricks. These criminal practices are still at work today. So in this program, we'll talk about different types of check fraud, how to recognize them, and what you can do to stop these activities at your workplace.
Teller Cash Handling
Tellers have several responsibilities and play a critical role in the success of financial institutions. One of their most important duties is to manage cash transactions. So, in this video, we're going to talk more in depth about the teller's cash handling responsibilities, including managing the cash drawer, counting cash, processing transaction tickets, and balancing the day's transactions. We'll also discuss finding and correcting balancing errors.
Responsibilities of the Teller
With all the online and ATM banking we do these days, some people might think the teller's job is no longer important. This simply isn't the case. Tellers are still a vital part of most financial institutions. If you're a teller, or becoming one, this course will help you understand the essential duties and responsibilities that come with your position. We'll discuss operational duties, such as dealing with transactions, policies, and procedures. We'll also cover customer service responsibilities like cross- and upselling products and services, being alert to fraud, dealing with office security, and identifying adult financial abuse.
The Truth in Lending Act
The Truth in Lending Act, or TILA, is designed to protect consumers and credit transactions by requiring disclosures about their terms and to standardize the way costs associated with borrowing are calculated and disclosed. TILA also gives consumers the right to cancel certain credit transactions that involve a lien on a consumer's principal dwelling, regulates certain credit card practices, and provides a means for fair and timely resolution of credit billing disputes. In this course, we'll provide a detailed description of TILA and Regulation Z, which implemented the act. We'll talk about the various subparts of the act, who it does and does not apply to, and the disclosure requirements under the act.
Dodd-Frank Wall Street Reform and Consumer Protection Act
The Dodd-Frank Wall Street Reform and Consumer Protection Act, or "Dodd-Frank," was created as a response to the financial crisis of 2008. The Dodd-Frank Act sought to enact stricter oversight on banks, while expanding protections for consumers and taxpayers. It established a number of new government agencies tasked with overseeing the various components of the act and various parts of the financial system, including banks, mortgage lenders, and credit rating agencies. This program is designed to help you understand the highlights of this act.
FDIC Accounts
If you're putting money in a depository bank account, you want to make sure it's insured against bank failure or other negative outcomes. Luckily, the U.S. government has an agency called the Federal Deposit Insurance Corporation. The FDIC was created during the Great Depression to make sure people didn't lose all their money if there was a run on their bank. Therefore, any FDIC-eligible account is insured. In this program, we'll discuss the different types of depository accounts that are insured by the FDIC.
Regulation W
Regulation W establishes quantitative limits and other requirements for loans, purchases of assets, and other transactions between financial institutions and their affiliates. In this course, we'll define two key terms you'll need to know in order to comply with Regulation W: affiliate and covered transaction. We'll discuss how to determine when Regulation W applies. We'll break down the two key sections to the regulation: sections 23A and 23B. Lastly, we'll touch on the applicability of Regulation W on foreign banks and go over amendments made through the Dodd-Frank Act.
Fair Debt Collection Practices Act
The Fair Debt Collection Practices Act, also known as the FDCPA, was enacted in 1977 to protect consumers from unfair, deceptive, and abusive practices used by some third-party debt collectors. In this program, we'll review who and what is protected by the FDCPA, and talk specifically about what debt collectors can and can't do to collect payment. It's important to note that there are state laws regarding debt collections do's and don'ts. This program does NOT cover the specifics of the state laws, so be sure to check with your compliance officer or supervisor to ensure you know your state-specific guidelines regarding the collection of debts.
Regulation BB and the Community Reinvestment Act
Regulation BB requires financial institutions, excluding credit unions, to help assist with the credit needs of their surrounding communities, including low- to moderate-income communities. Regulation BB, also called the Community Reinvestment Act, or CRA, was enacted in 1977. It's revised yearly to update the asset threshold for banks. In this program, we'll cover what effect CRA performance has on regulatory applications, how CRA performance is evaluated, and what information a bank is required to collect and report. This course is intended only to give an overview of Regulation BB and should not be taken as legal advice.
Negotiable Instruments and Endorsements
You're probably familiar with the term "negotiable instrument," but what exactly is that? It's defined as a written document guaranteeing the payment of a specific amount of money, either on demand or at a set time, to a specific person or to order to its bearer. Still not clear? No worries, in this course, we'll look at negotiable instruments, what they are, and how they work.
The Financial Institutions Reform, Recovery, and Enforcement Act of 1989
The Financial Institutions Reform, Recovery, and Enforcement Act of 1989, or FIRREA, is a federal law that was created in response to the savings and loan crisis after hundreds of US savings and loan institutions failed in the 1980s. FIRREA is essentially a set of regulatory changes to the United States savings and loan banking system and the real estate appraisal industry. In this course, we'll discuss what the act was designed to accomplish, and the various changes enacted through the FIRREA Act.
The Federal Reserve and Monetary Policy
The term monetary policy refers to the actions taken by the Federal Reserve to control the cost of money in the United States. These efforts preserve the economy and promote stability, and this responsibility was given to the Federal Reserve through the Federal Reserve Act of 1913. In this course, we'll talk about the nine policy tools the Federal Reserve controls to influence the demand for and supply of balances that depository institutions hold at Federal Reserve Banks. We'll also discuss the impacts of the federal funds rate.
Robbery Training: Robbery Awareness
Most people go to work every day and never have to worry about their place of business being robbed. For bank employees, the fear of being robbed is a very real thing. It happens. And when it does, you need to be prepared. This program will help you prepare, while giving you best practices and tips on how to handle a robbery situation. We'll discuss the different types of robberies you might encounter, go over what you should do in these scenarios, and talk about suspicious behaviors you should be on the lookout for.
Robbery Training: During a Robbery
The obvious hope is that the content of this course never applies to you. But in the interest of safety, this program provides some general tips to follow in the event of a robbery at your financial institution. Remember to always follow your organization's specific procedures, but this course will provide more general information regarding whether or not to comply with a criminal's demands, what the proper response and reaction should be, how to preserve evidence, and how to handle customer witnesses. Lastly, we'll touch on some robbery statistics all bank employees should be aware of.
Loan Processing: Taking the Application
Processing a loan can be a complex endeavor. The most common loans offered by mortgage lenders include conventional conforming, conventional nonconforming, FHA, VA, and subprime loans. For most lenders, the steps to processing these loans are pretty similar, so in this series of courses, we're going to cover the five main steps: taking the application, the verification process, compliance, underwriting the loan, and making the final decision. Here, we'll cover how to properly fill out the loan application. We'll discuss each section and the information needed to complete the form.
Loan Processing: Verification
The second step of loan processing is verification. After the loan application is completed, it's turned over to the loan processor. They obtain the necessary information from the applicant and validate that information, verifying their employment and income. Then they package the loan application and send it to the underwriter. In addition to gathering application information, the loan processor also obtains an appraisal of the property, the applicant's credit report, and most likely, a title search. In this course, we'll go over this entire verification process, so you know what to expect.
Loan Processing: 03. Compliance
Within three business days after completing and verifying the application, the lender needs to provide the applicant with a loan estimate of the anticipated closing costs. This estimate shows the costs associated with the loan settlement, like origination fees, mortgage insurance, title insurance, escrow reserves, and hazard insurance. In 2015, federal changes were made to enhance transparency in the lending industry. In this course, we'll talk about these compliance requirements.
Loan Processing: Underwriting
Underwriting is the fourth step in processing a loan. It's what happens behind the scenes once you submit your application. It's one of the most critical steps, because the underwriter makes the decision about whether an applicant is qualified for the loan. Loan underwriters may ask for additional information, documentation, or adjustments to the loan request before making the final decision. In this course, we'll talk about what happens during this process and how underwriters make their final determinations.
Loan Processing: The Decision
So far, in our series on loan processing, we've covered taking the application, verifying that data, compliance regulations, and underwriting the loan. For the final step, we're going to talk about the decision to finally approve or deny the loan. After the underwriter has reviewed the entire loan package, there can be four outcomes. We'll discuss those here.
Regulation O: Introduction to Regulation O
Regulation O applies to all federally insured financial institutions, governing loans and extensions of credit to their executive officers, directors, principal shareholders, and to the companies controlled by them. In a nutshell, Regulation O is designed to provide checks and balances for high-level executives of the FI ladder, to ensure that they don't receive preferential treatment when receiving loans and credit. In this course, we'll discuss whom the regulation applies to and what actions are prohibited.
Regulation O: Rules and Regulations of Regulation O
Regulation O is a banking regulation that governs when and how you can loan money to your own financial institution's officers. In this program, we'll do a deep dive into the rules and regulations of Regulation O. We'll discuss what's required, what's considered a legitimate transaction, and the additions made to Regulation O through the Dodd-Frank Act.
The National Flood Insurance Program: Flood Insurance Overview
The National Flood Insurance Program, or NFIP, was created to help the U.S. deal with the impact of flooding. Two statutes, The National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, govern the NFIP. Congress established this program in response to growing flood losses that strained insurance companies and escalated the costs of disaster relief to U.S. taxpayers. In this course, we'll talk about the goals of the NFIP and how community participation in the program works. We'll also discuss NFIP coverage.
The National Flood Insurance Program: The Private Flood Insurance Rule
Concerns regarding long-term fiscal soundness of the NFIP led to Congress passing the Biggert-Waters Flood Insurance Reform Act of 2012. The idea was to stimulate the private flood insurance market by mandating that lenders accept private flood insurance in satisfaction of someone's flood insurance purchase requirement. Although financial institutions were told they needed to accept private flood insurance, there was confusion as to how to implement this mandate. In January of 2019, a long-awaited final rule was approved that implements certain provisions of Biggert-Waters and clarifies the legal standards regarding lenders' acceptance of private flood insurance, going into effect in July of 2019. In this course, we'll discuss what's required under this rule.
Banks: Basics
The term "financial institution" covers a lot, encompassing commercial banks, savings and loan associations, and credit unions. What exactly do each of these entities do, and how do they differ? That's what we'll talk about in this course, covering the basics of each. Financial laws constantly change, so if you work in or with a financial institution, it's essential to stay apprised of these regulatory changes.
Banks: Bank Regulations
We know that banks are regulated by the Federal Deposit Insurance Corporation, the Federal Reserve Board, and the Office of the Comptroller of Currency, but do you know why banks are regulated? There are four main reasons for banking regulations, and we'll talk about that here in this program. We'll also discuss the four entities that share the various regulatory duties for commercial banks. Lastly, we'll go over the process of evaluating the financial performance of commercial banks.
Banks: Bank Assets
Commercial banks are the most diversified of our nation's depository institutions. This is because they have the broadest asset and liability powers among the different types of depositories. Generally, the larger the bank, the more diversified their asset and liability structure. In this course, we'll discuss the types of assets banks may hold, and why. We'll go over bank lending practices with commercial and industrial firms and the various types of business and consumer loans banks can offer. We'll talk about bank liabilities and capital, as well as capital requirements. Lastly, we'll go over asset and liability structures.
Banks: Percentages and Interest Rates
Comprehending percentages and interest rates is essential to working in the banking industry, so this course is designed to help learners get a better understanding of these concepts. We'll define and discuss percentages and how to calculate them. We'll talk about basis points and yield differentials. Then, we'll cover interest. We'll define simple and compound interest and go over how to make these calculations.
Credit Unions: Credit Unions
You probably know the basics of how your local or national bank works. This program is designed to educate you on another financial institution - the credit union. We'll discuss what it is, how it works, and who it serves. We'll also go over the various types of credit unions and talk about credit union service organizations.
Credit Unions: Credit Union Regulations
Even though credit unions are cooperatives, they're still supervised and regulated by their chartering and insuring agencies. Their primary federal regulator is the National Credit Union Administration or NCUA. The NCUA charters, insures, regulates, and examines all federally chartered credit unions and completes insurance reviews for all state-chartered credit unions whose shares are insured by the National Credit Union Share Insurance Fund, or NCUSIF. The primary regulators of state-chartered credit unions are state regulatory agencies. I know that's a lot of information! In this course, we'll talk specifically about the NCUA and the regulations it applies to credit unions.
Credit Unions: Credit Union Services
Credit unions offer a multitude of services to their members. In this course, we'll look at many of those amenities, including savings products, transaction services, loan services, and other extras they provide in addition to accounts and loans. These also include insurance, financial counseling, safe deposit boxes, and U.S. savings bond sales and redemptions.
Credit Unions: Differences Between Credit Unions and Banks
As you consider whether a credit union is a good choice for you personally, you may be wondering... what exactly are the differences between credit unions and banks? Why would you choose one over the other? Does it even matter? Well, despite their similarities as financial institutions, credit unions DO differ from banks in some respects. In this program, we'll go over those differences and discuss the pros and cons of both, to help you determine which is a better fit for you and your needs.