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Marijuana, Gambling, Virtual Currencies, and Payday Lending: How the Financial Industry Can Avoid the Compliance Pitfalls

Learn more about opportunities available for banks to embrace new products and services.

Banks and financial institutions are facing disruption of the traditional business cycle. In particular, the products and services that banks offer and the way these products are delivered is being challenged. Today's bank must consider nontraditional banking services in areas that were once considered outside the banking zone; products such as virtual currency, payday lending and marijuana related businesses. This topic will describe the opportunities available for banks to embrace new products and services. In addition, we will discuss the process for assessing risks and dedicating the necessary resources for effective controls. Alternative financial services can allow banks to pursue new sources of income and attract new generations of customers.

Runtime: 87 minutes
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

The Banking Industry Continues to Face Disruption

  • The Growth of Financial Technology Has Led Banks to Consider Products That Have Traditionally Been Outside of the Main Traditional Products They Offer
  • The Cannabis Industry Continues to Grow in Acceptance and the Demand for Banking Services Grows Along With It. Payday Lending Is Here to Stay and the Need for Microloans at Reasonable Prices Has Been a Focus of the Regulators and They Have Pushed Financial Institutions to Consider These as Products. Virtual Currencies Continue Their Growth and Development
  • Along With the Products and Services That Are Being Demanded and Offered, the Number of Unbanked and Underbanked Families Provides a Huge Pool of Potential Customers

Cannabis, Virtual Currency and Payday Lending Can All Be Profitable-but

  • With Each of the Products Discussed, There Are Levels of Risk Which Include Compliance Risk, Reputational Risk, and Operations Risk. for a Financial Institution, the Risks Must Be Fully Considered Before Proceeding
  • Consumer Regulations That Exists Have Been Designed to Protect Against Traditional Risks and Problems. There Are Times When These Regulations Are Like Forcing a Round Peg Into a Square Hole
  • The Compliance Team Must Develop Strong Controls and Consider the Resources Necessary to Make the Controls Effective. Costs of These Controls Can Often Be Borne by the Customer

Considering Partnerships

  • Each of the Areas We Have Discussed Are Highly Regulated and Required Significant Investment in Licensing
  • Financial Institutions Can Provide a Platform for Offering Products That Is Both Efficient and Accessible
  • Working Together With Vendors, Financial Institutions Can Enter Into These Markets in a Way That Is Profitable and Safe
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More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on August 9, 2019.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

James DeFrantz, CRCM, CAMS, J.D.

James DeFrantz, CRCM, CAMS, J.D.

Virtual Compliance Management

  • 30 years of experience in financial service regulatory compliance
  • Worked with money service businesses in the United States and internationally
  • Specialist in compliance in consumer and real estate lending
  • Served as a senior compliance examiner at the Federal Reserve Bank in San Francisco; as an analytical manager at the Office of Thrift Supervision; and as a commissioned national bank examiner at the Office of the Comptroller of the Currency (OCC)
  • He has a certificate from the Pacific Coast Banking School of bank management
  • Certified regulatory compliance management and certified anti-money laundering specialist
  • J.D. degree, University of San Francisco; B.A. degree, Dartmouth College
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 405872
Published 2019
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