Reporting and compliance

reporting and compliance intro as the issuing bank and bin sponsor, cross river provides access to the card network and regulatory oversight for card programs cross river maintains full regulatory and network compliance responsibility for all partner managed issuing programs partners must submit regular reporting to cross river to maintain compliance with regulatory requirements, credit risk management obligations, and card network operating rules reporting ensures that cross river can fulfill its role as issuing bank and bin sponsor, maintaining oversight of partner program activity and risk exposure to meet these obligations, partners must submit reporting to cross river on a regular basis required reports include reporting and compliance /#daily reporting requirements transaction and card balance files for transaction monitoring and reconciliation reporting and compliance /#monthly reporting requirements credit risk metrics for credit card programs reporting and compliance /#quarterly reporting requirements card network reports for visa and mastercard compliance timely and accurate reporting is critical to maintaining a compliant card program under cross river’s sponsorship daily reporting requirements daily files partners (or their processors) must deliver two types of daily files transaction master file captures all balance affecting transactions posted into the partner’s or processor’s ledger during the previous business day this file supports transaction monitoring, fraud detection, and settlement processes card balances file provides the ending balance and status for each issued card at the end of each business day this file supports account reconciliation, negative balance monitoring, and charge off reporting, among other cross river operational and compliance oversight functions daily files must be securely delivered via cross river’s set up sftp (secure file transfer protocol) server, encrypted using pgp (pretty good privacy), and formatted according to cross river’s data exchange specifications file placement once a partner is set up for sftp, the must ensure they have a prod\creditcardprocessing\dailyreports\ subfolder in their cross river sftp folder this is where they will place the files partners should review the cross river card files specification and data dictionary and submit sample files for validation to cross river prior to launching their card program primary uses for the card files include monitoring money movement and key data elements related to compliance and bsa/aml it also allows cross river and our partners to reconcile card program operation and account balances files format the cross river card files must be formatted in a specific way broadly, cross river prefers comma separated value ( csv) files delivered by the partner or their processor via cross river's sftp files should be pgp encrypted using cross river bank’s public key file naming convention is flexible, but we advise partners to include the date in the name encrypted file names should be appended with pgp lastly, the file names should be unique cross river can work with our partner to discuss adjustments to the files if their processor already has files that fulfill the same purpose once the files are agreed upon, the partner and cross river can kick off the project for data ingestion monthly reporting requirements credit card programs only monthly reporting is mandatory for credit card programs to maintain portfolio transparency and meet regulatory obligations for programs that issue credit cards, partners must also deliver credit risk data reports on a monthly basis purpose to provide cross river with credit risk indicators that are not visible through daily transaction monitoring, supporting risk management and regulatory oversight required data metrics such as application volumes, approvals, declines, credit limits assigned, delinquency rates (30/60/90+ days past due), charge offs, fraud losses, recoveries, and collection activity format and delivery csv file format according to cross river’s specification delivered to the /clientcredit subfolder on cross river’s sftp server all required metrics must be reported, with zeros for metrics not applicable quarterly reporting requirements all card programs all programs must submit quarterly network reports to ensure compliance with visa and mastercard operating rules visa quarterly operating certificate (qoc) reports visa branded card activity associated with the bins provided to the partner must be submitted to cross river no later than the 5th business day following the end of each calendar quarter file format visa provided excel template mastercard quarterly mastercard report (qmr) reports mastercard, maestro, and cirrus branded card activity associated with the bins provided to the partner must be submitted to cross river no later than the second friday after each quarter ends file format mastercard provided excel template quarterly files must be securely uploaded to cross river’s set up sftp server, encrypted using pgp