Deposit Compliance & the CFPB

The consumer protection police are back on the beat.  While we may not be seeing it directly quite yet, the wheels are in motion at the CFPB.  Change will most definitely be coming down the pipe.  This was the message delivered during the “Deposit Compliance in 2021 & Beyond” session at our recent Virtual Deposit Compliance Conference. 

Click on the video to listen to Jerod explain more .

Ready to learn more about what’s hot in Deposit Compliance?  Do you want the latest, greatest information from the best trainers in the industry?  If you missed the Virtual Deposit Compliance Conference don’t worry!  You can purchase it now OnDemand.

You can also purchase our two-day Lending Compliance Conference OnDemand and/or sign up for our BSA/AML Compliance Conference coming up on November 10th!

Want more bang for your buck?  Purchase the entire series at a greatly-reduced price!

Published
2021/10/18

Coming Soon! – Virtual Lending Conference

Are you getting excited?  We sure are!  In just a couple days we will host our two-day 2021 Virtual Lending Conference.  We will cover many lending topics, some of which include:

  • Loan Compliance in 2021 & Beyond
  • Fair Lending
  • TILA Ability to Repay & Qualified Mortgage Requirements
  • Flood Insurance FAQs
  • TRID Trouble Spots
  • Mortgage Servicing Updates & Reminders
  • HMDA Hot Spots
  • Adverse Action Notices
  • And Much More!

Listen as Jerod explains more about the conference and one topic you don’t want to miss.

Want more bang for your compliance buck?  Register for our Virtual Compliance Series.  You will get the latest, greatest information related not only to Lending Compliance but also Deposit and BSA/AML Compliance!

One registration gets your whole team trained!

Published
2021/10/01

Providing Credit Score Information

We received the following question for the “Member Requests” portion of our September Monthly Connection:

The FCRA says you only have to disclose that you pulled a credit report if that information was used in whole or in part to make the credit decision on an Adverse Action Notice.  But, also in the FCRA is the requirement to provide a Risk Based Pricing Notice, or a Credit Score Exemption whereby you provide a Credit Score Notice.  Since we do not use a risk-based pricing notice, does that mean every consumer must receive their credit score if a credit report was pulled in connection with a consumer purpose loan application?

Jerod gives the answer in the following video taken from the Monthly Connection.

Ready to learn more about the FCRA / FACT Act requirements? JOIN US , for our webinar, “FCRA / FACT Act”. 

Want to become a member of our Monthly Connection?  Get in touch with us today!

Published
2021/09/30

Coming Soon! – Virtual Deposit Conference

Are you getting excited?  We sure are!  In one week we will host our 2021 Virtual Deposit Conference.  We will cover many deposit topics, some of which include:

  • Deposit Compliance in 2021 & Beyond
  • Unfair, Deceptive or Abusive Acts or Practices
  • Overdraft Compliance & Oversight
  • Electronic Funds Transfer Act Disputes & Error Resolution
  • Expedited Funds Availability Delays
  • Truth in Savings Act Reminders
  • And Much More!

Listen as Jerod explains more about the conference and one topic you don’t want to miss.

Want more bang for your compliance buck?  Register for our Virtual Compliance Series.  You will get the latest, greatest information related not only to Deposit Compliance but also Lending and BSA/AML Compliance!

One registration gets your whole team trained!

Published
2021/09/21

Small Business Data Collection Proposal: CMS Implications

In case you missed it, the CFPB recently issued a proposed rule regarding Small Business Lending Data Collection under Section 1071 of the Dodd-Frank Act. 

Specifically, the proposal would require covered institutions to collect and report certain data for minority-owned and women-owned small business loan applications.  This data will be different than what you currently collect/report for HMDA, CRA, Beneficial Owners, etc.  What will that look like for your institution?  How will it affect your current procedures and processes? 

While this is only a proposal, it still has an impact on your Compliance Management System (CMS) today. 

Listen as Jerod explains the CMS implications, as well as when he expects this will all go into effect.




We have a one-hour webinar, “Small Business Lending Data Collection”, coming up on September 29th that cover everything you need to know about the proposed requirements.  Understanding what’s potentially required will help you better craft a comment letter if you choose to do so.

 
This will also be a featured topic at our 2021 Virtual Lending Conference which begins on October 13th.

 
Ready to learn more about CMS in general?  Check out our six-part webinar series, “Compliance Management” today!

Published
2021/09/20