Bankers Blog
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Flood Insurance Requirements
Flood insurance isn’t about you. That statement is sometimes hard for banks and lenders to fully grasp. Flood insurance isn’t about protecting the bank, it’s about protecting your borrowers and ultimately the interest of the U.S. Government. We see lenders all the time trying to get out of requiring flood insurance by saying the collateral located in a Special Flood Hazard Area is being taken as an abundance of caution, or the land value far exceeds the structure value, etc. When it comes to flood insurance; however, it doesn’t matter. If your loan is secured by a structure in a SFHA you must play the flood insurance game, it’s not optional.
Monthly Connection
Find some certainty in this uncertain time! Our highly praised Monthly Connection will give you the best of both worlds…expert advice and peer interaction. The Monthly Connection is a one-hour Zoom meeting with the experts at Banker’s Compliance Consulting and your...
Adverse Action Notices
Be sure to JOIN US for our webinar, “Adverse Action Notices”. Did you know that you don’t have to tell an applicant “why” you’re denying them, at least initially? In 1002.9(a)(2) it says to give the applicant a statement of specific reasons for the action taken; OR...
ATM & One-Time Debit Transactions – Regulation E
Regulation E’s overdraft rules related to ATM & one-time debit transactions seem pretty straightforward. Since these rules have gone into effect; however, some institutions have unknowingly gotten themselves into hot water.
HMDA Action Taken
Be sure to JOIN US on May 28, 2020, for our webinar, “HMDA Action Taken" When it comes to HMDA, there is a lot of confusion when reporting the type of action taken, especially, when it comes to the Approved Not Accepted code. To understand when you should report...
Red Flags for COVID-19-Related Fraud
FinCEN recently released the first of what it expects to be a series of advisories related to fraud and scams resulting from the COVID-19 pandemic. This first advisory gives us 22 red flags, as well as, case studies for three different types of medical-related fraud and scams.
Collecting GMI Under Regulation B
On April 17, 2020, we alerted you to a HMDA Final Rule that will raise the closed-end threshold to 100, effective July 1, 2020, and the open-end threshold to 200, effective January 1, 2022. What this Means While this is obviously good...
ACAMS: Financial Crimes Under the Microscope
We recently sat in on an Association of Certified Anti-Money Laundering Specialists (ACAMS) webinar that addressed many of the rising issues related to the COVID-19 pandemic. They expect banks to see more online banking/mobile banking usage, as well as...
Remittance Rule Changes Coming
On May 11, 2020, the CFPB issued a Final Rule which amends the Remittance Transfer Rule and is effective July 21st. An Executive Summary is available here.
More COVID-19 Guidance and Even More Regulation
The CFPB recently issued an Interpretive Ruling regarding certain Regulation Z waiting periods as well as a FAQ Document on the appraisal/valuation rules of Regulation B. These are intended to clarify requirements for consumers facing financial emergencies due...