Bankers Blog
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TRID’s Five-Year Assessment
If you caught the October issue of Banking on BCC, it pointed out that we’ve been trying to meet the challenges of the TRID Rule for over five years now! This also meant, it was time for the CFPB to assess the rule’s effectiveness and report back on what it found. ...
FCRA/FACT Act Compliance
Be sure to JOIN US on October 6, 2020, for our webinar, “FCRA/FACT Act”. The FACT Act requires you to develop and implement a written ID Theft Prevention Program that is designed to detect, prevent and mitigate identity theft. It’s not uncommon for the...
2020-A Look Back & What Lies Ahead
If you’ve never joined us for our Forum, now is the time to check it out! Our Forum is a FREE, one-hour webinar that we host four times a year. We cover a variety of topics and allow you to pre-submit questions to ask our experts. We have a Forum coming up...
CFPB Continues Focus on FCRA Issues
In its latest edition of Supervisory Highlights, the CFPB indicated it’s seeing creditors pulling credit without a permissible purpose to do so. The Fair Credit Reporting Act (FCRA) does not require consumers to consent prior to pulling credit (unless if for...
Writing A Suspicious Activity Report Narrative
Suspicious activity monitoring and reporting is the cornerstone of your BSA/AML program. Once you identify the suspicious activity, filling out the Suspicious Activity Report, and more specifically, the narrative, can be a little daunting. What’s the best...
CFPB’s Summer 2020 Supervisory Highlights
The CFPB recently released their Summer 2020 Supervisory Highlights which provides great insight into what examiners are seeing out in the field. One of the areas addressed on the deposit side, paying a bonus under the Truth in Savings Act (Regulation DD), is...
CFPB Moves Forward on Data Collection and Reporting Requirements for Women-owned, Minority-Owned and Small Business Credit Applications
On September 15th, the CFPB announced that it is in the process of writing regulations to implement Section 1071 of the Dodd-Frank Act. These are the long-awaited and much-discussed requirements to collect and report data for women-owned, minority-owned and...
Regulation E’s 60-Day Rule
What if a customer comes in and says, “these transactions are not mine” and when you look into it further, you find out it has been months or maybe even years since the suspected errors occurred? Many financial institutions believe that consumers must notify you...
Compliance Management OnDemand
A couple of weeks ago, we wrapped up our six-part webinar series on Compliance Management. During the six, hour-long sessions, we tackled topics such as the roles of the Board, Senior Management, and Compliance Officer in your Compliance Management System (CMS),...
CFPB Releases HMDA FIG for 2021
The CFPB has released a Filing Instructions Guide (FIG) for HMDA data collected in 2021. Looking to 2021 already may be a bit overwhelming, but the good news here is that there aren’t any real significant changes for collecting and reporting data in 2021. There...