4 Tips for Conducting BSA Training for Directors

In this Compliance Clip (video), Adam provides four tips that can be used when conducting BSA/AML training for directors of the Board. These tips are designed to help BSA/AML professionals craft a short, sweet, and sufficient training program for the board of directors.

For those interested in more information on providing Bank Secrecy Act training to the board of directors, be sure to check out our own BSA/AML Training for Directors in our at https://www.compliancecohort.com/bsa-training-for-directors.

On June 13, 2019, the FDIC released a new publication called Consumer Compliance Supervisory Highlights.  This publication includes a high-level overview of consumer compliance issues identified during 2018 by the FDIC during their supervision of state non-member banks and thrifts.  As stated in their release (FIL-31-2019), the purpose of this publication is to increase transparency with the FDIC’s supervision activities.

As is the case each quarter, we will be releasing our 2Q 2019 Quarterly Compliance Update once the quarter ends - probably by the end of July. This program, released four times a year, provides an overview of the main consumer compliance activity that took place during the prior quarter of the year. Designed for compliance officers and those responsible for overseeing and managing the compliance function, this program assists with regulatory change management by covering the need-to-know regulatory changes and activity that take place throughout the year. Each Quarterly Compliance Update program comes with a video of the instructor in front of presentation slides as well as a comprehensive manual where attendees can take notes and keep this document as a reference tool.

The full agenda to our 2Q 2019 Quarterly Compliance Update will be available within the next few weeks.

While the 2Q 2019 Quarterly Compliance Update is not yet available, prior Quarterly Compliance Updates can be viewed in our store at www.compliancecohort.com/store

Promptly Investigating Under Regulation E

In this Compliance Clip (video), Adam breaks down the requirement to investigate “errors” promptly under Regulation E. This video gives an overview of the rule and provides a great case study of “what not to do” regarding delaying investigations - and how doing so can have major consequences, such as UDAAP violations. If you are delaying investigations of Reg E claims for any reason, Adam will show you how this might be a major problem for you.

On June 7, 2019, the CFPB issued a final rule to delay the August 19, 2019 compliance date for the mandatory underwriting provisions of the previously issued 2017 final rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans. Compliance with the provisions of the 2017 rule is now delayed by 15 months, to November 19, 2020, so that the CFPB has sufficient time to re-evaluate this rule based on their proposal to reconsider the rule a few months ago. The Bureau is also…

We continue to get reports that our members are referring the Compliance Cohort to other compliance professionals. Therefore, we wanted to say thank you to all of you who have referred us to others as word-of-mouth referrals are always appreciated and we are grateful for any and every referral.

Overview of New Private Flood Insurance Rules

In this Compliance Clip (video), Adam provides an overview of the new rules that require the mandatory acceptance of certain private flood insurance policies. This rule must be followed by July 1, 2019, so financial institutions must ensure they soon have a full understanding of this new rule.

For those looking for in-depth training on the new private flood insurance rule, be sure to check out our Compliance Class on this topic in our store at https://www.compliancecohort.com/video-webinar-private-flood-insurance-2019-final-rule.

We are having a HUGE sale on BSA/AML training!

From now through 6/12/19, we are offering $100 off the BSA Bootcamp! A Foundational BSA/AML Class . The BSA Bootcamp! is designed to be a foundational course on the Bank Secrecy Act and anti-money laundering (AML) rules.  Longer and more comprehensive than a typical webinar, this Compliance Class runs around 3 ½ hours and takes a deep dive into the core elements of BSA rules that any BSA/AML professional should know and understand.  

The program is broken up into five different parts and explains 1) where the BSA rules came from, 2) how risk management should be at the foundation of any BSA program, 3) what the 5 pillars of BSA are and how they should be implemented in a financial institution, 4) the key areas of a BSA/AML program, and concludes with 5) some practical tips for understanding and managing a BSA program.  The BSA Bootcamp! Includes both a comprehensive manual and 3 training videos.

Using layman’s terms and practical examples, this program is both comprehensive and easy to understand, and incorporates a bit of fun into the process.  Not to mention a few good money laundering and fraud case studies (stories) - but be sure to sign up by Wednesday, 6/12/19 when the $100 discount expires.

View the BSA Bootcamp! course curriculum here.

www.compliancecohort.com/video-webinar-bsa-bootcamp

On June 3, 2019, Congress extended the National Flood Insurance Program for another four months, through the end of September, 2019. This marks the twelfth temporary extension of the flood program within the last two years. As we have noted before, this large number of temporary extensions signal a desire by Congress to make long-term changes to the program. This, of course, should be an advance notice to compliance professionals that future changes with flood insurance rules are highly probable.