Nov 29
Nov 29 It's almost ready! - BSA Bootcamp Available on Monday

Starting next week, we will be releasing our newest Compliance Class: BSA Bootcamp! Training for those new to BSA. This comprehensive training program is designed as a foundational course, covering all of the core BSA requirements a BSA/AML professional needs to know. Running nearly 3 1/2 hours long, this deep-dive program is divided up into three different videos and comes with a comprehensive manual to follow along, take notes with, and keep as a reference tool.

While this program is designed as a foundational class to bring those up to speed who are new to BSA, this class isn’t just for new BSA Officers. This class would be great for BSA back-ups, auditors, those who oversee the BSA function, those who specialize in just a single area of BSA - and even those who are seasoned in BSA and looking for a refresher course that covers core BSA/AML elements.

Be sure to check our store Monday for an early registration discount and watch for more information about our newest Compliance Class: BSA Bootcamp! Training for those new to BSA.

Oh yeah, and congratulations to Anne S. who won a free subscription to the BSA Bootcamp from our give-away last week!

Nov 29

Nov 29 Flood Insurance For Structures With No Value

Adam Witmer

Flood

In this Compliance Clip (video), Adam explains the flood insurance requirements for structures that have no value - such as an old barn that would likely be torn down and not replaced if a flood damaged it.

Nov 27
Nov 27 Agencies Propose Increase to Residential Appraisal Threshold

Adam Witmer

Regulatory Update

On November 11, 2018, the federal agencies (FDIC, Federal Reserve, and OCC) released a notice of proposed rulemaking and request for comment. In the release, the agencies are inviting comment on a proposed rule to amend regulations requiring appraisals for certain real-estate related transactions. The proposed rule would increase the threshold level at or below which appraisals would not be required for residential real estate-related transactions. The proposed rule would increase the threshold from $250,000 to $400,000.

Nov 26
Nov 26 HMDA Loan Amount For Counteroffers

Adam Witmer

HMDA

The new HMDA rules have created a whirlwind of challenges for HMDA reporters as reporters have had to learn which knowledge they could retain from the prior rules and which knowledge they had to adjust - not to mention the new elements that had to be learned. The reality is that it takes time to get all of the “kinks out” when learning a new, especially one that is as complicated as HMDA and Regulation C. A prime example of the challenges that are created due to the implementation of a new rule is the HMDA loan amount when there has been a counteroffer.

Nov 21
Nov 21 FinCEN Reissues and Expands Geographic Targeting Orders

Adam Witmer

Regulatory Update, BSA

On November 15, 2018, FinCEN reissued a temporary geographic targeting order that requires covered U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate. The new targeting order expands the coverage from seven to twelve major metropolitan areas including…

Nov 20
Nov 20 FDIC Seeks Comments on Small Dollar Lending

Adam Witmer

Regulatory Update

The FDIC has requested public comments on issues related to small-dollar lending by FDIC-Supervised financial institutions. Specifically, feedback is being requested regarding consumer demand for small-dollar credit products, the supply of small-dollar credit products currently offered by banks, and what the FDIC can do to facilitate increase small-dollar lending.

Nov 19
Nov 19 FinCEN Updates Jurisdiction List of Deficient Countries

Adam Witmer

BSA, Regulatory Update

On October 31, 2018, FinCEN released an advisory on the FATF-identified jurisdictions with AML/CFT deficiencies. This advisory, known as FIN-2018-A007, relays information to US financial institutions regarding countries the Financial Action Task Force (FATF) has identified as having deficiencies. FATF is an intergovernmental body comprised of 37 nations that work together to create…

Nov 15

Nov 15 Conducting BSA Board Training

Adam Witmer

BSA

This Compliance Clip (video) provides a number of practical tips on how to execute a good BSA training session for your Board of Directors. Adam provides three main things that could be included in Board training and explains several best practices for ensuring an effective training session. The video concludes by discussing a valuable resource that may assist some BSA Officers in training their Board.

Nov 14
Nov 14 Enter to Win a Free Compliance Class!!!

Adam Witmer

The Holiday madness is right around the corner, so we thought it might be a good time to give back to one of our members. You see, we are in the process of developing a new Compliance Class called “BSA Bootcamp! Training for Those New to BSA,” and have decided to hold a drawing to give away this class to one of our members.

If you would like a chance to win this BSA Compliance Class, send an email to compliance@compliancecohort.com by the end of day on Monday, November 19, 2018. While the class won’t be available for a few weeks still, the drawing will be held on Tuesday, November 20, 2018.

Nov 13
Nov 13 Joint Statement on OFAC Cyber-Related Sanction Risks

Adam Witmer

BSA

On November 5, 2018, the FFIEC released a joint statement to alert financial institutions to recent actions taken by the Treasury’s Office of Foreign Assets Control (OFAC). These actions were taken under OFAC’s Cyber-Related Sanctions Program and have potential impact on financial institution’s operations, including the use of services of a sanctioned entity.