FinCEN Issues Statement to Cultivate BSA/AML Innovation

Adam Witmer
BSA, Regulatory Update

On December 3, 2018 FinCEN and the joint agencies released an advisory to encourage and support the implementation of responsible innovation and new technology in the financial system.  The advisory encourages banks and credit unions to take innovative approaches to their Bank Secrecy Act (BSA) programs for combating money laundering, terrorist financing, and other illicit financial threats.  

Fed & CFPB Reopen Comments & Proposal for Reg CC Proposed Rule

Adam Witmer
Regulation CC, Regulatory Update

On 11/20/18, the CFPB and Federal Reserve jointly issued a 58 page “proposed rule and reopening of comment period for existing proposed rule” for Regulation CC.  This request for comment does two things as the proposal would first implement new changes to the Expedited Funds Availability Act and also provides an additional opportunity for public comment on the 2011 funds availability proposal that was never finalized.

Comments must be received within 60 days after the date of publication to the Federal Register.

Joint Webinar on Fair Lending Hot Topics

Adam Witmer
Fair Lending

On 12/3/18, the Federal Reserve, FDIC, OCC, NCUA, CFPB and Department of Justice hosted a joint webinar on fair lending hot topics.  The webinar covered a number of topics including redlining, examination scoping, pricing risks, marital status discrimination, disability and maternity leave discrimination, a HMDA update, and a question and answer session.  Overall, the webinar did….

FDIC Issues Several Updates

Adam Witmer
Regulatory Update

On 12/6/18, the FDIC issued several updates, many of which relate to De Novos and the application process for deposit insurance.  First, the FDIC announced that it is seeking comments from interested parties on all aspects of the deposit insurance application process.  Secondly, the FDIC reissued its processing timeframe guidelines for applications, notices and other requests submitted on behalf of existing and proposed institutions and other parties.  Next, the FDIC issued an update to its publication entitled applying for Deposit Insurance - A Handbook for Organizers of De Novo Institutions, finalized its…

2019 Threshold for HPML Appraisal Exemption

Adam Witmer
Regulation Z, Regulatory Update

On November 21, 2018, the Agencies announced the 2019 threshold for smaller loan exemption from appraisal requirements for higher-priced-mortgage loans (HPMLs).  The Dodd-Frank Act amended the Truth in Lending Act to add special appraisal requirements for higher-priced mortgage loans, including a requirement that creditors obtain a written appraisal based on a physical visit to the home’s interior before making a higher-priced mortgage loan. The rules implementing these requirements contain an exemption for loans of $25,000 or less and also provide that the exemption threshold will be adjusted annually to reflect inflation increases.

$100 Off the BSA Bootcamp!

Adam Witmer

From now through 12/12/18, we are offering $100 off the BSA Bootcamp! Training for those new to BSA. The BSA Bootcamp! is designed to be a foundational online 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.  See the full course curriculum and watch an overview video at www.compliancecohort.com/video-webinar-bsa-bootcamp.

What to do if the NFIP Expires?

Adam Witmer
Flood, Regulatory Update

Every couple of years, the National Flood Insurance Program (NFIP) gets set to expire.  This is a result of the way Congress funds the program as the typically only renew the program for a few years at a time.  That is, if they renew the program on time.

Often times, the program is operating at a loss and Congress has a difficult time passing a long-term approval of the program.  When this happens, the program is typically reapproved on a short-term basis, but there are cases where the program expires.

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