Quarterly Compliance Update Now Available!

Adam Witmer

From now through Thursday January 24, 2018, we are offering $50 off of our newest Quarterly Compliance Update video webinar.  (View pricing/discount options here.)

If you are a compliance professional wanting to keep up-to-date on regulatory changes, then this program was designed for you.  Each Quarterly Compliance Update class is designed to provide you with the need-to-know information about what regulatory activity took place during the prior quarter, which is an essential element of an effective compliance management system.  Specifically, our 4th Quarter Compliance Update class is covers regulatory activity that took place during the months of October, November, and December of 2018.

This Compliance Class can be completed in 1.5 hours and is presented in our standard “virtual classroom” approach where a video displays an instructor standing in front of presentation slides - just like you would have at a live seminar.  In addition to the video, each Quarterly Compliance Update class includes a comprehensive manual that can be used for taking notes, getting further information, and retaining the information as a reference tool.

You can view the entire curriculum and learn more about this Quarterly Compliance Update video webinar here.

NCUA Releases Supervision Priorities

Adam Witmer
Regulatory Update

In early January 2019, the NCUA released a letter (19-CU-01) to credit unions outlining their primary areas of supervisory focus for 2019.  In their letter, the NCUA explained that the extended exam cycle introduced in 2017 would be fully implement in 2019, examiners will continue to increase offsite work, and that streamlined procedures and risk-focused exams will continue to be utilized, as applicable. For 2019, the NCUA has outlined a number of supervisory priorities.  While many of these priorities are of a safety and soundness focus, the NCUA outlines two priorities that compliance professionals should be aware of.

3 Tips for Fair Lending Training for the Board

Adam Witmer
Fair Lending, Regulation B

As more and more examiners are expecting fair lending training for the Board of Directors, it is important to ensure that training efforts meet the needs of directors of the Board.  Well effective board training can be similar to training for other employees of the financial institution, it is important to understand several unique factors necessary for effective director training. The following three tips can be used for providing fair lending training to the Board of Directors.

Contest - Last Chance to Enter!

Adam Witmer

Today (1/11/18) is the last chance to enter for a chance to win enrollment to our upcoming class/video webinar on the 4th Quarter Compliance Update. This new class will be available within the next few weeks and will cover regulatory activity that took place during the months of October, November, and December of 2018.  

To get your chance to win the 4th Quarter, Quarterly Compliance Update class/video webinar for free, just send an email to members@compliancecohort.com that says something like “Please enter me for a chance to win the 4th Quarter Compliance Update.”  All entries must be received by 2:00 pm Eastern on Friday, January 11, 2019 as the winner will be chosen shortly after this time.

Read the rest of this article to learn more about this course.

NEW RESOURCE - List & Links of Banking Regulations

Adam Witmer

The next time you log in to your membership dashboard at www.compliancecohort.com, you will see that we have added a new feature for our members: a list of banking regulations. The goal of this resource is to provide you a compiled list of most of the banking regulations you may need to do your job. While it is our goal to translate complex regulations into layman’s terms in our member-only articles and Compliance Clips (videos), we understand that there will be times where you need to look something up. It is our hope that this new resource will help you find what you are looking for a bit faster.

You can access our list of banking regulations through your membership dashboard, or by going to https://www.compliancecohort.com/banking-regulations-list.

Lessons Learned from USAA - Reg E & UDAAP

Adam Witmer
Regulation E, Regulatory Update, UDAAP

On 1/2/19, new CFPB director Kathleen Kraninger signed a consent order with USAA Federal Savings Bank.  While the consent order outlines millions of dollars in restitutions and penalties, the order provides financial institutions with fairly detailed insights on a number of Regulation E violations identified by the Bureau.  As Regulation E applies to all financial institutions regardless of their regulator, this consent order can be used as a learning tool for appropriately complying with the Regulation.

Specifically, the USAA consent order outlined six main deficiencies that resulted in either a violation of Regulation or a UDAAP violation, or both, including…

Back-Up BSA Officer Training Expectations

Adam Witmer
BSA

Bank Secrecy Act rules and regulations are complex, challenging, and at times, overwhelming.  Not only must a BSA/AML professional be able to complete daily tasks like reviewing transactions and filing reports, but they also must be a knowledge expert in the many areas of the Bank Secrecy Act.  For this reason, many financial institutions employ professionals who specialize in the Bank Secrecy Act and anti-money laundering rules and regulations.

But what happens when this specialist leaves the financial institution?

Unfortunately, financial institutions sometimes find themselves in a difficult situation when a BSA professional gets promoted or leaves their organization.  This is where having continuity in BSA/AML knowledge in a financial institution is important. In fact, the FFIEC BSA Exam manual states that a BSA program should have continuity despite changes in employees.  In order to do this, cross-training of employees in BSA & AML rules is essential.

2019 HMDA Exemption Threshold

Adam Witmer
HMDA, Regulatory Update

On December 31, 2018, the CFPB adjusted the HMDA exemption threshold from $45 million to $46 million.  The adjustment is based on the 2.6 percent increase in the average of the CPI-W for the 12-month period ending in November 2018. Therefore, banks, savings associations, and credit unions with assets of $46 million or less as of Dec. 31, 2018, are exempt from collecting data in 2019.

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