On 11/8/19, FinCEN announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate. The purchase amount threshold remains $300,000 for each covered metropolitan area, which includes…

Nov 10
Nov 10 Look for Cyber Week Sales Later this Month

Adam Witmer

Have you been waiting to get compliance training in until the end of the year? Well, 2019 is winding down and we will be offering a number of cyber-week specials in our store later this month. Be sure to watch for more information about these sales and you can view all of our products in our store at www.compliancecohort.com/store.

Nov 8

Nov 8 Keeping Photo IDs in a Loan File

Adam Witmer

Fair Lending, BSA

In this Compliance Clip (video), Adam discusses concerns relating to keeping photo IDs in a loan file.

Nov 6
Nov 6 FDIC Issues CMP For RESPA Section 8 Violation

Adam Witmer

RESPA

On 11/6/19, the FDIC issued a CMP in the amount of $1,350,000 to HomeStreet Bank. In their release, the FDIC explained that they determined that HomeStreet Bank, through its now discontinued Home Loan Center-based mortgage banking business line, entered into certain co-marketing arrangements in which the bank and real estate brokers agreed to market their services together using online platforms. The FDIC also determined that the bank entered into desk rental agreements whereby…

Nov 4
Nov 4 CFPB Cracks Down on Student Debt Relief Operation

Adam Witmer

Regulatory Update

On 10/30/19, the CFPB announced an action to halt a student-loan debt-relief operation engaged in allegedly unlawful conduct and consisting of several related companies. The Bureau alleges that since at least 2015, the debt-relief companies operated as a common enterprise and deceived thousands of federal-student-loan borrowers and charged over $71 million in unlawful advance fees in connection with the marketing and sale of student-loan debt-relief services to consumers.

As described in the complaint, the Bureau alleges that…

Nov 3
Nov 3 Need Help Training Your Directors?

Adam Witmer

If you are planning training for your Board of Directors within the next few months, it might be worth your time to take a look at one of our Director training programs: 1) BSA Training for Board of Directors or 2) Fair Lending for Board of Directors. You can view sample videos for both of these programs in our store at www.compliancecohort.com/store.

Oct 31

Oct 31 Hosting a Halloween Costume Contest

Adam Witmer

In this potentially embarrassing Halloween special Compliance Clip (video), Adam answers this week’s question dressed as none other than…. well, you will have to watch the video to see. (Yes, Adam is in a costume in this video and if you don’t recognize the character, stick around to the end of the video for an explanation of who it is!) You don’t want to miss this one-of-a-kind video!

Oct 31
Oct 31 NCUA Director Seeks Comment on Compliance Exams

Adam Witmer

Regulatory Update

On October 30, 2019, the NCUA announced Board Member Todd M. Harper’s request for public comment on his proposal to create a dedicated consumer compliance exam team for large, complex credit unions.

In their release, the NCUA explained that their current compliance examinations…

Oct 29
Oct 29 CFPB Updates Reg Z Thresholds

Adam Witmer

Regulatory Update

On 10/30/19, the CFPB published three threshold changes in the Federal Register. Two of the threshold changes relate to Regulation Z while one change relates to consumer leasing under Regulation M. Click here to learn more.

Oct 29
Oct 29 USDA Issues HEMP Guidance

Adam Witmer

Regulatory Update, BSA

On 10/29/19, the USDA released a long-awaited interim final rule relating to the growing of industrial hemp. This program, as required by the 2018 Farm Bill, will establish a consistent regulatory framework around hemp production throughout the United States. As explained in their release, the USDA rule includes provisions for…

Nov 12
Nov 12 FinCEN Renews Geographic Targeting Orders

Nov 10
Nov 10 Look for Cyber Week Sales Later this Month

Nov 8 Keeping Photo IDs in a Loan File

Nov 6
Nov 6 FDIC Issues CMP For RESPA Section 8 Violation

Nov 4
Nov 4 CFPB Cracks Down on Student Debt Relief Operation

Nov 3
Nov 3 Need Help Training Your Directors?

Oct 31 Hosting a Halloween Costume Contest

Oct 31
Oct 31 NCUA Director Seeks Comment on Compliance Exams

Oct 29
Oct 29 CFPB Updates Reg Z Thresholds

Oct 29
Oct 29 USDA Issues HEMP Guidance

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