CFPB Updates HMDA Guide

Adam Witmer
Regulatory Update, HMDA

On January 23 of 2020, the CFPB released their latest version (v.4) of their HMDA Small Entity Compliance Guide. The updates in this version of the guide were made to align the guide with the October 10, 2019 final rule which implements the partial exemption for small filers.

CFPB Fines Bank for Credit Card Dispute Process

Adam Witmer
Regulatory Update

On 1/30/2020, the CFPB filed suit against Citizens Bank, N.A. (Providence, Rhode Island) based on allegations that the bank violated the Truth in Lending Act (TILA) and its implementing Regulation Z, including violations of amendments to TILA contained in the Fair Credit Billing Act and the Credit Card Accountability Responsibility and Disclosure Act.

LAST CHANCE! Early Bird Sale Ending for Winter 2020 Quarterly Compliance Update

Adam Witmer

Today is the last day to get the “early bird” discount on our new Winter 2020 Quarterly Compliance Update. This program is jam-packed with all of the need-to-know regulatory compliance activity that took place during the fourth quarter of 2019. Topics include a ton of activity like TRID updates, URLA implementation, miscellaneous agency activity, the CRA proposal, HMDA changes, and more. This quarter, we even have an entire video dedicated to fair lending as we review some fair lending hot topics the regulators have been talking about. The full curriculum for this program can be viewed at: www.compliancecohort.com/winter-2020-quarterly-compliance-update.

OCC Hammers Former Wells Fargo Execs with Fines

Adam Witmer
Regulatory Update, Compliance Management

On January 23, 2020, the Office of the Comptroller of the Currency (OCC) issued a notice of charges against five former senior executives of Wells Fargo Bank, N.A., Sioux Falls, South Dakota, and announced settlements with the bank’s former Chief Executive Officer (CEO) and other members of the bank’s operating committee - including the former chief auditor, a former risk officer, former general counsel, and a former executive audit director.

This notice of charges is of particular interest to compliance and audit professionals as risk managers, auditors, and general counsel don’t typically appear in these types of charges.

The notice of charges alleges these executives…

CTRs with Multiple Transactions

CTRs with Multiple Transactions

Adam Witmer
BSA

In this Compliance Clip (video), Adam discusses some recent changes to CTR reporting. Specifically, FinCEN has updated its user guide in regards to reporting CTRs with multiple transactions. The guidance has flip-flopped a bit over the last few months, so you won’t want to miss this video.

Contest Winner Announced!

Adam Witmer

Earlier this month, we ran a contest to give away one of our new Premium Gold memberships for free. Our Premium Gold membership includes our four Quarterly Compliance Updates as well as three additional Compliance Classes. Congratulations goes to Becky G who won this contest and has been enrolled in our Premium Gold membership for 2020. Be sure to watch for more contests throughout the year and you can learn more about our premium membership options at www.compliancecohort.com/premium-membership

ENROLLMENT CLOSING: Premium Membership Options End Next Week

Adam Witmer

Next week is your last week to enroll in one of our two new premium memberships: Premium Silver or Premium Gold. Both memberships include our Quarterly Compliance Update program as well as additional Compliance Class(es) at a bundled/discounted price. This means that our programs are designed to keep you up-to-date on all regulatory changes that occur during the year as well as provide you with additional compliance training (depending on the membership level you choose). You can learn more about our two new Premium Membership options at www.compliancecohort.com/premium-membership.

Overview of CRA Proposal

Overview of CRA Proposal

Adam Witmer
CRA, Regulatory Update

In this Compliance Clip (video), Adam briefly discusses the recent CRA proposal by providing an overview of the goals of the proposal. Adam also discusses how, if passed as proposed, this new rule would have some major changes to Assessment Areas that may have negative effects on banks. Comments are due soon on this proposal, so watch this video to learn how the changes might affect your bank.

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