CFPB Issues New HMDA FAQ

Adam Witmer
Regulatory Update, HMDA

On March 6, 2020, the CFPB issued a new HMDA FAQ to clarify how to report when a natural person applicant submits a mail, internet, or telephone application under Regulation C, but does not provide race, ethnicity, or sex information. Specifically, question 7 under the “Ethnicity, Race, and Sex” section of the FAQs has been updated to provide additional guidance.

Negative Information Notice

Negative Information Notice

Adam Witmer
FCRA

In this Compliance Clip (video), Adam explains the regulatory requirements for the negative information notice. While the Fair Credit Reporting Act is one of the most dreadful and boring regulations found in the entire complianceverse, Adam does his best in this video to provide a bit of excitement to an otherwise soul sucking topic.

FDIC Extends Comment Period on Signage & Advertising Requirements

Adam Witmer
Regulatory Update

On 3/11/20, the FDIC extended the public comment period for its Request for Information (RFI) on potential ways to modernize the FDIC's sign and advertising rules. The rules, which were last updated in 2006 are being re-evaluated to better reflect how banks and savings associations are transforming their business models to take deposits via physical branches, digital, and mobile banking channels. Those wishing to comment may now submit comments through April 20, 2020. 

FATF Guidance on Digital ID

Adam Witmer
BSA, Regulatory Update

On March 6, 2020, the Financial Action Task Force (FATF) released guidance relating to digital ID systems. In their release, the FATF explains that an understanding of how digital ID systems work is essential to apply the risk-based approach recommended in this Guidance. Specifically, FATF said the following

CFPB Takes Steps to Prevent Consumer Harm

Adam Witmer
Regulatory Update

On 3/6/2020, the CFPB announced three steps to advance its strategy on one of its key priorities: preventing consumer harm. In addition to these three steps, the CFPB presented proposed legislative language to Congress in hopes to establish a whistleblower award program to assist the CFPB in advancing enforcement cases, especially as it relates to fair lending violations. .

OCC FAQs on Third Party Relationships

Adam Witmer
Regulatory Update

On 3/5/20, the OCC issued updated frequently asked questions (FAQs) to to supplement a 2013 bulletin (2013-29) titled “Third-Party Relationships: Risk Management Guidance.” The new FAQs were issued to clarify the OCC’s existing guidance and reflect evolving industry trends. The new bulletin also rescinds OCC Bulletin 2017-21, “Third-Party Relationships: Frequently Asked Questions to Supplement OCC Bulletin 2013-29,” issued on June 7, 2017. The FAQs from OCC Bulletin 2017-21 have been…

Abusive Acts or Practices

Abusive Acts or Practices

Adam Witmer
UDAAP

In this Compliance Clip (video), Adam discusses the definition of “abusive” in UDAAP. This short training is actually based on a section of our UDAAP Foundations program which discusses everything related to UDAAP - including a discussion on over 50 known UDAAP violations.

Hold Notice for New Accounts

Hold Notice for New Accounts

Adam Witmer
Regulation CC

In this Compliance Clip (video), Adam talks about the hold notice rules for New Accounts. Specifically, Adam answers the question as to whether a hold notice is required when using a new account hold under Regulation CC. For those interested in…

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