SALE ENDING TUESDAY: Reg CC Training for Tellers

Adam Witmer

The current discount for our Reg CC Training for Tellers program will be ending next week on Tuesday, April 14, 2020. This comprehensive training program is a solution that might make your life much easier over the next few months as you work to roll out the new changes to Regulation CC. Even if you are just barely considering getting outside assistance for training your team on the new Reg CC changes, it might be worth a few minutes to take a look at all of the great resources (and there are a bunch) that come with this program. And if you are considering this training, take a look before next Tuesday (4/14) as the price goes up after that day. Click here to learn more (and watch sample videos from the program): www.compliancecohort.com/reg-cc-training-for-tellers.

Beneficial Ownership for Loan Renewals

Beneficial Ownership for Loan Renewals

Adam Witmer
BSA

This Compliance Clip (video) explains when beneficial ownership information is needed for loan renewals. As Adam explains in this video, it is needed in some cases, but isn’t needed in other cases. Adam provides plenty of citations for views on this BSA topic.

Treasury Updates PPP FAQs

Adam Witmer
Regulatory Update

With the implementation of the Paycheck Protection Program, the Small Business Administration (SBA), in consultation with the Department of the Treasury, has provided an continuously updated additional guidance to address borrower and lender questions concerning the implementation of the Paycheck Protection Program (PPP). The Treasury’s FAQ document will be updated on a regular basis and both borrowers and lenders are permitted to rely on the guidance provided in FAQ as SBA’s interpretation of the CARES Act and of the Paycheck Protection Program Interim Final Rule. The U.S. government will not challenge lender PPP actions that conform to the Treasury’s guidance, and to the PPP Interim Final Rule and any subsequent rule-making in effect at the time. As of April 8, 2020, the FAQ contained 20 frequently asked questions and answers.

FinCEN Updates COVID-19 Guidance

Adam Witmer
BSA, Regulatory Update

On April 3, 2020 FinCEN updated its March 16, 2020 COVID-19 Notice. This update provides additional information to assist financial institutions in complying with their Bank Secrecy Act (BSA) obligations during the COVID-19 pandemic, and announces a direct contact mechanism for urgent COVID-19-related issues. FinCEN recognizes financial institutions face challenges related to the COVID-19 pandemic. In addition, FinCEN is committed to promoting the success of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), including the need to facilitate expeditious disbursal of CARES Act funds.

CFPB Annual Report for Helping Servicemembers

Adam Witmer
Regulatory Update

On 4/3/2020, the CFPB released its annual report about the work of its Office of Servicemember Affairs (OSA) over the past fiscal year to help servicemembers, veterans, and their families achieve financial well-being. As noted in the report, this work has included education, outreach, coordination with other federal and state agencies, and monitoring complaints submitted by servicemembers, veterans, and their families.

Department of Labor Rule for Emergency Paid Sick Leave

Adam Witmer
Regulatory Update

On 4/6/20, the Department of Labor published temporary regulations in the Federal Register to implement public health emergency leave under Title I of the Family and Medical Leave Act (FMLA), and emergency paid sick leave to assist working families facing public health emergencies arising out of Coronavirus Disease 2019 (COVID-19) global pandemic. The leave is created by a time-limited statutory authority established under the Families First Coronavirus Response Act, (FFCRA), and is set to expire on December 31, 2020. The FFCRA and this temporary rule do not affect the FMLA after December 31, 2020.

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