Dec 13
Dec 13 Winter Compliance Training Available Today!

If you are still looking to squeeze in compliance training for you or your team before the year ends, our virtual training programs may be a fit for you. Each of our programs are presented in our “virtual classroom” style where we try to bring the seminar to you by showing video of an instructor in front of a slide presentation - just like you would have at a live event. We’ve found this approach to be much more engaging than the “faceless” webinar, and our attendees even tell us that our programs are somehow “interactive” (which is a great complement for a pre-recorded digital presentation!). In addition to the video presentation, attendees include a comprehensive training manual which provides citations and additional information, and can be used as an on-the-job resource. Some of our popular training programs include:

BSA Annual Update: https://www.compliancecohort.com/bsa-annual-update-sept-2020
BSA Basics: https://www.compliancecohort.com/bsa-basics
BSA Bootcamp: https://www.compliancecohort.com/video-webinar-bsa-bootcamp
UDAAP Foundations: https://www.compliancecohort.com/udaap-foundations
Fall 2020 Quarterly Compliance Update (Coming soon!): https://www.compliancecohort.com/fall-2020-quarterly-compliance-update
Compliance Management Systems: https://www.compliancecohort.com/compliance-management-systems
Board Training - Fair Lending: https://www.compliancecohort.com/fair-lending-training-for-directors
Board Training - BSA Overview: https://www.compliancecohort.com/bsa-training-for-directors
Board Training - BSA Annual Update: https://www.compliancecohort.com/bsa-annual-update-for-the-board-fall-2020

Dec 10

Dec 10 VIDEO: The Continuing SAR Narrative

Adam Witmer

BSA

In this Compliance Clip (video), Adam discusses what should be in a continuing SAR narrative and references all of the guidance relevant to writing a narrative for an ongoing SAR filing.

Dec 10
Dec 10 FTC Sues Facebook

Adam Witmer

Regulatory Update

On 12/9/2020, the Federal Trade Commission filed a lawsuit alleging that Facebook is illegally maintaining its personal social networking monopoly through a years-long course of anticompetitive conduct. The complaint alleges that Facebook has engaged in a systematic strategy to eliminate threats to its monopoly. For example, Facebook has been acquiring rivals such as Instagram and the mobile messaging app WhatsApp, as well as imposing anticompetitive conditions on software developers. The FTC states that…

Dec 9
Dec 9 FTC Issues Consumer Tips to Avoid COVID-19 Scams

Adam Witmer

Regulatory Update

On 12/8/2020, the Federal Trade Commission issued a “consumer education blog post” which provides tips for consumers on how to recognize and avoid vaccine-related scams. In their blog post, the FTC warns that, with COVID-19 vaccines in the pipeline, scammers will not be far behind. Therefore, consumers should look out for red flags of potential scams.

Dec 4

Dec 4 VIDEO: Does the NMLS Number Need to be on Adverse Action Notices?

Adam Witmer

Adverse Action, SAFE Act

Adam uses this Compliance Clip (video) to answer the question as to whether a Mortgage Loan Originator’s unique ID - i.e. the NMLS number - needs to be included on Adverse Action Notices. The answer is quite simple, but how we arrive at that answer is a bit confusing.

Dec 1
Dec 1 CFPB Issues final Advisory Opinion Policy

Adam Witmer

Regulatory Update

On 11/30/2020, the CFPB issued its final Advisory Opinions Policy to set forth procedures to facilitate the submission of requests that the CFPB issue advisory opinions. Advisory opinions may be issued by the CFPB in the form of interpretive rules, which in some situations may provide a safe harbor to regulated entities that are in compliance with the Bureau’s interpretive rule, in order to resolve regulatory uncertainty for interested parties. The Bureau initiated its policy for issuing advisory opinions in response to feedback received from external stakeholders in the 2018 Guidance RFI, encouraging the Bureau to provide written guidance in cases of regulatory uncertainty. The Advisory Opinion Policy is applicable on November 30, 2020.

Dec 1
Dec 1 Regulators to Have Webinar on Artificial Intelligence

Adam Witmer

BSA, Regulatory Update

On 11/30/2020, the FDIC - along with the OCC, Federal Reserve, and CFPB - announced that they will be holding an Ask the Regulators webinar for their supervised institutions. This webinar event will be on the use of artificial intelligence (AI), including machine learning (ML), and will be held on Wednesday, December 16, 2020 at 1:00 PM EST. Participants must preregister for the event.

Nov 30
Nov 30 HUD Proposes to Accept Private Flood Insurance for FHA-Insured Mortgages

Adam Witmer

Flood, Regulatory Update

On 11/23/2020, HUD issued a proposed rule that would amend Federal Housing Administration (FHA) regulations to allow mortgagors the option to purchase private flood insurance on FHA-insured mortgages for properties located in Special Flood Hazard Areas (SFHAs), in satisfaction of the mandatory purchase requirement of the Flood Disaster Protection Act of 1973 (the FDPA).

Nov 30
Nov 30 OCC Proposal on CRA General Performance Standards

Adam Witmer

CRA, Regulatory Update

On 11/24/2020, the OCC issued a proposed rulemaking on the Community Reinvestment Act’s (CRA) general performance standards. This proposal comes after the June 2020 final rule and provides the OCC’s planned approach to determine the CRA evaluation measure benchmarks, retail lending distribution test thresholds, and community development minimums under the general performance standards set forth in the 2020 final rule.

Nov 30
Nov 30 CFPB to Update Website

Adam Witmer

Regulatory Update

On 11/25/2020, the CFPB announced a few enhancements to its website, including a new interactive enforcement database to help the public track the CFPB’s enforcement actions. In their release, the CFPB states that the updated website will feature additional user functionality, an improved layout, more content, and easier access to information. Through these updates, the CFPB intends to increase transparency and make it easier for consumers and stakeholders to locate and access essential resources.