Consumer Compliance Outlook publishes first issue of 2020

With everything going on these days, some may have missed the recent publication by the Philadelphia Federal Reserve’s helpful Consumer Compliance Outlook. The first article was a rather helpful summary of most common compliance issues the Fed found over multiple years of exams. These fit into the following categories:

• Regulation B – requiring spousal signatures
• Flood insurance rule – purchase and force-placement requirements
• Regulation Z – understating finance charges
• Fair Credit Reporting Act – adverse action notice requirements

Here’s a summary of these findings and some of the tips provided by the article.

 

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