A current hot topic in politics is immigration. For hundreds of years, people have been coming to the United States for hundreds of different reasons. But politics and history aside, people keep moving to the [...]
Regulatory scrutiny of fair lending is heating up. Last fall the CFPB issued a semi-annual report outlining areas that indicate heightened fair lending risk. While there haven’t yet been any major penalties assessed to [...]
At present, credit unions are not required to know the identity of the individuals who own and/or control their legal entity customers or members. FinCEN and the federal law enforcement agencies have long seen [...]
It seems that as financial institutions become ever more vigilant in monitoring for suspicious activity, the criminal element just seems to find ever more inventive ways to launder money and commit financial crimes. One of [...]
With all the excitement surrounding the implementation of the TILA-RESPA Integrated Disclosure rule, some other significant compliance changes got pushed to the back seat. Among them are clarifications to the Final Flood Insurance Rule Amendments, [...]
You may have heard that the federal financial regulatory agencies have jointly amended their flood insurance regulations in order to incorporate changes effected by the Homeowner Flood Insurance Affordability Act of 2014. This means that [...]
by: Jane Pannier “Narratives humanize problems,” said CFPB Director Richard Cordray. It was with that mentality that the CFPB adopted the overhaul of its Consumer Complaint Database to give consumers the opportunity to vent their [...]
In case you missed it, the CFPB leveled a substantial fine—$7.5 million to be exact—upon Regions Bank for flying way off course with their unlawful overdraft practices. The bank was required to [...]
by: Jane Pannier It’s a red-letter day when a cumbersome process is retired for the new and improved. The CFPB has recognized the glitches with the portion of Regulation Z that requires credit card [...]
“Some assembly required.” That phrase is a red flag to anyone not wishing to dedicate a Saturday to the construction of a new piece of furniture. Similarly, the term “money services business” is a red [...]
by Jane Pannier For anyone who has attempted to make a complicated recipe, you know that even the best-laid plans can go awry. This sounds a lot like regulatory compliance—financial institutions have all the [...]
by Jane Pannier TRUTH IN LENDING, REGULATION Z Effective Date: January 10, 2014 SUMMARY The Loan Originator Compensation Rule and the corresponding amendments to Regulation Z implement changes required by the Dodd-Frank Wall Street Reform [...]
The bad news is that compliance with federal regulations continues to become more and more complicated. Changes are occurring at light speed. This poses a particularly onerous burden on credit unions that often do not [...]
