Final Rule on Arbitration Agreements (or Maybe Not)

August 7, 2017 9:04 am
by Elva M. Coffey-Sears, CRCM, CRP The Dodd-Frank Act authorized the Bureau to conduct a study of arbitration and, if the study found that rules were in the public interest and for the protection of consumer, to implement regulations, consistent with the findings of the study, restricting or prohibiting arbitration. According to the CFPB, the… View Article

FinCEN changes to the Currency Transaction Report (CTR)

July 24, 2017 9:17 am
By Gina Ellis, CRCM   FinCEN has announced changes to the CTR filing form and is targeting August 15, 2017 as the date the changed forms will be available for discrete filers. Effective May 31, 2018, the BSA E-filing system will only accept the updated CTR discrete form. If discrete filers have any templates saved… View Article

Loan and Deposit Automation

July 10, 2017 8:42 am
By Benjy Cook, President   American Bank Systems (ABS) has been in the loan and deposit automation business since 1987 when we released Loan Calc, our widely accepted lending documentation system for impact printers. In 1989 ABS revamped the system to utilize laser printer technology on the newly released HP Laser Jet that printed on… View Article

THINGS ALMOST NEVER HEARD BY A BANK COMPLIANCE OFFICER

June 26, 2017 8:39 am
By Cody Roberts, CRCM   A bank compliance officer hears many things in the bank–many of which contain expletives. In this role, there are a few things you almost never hear (but wish you did). Loan officers asking you for a regulatory clarification on “creative financing” prior to closing. Employees thanking you for training on… View Article

Clarification on Force Placed Flood Insurance Premiums

June 12, 2017 8:39 am
By Elva Coffey-Sears, CRCM, CRP Early last year, the industry became aware that interagency guidance had been provided to examination staff regarding the impact on compliance with flood regulations when force placed flood insurance premiums are added to a loan balance. Specifically, this guidance indicated that the addition of the premiums to the loan balance… View Article

BSA Report Oblivion? Not so fast!

May 19, 2017 8:58 am
By Cody Roberts, CRCM   BSA Report Oblivion is seemingly the place all BSA reports, such as SARs and CTRs, go once a financial institution files them.   Much like a black hole in space draws in all nearby matter and energy, these reports can seem to draw all of a BSA officer’s energy and time,… View Article

Managing Regulatory Change

May 3, 2017 8:44 am
By Elva Coffey-Sears, CRCM Managing regulatory change has never been more challenging than it is today. On a daily basis, we are bombarded with news reports that the new administration will roll back recent regulatory changes. Thus far, it has mandated reviews of regulations implemented in response to the 2008 financial crisis, ordered delays in… View Article

CFPB Proposes Amendments to Regulation B

April 17, 2017 4:32 pm
By Gina Ellis, CRCM On April 4, 2017, the Consumer Financial Protection Bureau (CFPB) proposed amendments to Regulation B, the Equal Credit Opportunity Act (ECOA), to conform with the requirements for collection of race and ethnicity to those found in recent revisions to Regulation C, the Home Mortgage Disclosure Act (HMDA). The proposal would make… View Article

Docs Direct/BankManager Elite

April 3, 2017 8:00 am
By Benjy Cook, President             Electronic signatures are more widely accepted today especially in consumer and real estate transactions. Borrowers become annoyed when they are asked to sign multiple times to obtain a loan. American Bank Systems’ document management system BankManager Elite has been importing electronic documents that are signed electronically for many years. With… View Article

FinCEN SAR Stats – March 2017

March 20, 2017 8:44 am
By Cody Roberts, CRCM Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury that is designated to safeguard the financial system from illicit use, combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities. In particular, FinCEN… View Article