How Does Your Compliance Management System Rate?

July 9, 2018 9:44 am
by Elva M. Coffey-Sears, CRCM, CRP A quick review of recent issuances by the Federal Financial Regulators confirms a significant reduction in new regulations and regulatory amendments thus far this year. Further, the agencies’ Spring Rulemaking Agendas for 2018 indicate this reduced level of regulatory change can be expected to continue for the remainder of… View Article

Proposed Reform to the Bank Secrecy Act

June 25, 2018 10:04 am
By Gina Ellis, CRCM H.R. 6068 was introduced June 12, 2018 by Representatives Steve Pearce (R-N.M.) and Blaine Luetkemeyer (R-Mo.) to update several sections of the Bank Secrecy Act (BSA) and other anti-money laundering laws and regulations. The proposed Counter Terrorism and Illicit Finance Act includes provisions to increase the threshold for reporting currency transactions… View Article

Final Rule Amending Real Estate Appraisal Regulations

June 11, 2018 11:38 am
By Cody Roberts, CRCM On April 9, 2018, the OCC, Board of Governors of the Federal Reserve System (Board), and FDIC adopted a final rule to amend these agencies’ regulations requiring appraisals of real estate for certain transactions. This final rule was effective on April 9, 2018. The affected regulations are: 12 CFR 34, Subpart… View Article

90-Day Exceptive Relief Provided for Beneficial Ownership Rule

May 29, 2018 7:30 am
Beneficial Ownership Receives Relief from FinCEN By Gina Ellis, CRCM FinCEN issued a ruling May 16, 2018 to provide a 90-day exceptive relief from certain obligations of the Beneficial Ownership Rule. FinCEN is offering this exceptive relief for specific products such as certificates of deposit or loans that automatically rollover or renew and that were… View Article

Technology That Works For You

April 30, 2018 8:39 am
By Gary Reed, Vice President – Customer Care Services At American Bank Systems, we strive to make the day-to-day activities easier for our clients. One of the ways we do this is with the Docs Direct interface between our CoPilot Loan & Deposit Origination System and our BankManager® Elite Document Imaging System. With Docs Direct,… View Article

CRA Regulations Joint Final Rule on Public File Content and Definition Changes to Conform to Regulation C

April 16, 2018 9:33 am
By Cody Roberts, CRCM On November 24, 2017, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the Agencies) amended their regulations implementing the Community Reinvestment Act (CRA). The Agencies modified the existing definitions of ‘‘home mortgage… View Article

TELEPHONE CONSUMER PROTECTION ACT (TCPA) – BACK IN THE NEWS

April 2, 2018 9:18 am
by Elva M. Coffey-Sears, CRCM, CRP The TCPA was originally passed in 1991 to protect consumers from telemarketing calls. At that time, cellular phones were rare, texting was not an option, and users were billed by the minute for calls – both incoming and outgoing. In general, the TCPA prohibits making telemarketing calls using an… View Article

Home Mortgage Disclosure Act (HMDA) Regulatory Reform?

March 19, 2018 9:10 am
By Gina Ellis, CRCM Today’s fast paced news cycle makes it increasingly difficult to keep track of regulatory changes. You may be aware of a bipartisan regulatory reform package proposed by the Senate Banking Committee, S. 2155, The Economic Growth, Regulatory Relief and Consumer Protection Act. However, you may not know that the legislation includes… View Article

FinCEN 2018 Suspicious Activity Form Update

February 20, 2018 9:57 am
by Elva M. Coffey-Sears, CRCM, CRP FinCEN announced that the changes to the Suspicious Activity Report (SAR) proposed in February 2017 will be implemented and effective in June 2018. The revisions do not impose any new regulatory requirements nor change the requirements relating to suspicious activity reporting. FinCEN is removing, revising and adding new fields… View Article