Highlights from the 2015 ABA Regulatory Compliance Conference

July 24, 2015 10:36 am
Every year we get excited about attending this event. Although we were not able to attend most of the sessions, we were able to meet with several conference attendees, catching up with old friends and many new faces. We caught up on what we missed and wanted to fill you in on the best ABA… View Article

Happy 4th Birthday CFPB!

July 21, 2015 1:18 pm
Author: Mikel Dunnagan Wow! It’s hard to believe the CFPB is already 4 years old. This little bureaucracy has grown like a weed into a well-funded, mission-focused, result-getting consumer protector. Originally created by the Dodd-Frank Wall Street Reform and Consumer Protection Act as a direct result of the 2008 financial crisis, the Bureau works tirelessly… View Article

The Top 5 Items that Made Compliance Officers’ Jobs Easier

July 17, 2015 10:38 am
Author: Cody Roberts As a former compliance officer in the mid-1990s, I remember an older banker telling me it used to be “fun” to be a banker. However, “fun” came to an end when a wave of new laws and regulations prompted the creation of my position. Now, the pace of change is even greater…. View Article

Upcoming Changes to Flood Insurance Escrow Requirements

July 9, 2015 11:47 am
Author:Elva Coffey-Sears The amendments to the flood insurance rules published in June include significant changes to the escrow requirement for flood insurance premiums and fees. Currently, lenders are required to escrow flood insurance premiums and fees only if the lender is requiring an escrow of taxes, insurance, fees or other charges for a loan secured… View Article

Regulatory Agencies Issue Flood Insurance Rule Clarifying Detached Residential Structure Exemptions

July 2, 2015 3:13 pm
Author: Gina Ellis The five federal regulatory agencies announced the approval of a joint final rule modifying regulations that apply to loans secured by properties located in special flood-hazard areas. This final rule implements provisions of the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA), which requires the escrow of flood insurance premiums and fees… View Article

8 Out of 10 Students Prefer to Delay School Over TRID

June 24, 2015 1:44 pm
Author: Jay Bruce  As you’ve heard, the CFPB wants to delay the new TRID rules until October 1 – but you may not have heard the reasons why. No, it’s not because the rules are so complicated that everyone, including the CFPB, doesn’t fully understand them, nor is it because the industry has pleaded for… View Article

The New Closing Disclosure: What to Expect

June 18, 2015 11:46 am
Author: Mikel Dunnagan A lot can happen in three days, but a delayed mortgage loan closing is not one of them, according to the CFPB.  Consumers will receive their new, easier to understand closing document, the Closing Disclosure, three business days before closing. This will give them more time to understand mortgage terms and costs… View Article

Don’t Forget the Servicemembers Civil Relief Act

June 12, 2015 12:26 pm
Author: Cody Roberts, CRCM Banks are mired down with many acronyms lately (TRID and CFPB to name a few). However, one that has gotten some scrutiny lately is the SCRA, or the Servicemembers Civil Relief Act. Notable banks supervised by the OCC that have been included in enforcement actions include Bank of America, JPMorgan Chase… View Article

News from the CFPB

June 6, 2015 11:58 am
By: Elva Coffey-Sears Published just last week, the CFPB’s Spring 2015 Rulemaking Agenda contains information relating to five regulatory revisions, one final rule and four pending proposals. The final rule, TRID, has been and continues to be the focus of industry attention, but we mustn’t lose sight of the four pending proposals! Following is a… View Article

ABS on the Road to the 2015 ABA Regulatory Compliance Conference

June 4, 2015 5:08 pm
  American Bank Systems will be present at the 29th annual ABA Regulatory Compliance Conference held from June 14-17 in Washington D.C. We are proud to send members of our team to this four day conference annually and this year, we are excited by the prospects of meeting new faces, hearing the key note speakers… View Article