FRIDAY, May 17, 2013|
To access specific issuances, click here to go to our Top Stories section, where you’ll find links to all the relevant documents.
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CFPB clarifies Escrows Final Rule
The Bureau has issued aFinal Rule clarifying and making amendments to its previously issued 2013 Escrows Final Rule. The new final rule will be final unless a later final rule is issued. The new final rule establishes a temporary provision to ensure existing protections remain in place for higher-priced mortgage loans until the expanded provisions take effect in January 2014 and clarifies how to determine whether or not a county is considered "rural" or "underserved" for purposes of applying an exemption.
The Rise of Organized Financial Crime: Join Verafin for a co-hosted ACAMS webinar rebroadcast with retired FBI Executive, Chris Swecker. This session provides a revealing 'walk-through' of the inner workings of today's organized financial crime enterprise. It illustrates how these virtual, viral and technologically-savvy organizations mimic the sophistication and best practices of the most progressive 21st century business models. This rebroadcast qualifies for 1 CAMS credit.
The New Mafia
2013 Final List of rural and underserved counties
The CFPB has issued a final list determining both rural and underserved county status regarding the Escrows Rule based on the proposed rule posted by the Bureau on March 12, 2013. Because the methods for determining rural and underserved status have not changed from the proposed rule, this final list is identical to the preliminary list posted on March 12. Some counties' status as rural or non-rural may change from the 2013 list to the 2014 list because of updated information from the 2010 Census.
Latest Trends in BSA/AML
Thursday, May 30 at 2:00–2:30 p.m. Eastern
Join us for a free 30-minute webinar to examine what we are hearing from our clients regarding the latest trends in BSA/AML. Topics that will be discussed include issues related to banking third party payment processors and what we are hearing from the regulators!
June 2013 HOEPA rates established
The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in June 2013 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 of selected interest rates to find the applicable release that lists the Treasury security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application.
Take 15 Minutes for Fair LendingFair Lending Risk has increased since the November election. Regulators, DOJ and CFPB have made Fair Lending, CRA, and HMDA a Top Priority for 2013. Your best defense is Fair Lending Loan Analysis, CRA Analysis, and Risk Assessment. Request a FREE Denial Disparity Report and let TRUPOINT show you how to address Fair Lending in no time.
More OFAC SDN Designations
Treasury has announced the designation of four senior officials of the Syrian government; one airline responsible for transporting weaponry to the Assad regime; and one privately owned television station for providing services to the Syrian government. To date, the United States has imposed sanctions on the Government of Syria, including its Central Bank and oil companies, and more than 100 individuals and entities under a number of our authorities. Information concerning the designations has been posted on the BOL OFAC Update Page.
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NCUA Board Action Bulletin
A Bulletin has been issued by NCUA regarding the actions of its Board at the May 16, 2013 meeting. The Board approved a rule giving well-managed federally insured credit unions with more than $250 million in assets limited authority to purchase specified derivatives to manage interest-rate risk upon agency approval and a series of technical amendments, including the transfer of authority under the Dodd-Frank for rulemaking for certain consumer protection laws to the CFPB.
How will Flood InsuranceThe 2012 Flood Insurance Reform law will result in significant NFIP changes in 2013 as well as impact certain federal flood insurance regulations and fines for non-compliance. Don't wait for an audit to know if your loan portfolio is compliant—contact firstname.lastname@example.org or call us at 406-756-2763 to learn how FloodAssure™ can help mitigate risk and avoid costly fines.
Reform impact you?
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During the Transaction?
May 22, 2013
Safe Deposit "The Do's and Don'ts"
May 23, 2013
Opening Deposit Accounts for Foreign-Born Persons -
Mary Beth Guard and Ken Golliher
June 5, 2013
Facing the Tough Teller Stuff
June 13, 2013
Handling Return Items
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