Our "Compliance Manual/Policy" simply states:
It is the policy of The Peoples State Bank to conduct all financial activities in complete compliance with both the letter and spirit of all applicable federal and state banking regulations.
Then it goes on to outline the roles of the BOD, the Compliance Officer and bank personnel. Then a brief description of each regulation monitored. A few examples:
PART 1026 - REGULATION Z. (TRUTH IN LENDING ACT)
http://www.fdic.gov/regulations/laws/rules/6500-3200.html#fdic65001026PURPOSE. This regulation promotes the informed use of consumer credit by requiring disclosures regarding credit terms, interest rates, and total credit costs.
On October 3, 2015 Reg Z was amended under the Truth in Lending Real Estate Settlement Procedure Disclosure Act (TRID) that incorporated the TIL early and final disclosures with the RESPA GFE and HUD Settlement Statement. These disclosuer are required for all consumer purpose loans secured by real property.
PART 1002 - REGULATION B. (EQUAL CREDIT OPPORTUNITY ACT)
AND FAIR LENDING
http://www.fdic.gov/regulations/laws/rules/6500-200.htmlPURPOSE. The purpose of this regulation is to preclude discrimination in the granting of credit based on race, color, religion, national origin, sex, marital status, age, the fact that all or part of applicant's income is derived from public assistance, or the fact that the applicant, in good faith, exercised their rights under the Consumer Credit Protection Act.
PART 339—LOANS IN AREAS HAVING SPECIAL FLOOD HAZARDS
http://www.fdic.gov/regulations/laws/rules/2000-6100.html#fdic2000part339PURPOSE. The Act establishes the National Flood Insurance Program. It requires that banks ensure that any structure located in a flood hazard area, and used as collateral to secure a loan, is covered by flood insurance. The Act is designed to reduce the potential costs of natural disasters when floods affect populated areas.
TELEPHONE CONSUMER PROTECTION ACT
The Peoples State Bank does not participate in telemarketing activities. Compliance with this act is addressed in the bank’s Do Not Call policy.
FDIC PART 345 - COMMUNITY REINVESTMENT ACT - CRA
http://www.fdic.gov/regulations/laws/rules/2000-6500.html#fdic2000part345PURPOSE. This regulation establishes the requirement for banks to research, define and meet the financial service needs of their local communities. The CRA officer is responsible for compilation and submission of data and for all other facets of compliance with this regulation.