Banker's Toolbox solidifies its position as the premier solution for fast-growing financial institutions with the release of BAM+ 4.0 upgrade.
Banker's Toolbox continues to lead the BSA/AML and Fraud prevention marketplace with the release of BAM+ 4.0. This solution provides increased detection with more versatility, transparency and control. BAM+ 4.0 also boasts a new customer due diligence platform, Due Diligence Manager, which will keep institutions compliant with the impending beneficial ownership mandates. (Read full press release here.)
CFPB updates CMP caps
The Consumer Financial Protection Bureau has published in the January 12, 2017, Federal Register a final rule adjusting for inflation the maximum amount of each civil penalty within the Bureau’s jurisdiction. These adjustments are required by the Inflation Adjustment Act. The inflation adjustments mandated by the Inflation Adjustment Act serve to maintain the deterrent effect of civil penalties and to promote compliance with the law. The rule is effective January 15, 2017.
As examples of the inflation adjustments, the $50 per violation statutory civil money penalty for failure to provide an annual escrow statement under RESPA will be increased to $92, with an annual cap, originally $100,000, increased to $184,767. Intentional failures to provide the statement can result in penalties up to $185 per violation with no annual cap, an increase from the statutory amount of $100. The statutory maximum penalty of $10,000 per day for a first violation of the appraisal independence requirements under the Truth in Lending Act will be increased to $11,279.