Mistakes happen. Even strong compliance programs can have a slip-up, and you may find your bank has wrongfully disclosed the Annual Percentage Rate (on a loan) or the Annual Percentage Yield (for a deposit product).
On-Demand Webinars about Audit and Internal Controls
Don’t wake up in a cold sweat worried that some lending compliance changes have escaped your notice! Tune in to this program for a quick rundown of what’s new, what’s changed, what you need to watch out for.
The Military Lending Act rules changed in October of both 2016 and 2017. I still see questions pop-up on MLA procedures and some banks are spending money needlessly complying with old and new rules.
When your account holder's name does not match for IRS purposes, you are sent a CP2100 and your financial institution has to being the B notice process and often times backup withholding on your customer. This is time consuming and expensive.
Advertising can be impacted by numerous regulations and advertisements can cross the line between “luring” someone and not deceiving them (UDAAP). What you can say, what can't you say, and when can you say it?
Recorded on September 22, 2017
Advanced ACH: Death Notification Entries and Reclamations: A Banks Responsibilities
Processing ACH payments from the Federal Government can be a challenge. Not responding properly to DNEs (Death Notification Entry) and ACH Treasury Reclamations exposes the bank to financial losses, operational risk, compliance risk and legal risk.
So many “rules.” And piles of policies combined with an endless list of procedures, many of which don’t seem to make sense or seem like overkill. Is it really necessary to follow them all? Yes, actually it is. What you may not understand is why.
Building on the enforcement action begun in 2011 by the Federal Reserve and OCC against 14 of the largest mortgage loan servicers in the country, the Consumer Financial Protection Bureau issued sweeping new mortgage servicing rules in 2013, and made