Nobody wants compliance mistakes but when they are tolerable and in moderation, you grow, you learn from them and that leads to improvement and survival in a tough world of compliance and banking.
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
Do you ever feel at a loss for where to start in compliance research? Do you have an inkling the answer is out there somewhere, but you’d have better luck winning the lottery than finding the concise answer to that tough compliance question?
There are many ways to violate military lending rules and some lenders are actively doing this. One lender just agreed to pay a $225,000 because they were not providing the interest rate adjustments the SCRA requires.
wants their money “back” from the bank? The bank didn’t take their money and can’t give it “back.” The bank executed the transfer as the customer requested. Yet the bank is expected to replace that money under many circumstances.