Oil and water. Cats and Dogs. Fire and Ice. Such are the comparisons often used to describe the relationship between compliance and marketing. Are they really two opposing forces always in conflict and rarely compatible?
How much is too much or how much is too little monitoring for higher risk customers? Can we get by with an annual high-risk review? What about our moderate-risk customers?
During the last few years we have had the Secure Act 1.0 and Secure Act 2.0 and new regulations on RMDs and Inherited IRAs. Plus, we have a myriad of new exceptions to the 10% penalty.
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 Compliance Management and Auditing
One banker commented “Reg E hasn’t changed, so what’s to learn?” While the Reg itself and the commentary haven’t changed, interpretations of who is a financial institution, what is an error and who has to investigate those errors have.
Recorded on March 14, 2023
Regulation CC: Funds Availability (Deposits and Holds)
Nobody wants compliance mistakes but when they are tolerable and in moderation, you learn from them and that’s an improvement. Mistakes can be great when you learn from someone else’s because you don’t suffer the consequences.
The ATR / QM rule is approaching its 10th Anniversary. Somebody – maybe you – were involved in developing your bank’s program back in the day, but have you re-evaluated it since then?
Regulation CC includes rules on check collection and the relationships between depository institutions that provide for collection, presentation, and return of checks.
The 2018 modifications to HMDA were massive and many financial institutions are still dealing with the challenges of collecting data under the burdensome new requirements.
It is a fact that, “you don’t know, what you don’t know.” But you will be responsible for all things compliance that you should know. You are responsible for ALL of the compliance changes, updates and guidance issued in 2022.
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?