Compliance Perspectives
|
|
- Trevor Cain
- 5 years ago
- Views:
Transcription
1 Compliance Perspectives Carl Pry November 19, 2015 CFPB Supervisory Highlights Covers exam findings from May 2015 to August 2015 Non-public CFPB supervisory actions resulted in $107 million in restitution to more than 238,000 consumers Supervisory observations in consumer reporting, debt collection, mortgage origination, mortgage servicing, student loan servicing, and fair lending Recognizes that certain efforts were made to improve compliance: Mortgage servicers made improvements to compliance audits and conducting information technology reviews Student loan servicers alerted borrowers of unpaid balances remaining after borrowers attempt to pay off their loans but fall short Also discusses CFPB s revised exam appeals process, which includes changes to the supervisory appeals process: Revised exam appeals process extends expected time to issue a written decision on appeals from 45 to 60 days Prevents an institution from appealing adverse findings or an unsatisfactory rating related to a recommended or pending investigation or public enforcement action until the enforcement investigation or action has been resolved. 1 of 18 1
2 Complaints CFPB s monthly complaint report; this month on credit card complaints Over 79,000 credit card-related complaints since July 2011 Specific complaint topics: Confusion over how late fees are assessed Confusion about how to dispute inaccuracies in billing statements Accounts being closed without consent Inability to allocate payments as consumers desire NCUA established a portal to receive correspondence from the Consumer Assistance Center about complaints, to send responses and complaint information, and to check the status of complaints 2 of 18 Diversity CFPB s 5-year Diversity and Inclusion Strategic Plan Objectives: Recruit a diverse workforce Enable individuals to contribute to their full potential Ensure sustainability of the plan Increase opportunities for minority and women owned businesses Assess diversity practices of regulated entities CFPB will use interagency policy standards to assess regulated entities diversity and inclusion policies and procedures and collect baseline data that will serve as a survey of best practices for institutions (through Office of Minority and Women Inclusion) 3 of 18 2
3 Cyber-Extortion FFIEC statement notifying institutions of increasing frequency and severity of cyberattacks involving extortion Urges institutions to take steps to ensure effective risk management programs Conduct ongoing information security risk assessments Perform security monitoring, prevention, and risk mitigation Implement and regularly test controls around critical systems Participate in industry information-sharing forums. 4 of 18 FFIEC Management Booklet FFIEC revised its Management Booklet 1 of 11 that make up FFIEC s Information Technology Examination Handbook Outlines principles of overall sound governance, including IT Board of directors sets tone and direction of IT program: Review and approve IT strategic plan that aligns with overall business strategy Includes information security strategy to protect from ongoing and emerging threats, including related to cybersecurity Oversee process for approving third-party vendors Approve policies to report significant security issues to the board, steering committee, government agencies, and law enforcement (as necessary) Hold management accountable for identifying, measuring, and mitigating IT risks Provide independent, comprehensive, and effective audit coverage of IT controls 5 of 18 3
4 FTC-VA Agreement FTC has signed a Memorandum of Agreement with VA to provide mutual assistance to prevent fraudulent and deceptive acts by institutions of higher learning and other establishments that offer training targeting U.S. servicemembers, veterans, and dependents using military education benefits FTC warned servicemembers about for-profit schools: That may make unrealistic promises and pressure them to enroll in unnecessary courses, or Take out loans they may not be able to pay off 6 of 18 Mobile Financial Services CFPB report, "Mobile Financial Services" to summarize the results of a June 2014 Request for Information on opportunities and challenges associated with the use of mobile financial services (MFS) by traditionally underserved consumers 44% of unbanked individuals own a smartphone, so MFS has potential to be a promising tool for underbanked and unbanked consumers to manage their finances Consumers using MFS save time and money since they can check balances any time and have access to tools that help them manage money Remote Deposit Capture highlighted as particularly attractive to unbanked consumers because it allows them to take a picture of and deposit checks remotely, reducing the limitations of branch hours and locations MFS would likely be most effective for underserved consumers if paired with consultative or assistance services Privacy and security concerns remain a significant risk Digital access and digital financial literacy need improvement 7 of 18 4
5 OCC Floorplan Lending OCC updated its Floor Plan Lending booklet of the Comptroller s Handbook Summarizes basics of floorplan lending for examiners, including a description of indirect dealer lending and the regulatory and legal foundation for floor plan lending Sound risk management practices and regulatory risk rating guidelines Expanded exam procedures section with examples of risk rating cases and factors for determining quantity of credit risk and the quality of credit risk management. 8 of 18 Student Loans Department of Education final regulations on how students access Federal student aid Addresses access to Federal student aid: Protects students against excessive fees to access aid Requires institutions to give greater choice and information to students about how to receive aid Prohibits institutions from requiring students to open certain accounts for the deposit of student aid refunds (among other things) Also limits amount of information institutions can share with third party institutions providing campus debit and prepaid cards to students under partnerships with schools and require schools to disclose on their websites the terms of those partnerships Second rule establishes an expanded Pay As You Earn program Caps payments at 10% REPAYE plan covers 5 million more Direct Loan borrowers, without regard to when the borrowers first obtained their loans 9 of 18 5
6 Planning for Retirement CFPB Planning for Retirement online tool to help older consumers make informed decisions about Social Security retirement benefits Uses SSA formulas to help consumers estimate how their age will affect their Social Security retirement benefits Provides claiming tips relevant to a consumer s specific situation Provides suggested action steps to help consumers plan retirement CFPB report, Issue Brief: Social Security Claiming Age and Retirement Security Many consumers decide to collect benefits at earliest possible age of 62 without: Knowing full retirement age range of 66 to 67, depending on the person s birth year Understanding effects of collecting Social Security claims before the full retirement age, such as the substantial reduction of monthly benefits Treasury also launched myra, a simple, safe and affordable new savings option for those who don t have access to a retirement savings plan at work Multiple ways for people to start saving 10 of 18 Operation Collection Protection FTC coordinated federal, state, and local initiative to combat alleged abusive and deceptive debt collection practices, Operation Collection Protection Authorities listing 30 new actions, including 5 enforcement actions by FTC Number of actions taken under the Operation Collection Protection initiative to 115 and total number of participating law enforcement partners to 70 Targets Extracting payments from consumers by using intimidation and inaccurate representations Impersonating servers or attorneys and threatening arrest or litigation Collecting on debts that never existed or had already been paid 11 of 18 6
7 Enforcement Trends Fed and NY DFS enforcement action against a bank for alleged deficiencies in BSA/AML compliance program Bank agreed to prepare written policies and procedures on governance, MIS on BSA/AML, OFAC, and state regs, revised BSA/AML compliance program, written CDD plan, SAR reporting policy, and OFAC program Fed and NY DFS combined $258 million penalty against a global bank for violations in connection with transactions on behalf of countries and entities subject to U.S. sanctions. Bank failed to implement adequate risk management and compliance policies and procedures to ensure that activities conducted at offices outside the United States complied with applicable OFAC Regulations and were timely reported in response to inquiries by the Federal Reserve Bank of New York. 12 of 18 Enforcement Trends DOJ proposed settlement with a bank for allegedly violating bankruptcy rules by not providing homeowners with required notices that would have allowed them to challenge the accuracy of increased mortgage rates Bank failed to file payment change notices 21 days before adjusting a debtor s monthly mortgage payment and perform timely escrow analyses More than $80 million in restitution to homeowners in bankruptcy that were affected Required to update its internal procedures to prevent further violations, including improving its employee training and its quality control processes 13 of 18 7
8 Enforcement Trends CFPB administrative order against an auto lender specializing in extending credit to servicemembers Allegations that company engaged in unfair, abusive, and deceptive debt collection practices: Contacting and threatening to contact servicemembers commanding officers to inform them of delinquencies and alleged military violations requiring discipline Exaggerating potential disciplinary actions, such as demotion, loss of promotion, and discharge, that servicemembers may face if they failed to make payments Representing that the company could commence an involuntary allotment or wage garnishment without obtaining a court judgment Threatening legal action when company did not intend to take legal action at the time Company must refund or credit over $2 million to consumers and pay $1 million civil money penalty 14 of 18 Others OCC updated credit card lending Comptroller s Handbook Fed: Revised Reg. D tranche levels for 2016 Issued 6 th annual payments study FDIC: Updated Brokered Deposit FAQs Updated guidance on purchased loans and participations NCUA: Cybersecurity video Auto lending webinar (11/18) 15 of 18 8
9 Others CFPB: Lists of counties determined to be rural and "rural or underserved" during 2015 for Reg. Z purposes Reminder to servicemembers on areas where they may run into issues with financial issues and providers VA guidance on spousal status matches previous Treasury guidance on same-sex marriages SEC rules on crowdfunding Investor limits and disclosure requirements FHA condo requirements eased New guidelines to increase affordable housing options for first-time and low- to moderateincome homebuyers Temporary guidance to streamline condo recertification process and expand eligibility of acceptable owner-occupied units to include second homes that are not investor-owned 16 of 18 Examiner Hot Topics Compliance Management Systems (CMS) BSA/AML program, CIP TRID Third parties Vendor management, risk assessments, sales practices UDAAP/UDAP Complaints programs, definitions Fair lending Non-mortgage products (proxies/bisg) Servicing Mortgage servicing Servicemember issues 17 of 18 9
10 Contact Information Compliance Questions: Carl Pry Treliant Risk Advisors Webinar/Registration Questions: Mark Bennett Total Training Solutions PO Box 310 Waunakee, WI Upcoming Webinars Excel Explained: Introduction to Spreadsheets Dec. 2 Reg E - How Expensive Is A Compliance Mistake? Dec. 2 Notary Public Dec. 3 Dealing with Appraisals: Regulations and Requirements Dec. 3 New Business Account Interview Dec. 8 Understanding Commercial Loan Documentation Dec. 9 UCC 3 and 4 Issues for Tellers Dec. 9 Accounting Principles for Lenders Dec. 10 BSA Red Flags for Money Laundering: Frontline Annual Training Dec. 10 New Federal Rules Target Student Bank Accounts - Top 10 Issues Dec. 14 Using Personal Tax Returns for Global Cashflow: What's Cashflow and What Isn't Dec. 15 Perspectives in 2015: Dec of 18 10
2017 WEBINAR SCHEDULE Affordable training, when and where you choose
2017 WEBINAR SCHEDULE Affordable training, when and where you choose With engaging, hot-topic webinars from your Association, you get all of the benefits of a classroom, without the time and hassle of
More informationLENDING (LEND) Division
AFSA University Course List As of 4/1/2017 Lesson Name Lesson ID Module Duration Test Duration (Total mins. LENDING (LEND) Division General Vendor Management AFSA1001 30 10 40 Anti-Predatory Lending (with
More informationCFPB: A Review of Supervisory Activities
CFPB: A Review of Supervisory Activities Roberta Torian University of North Carolina Law School Center for Banking and Finance Banking Law Institute Charlotte, N.C. 22 March 2013 DRAFT v2 1 Authority The
More informationKevin Patterson Partner
100 Quentin Roosevelt Boulevard Garden City, NY 11530-4850 ph: 516.296.9196 fx: 516.357.3792 kpatterson@cullenanddykman.com AREAS OF PRACTICE Banking Compliance Bank Operations Bank Regulatory and Compliance
More informationRegulatory and Enforcement Trends
NY2 717563 Regulatory and Enforcement Trends April 11, 2013 2013 Morrison & Foerster LLP All Rights Reserved mofo.com Agenda We will provide an overview of the regulatory and enforcement trends that may
More informationMortgage Regulation Update
Presented by: Mortgage Regulation Update Wisconsin Credit Union League Convention 1 Objectives At the end of this session, you will: Recognize recent updates to existing mortgage rules TILA/RESPA Integrated
More informationOCC Policy Statement on Tax Refund-Related Products
OCC Policy Statement on Tax Refund-Related Products The Office of the Comptroller of the Currency (OCC) is issuing the following policy statement setting forth the measures national banks are expected
More informationThe Commercial Real Estate Lending Decision Process Series (RMA)
Business Banking & Commercial Lending Analyzing Business Financial Statements and Tax Returns Analyzing Financial Statements Analyzing Personal Financial Statements and Tax Returns Certificate in Business
More informationABA Compliance School Foundational
ABA Compliance School Foundational Deposit/Operations Module March 10 13, 2018 Grand Hyatt Denver Denver, Colorado COURSE CATALOG aba.com 1-800-BANKERS October 2014 Session Emory Conference Center and
More informationFair & Responsible Lending in the Regulatory Crosshairs
Fair & Responsible Lending in the Regulatory Crosshairs Legal Counsel to the Financial Services Industry Minnesota Banking Law Institute April 5, 2013 Andrea K. Mitchell Partner Lori J. Sommerfield Counsel
More informationConsumer Financial Protection Bureau Update
Consumer Financial Protection Bureau Update Patricia Scherschel February 2016 Student Lending Program Manager Installment Lending and Collections Markets Division of Research, Markets, and Regulations
More informationNational Association of Federal Credit Unions Fair Lending Training (Part II)
National Association of Federal Credit Unions Fair Lending Training (Part II) April 23, 2014 Jeremiah S. Buckley, Partner Lori J. Sommerfield, Counsel Order of Presentation Key Players in Fair Lending
More informationRegulatory Compliance Update
Regulatory Compliance Update ACUIA Region 6 Conference Presented By: Kristie Kenney Hoover, NCCO Internal Audit Manager, Doeren Mayhew Florida Michigan North Carolina Texas Insight. Oversight. Foresight.
More informationU.S. Consumer Financial Services Regulation: What to Expect in 2016
U.S. Consumer Financial Services Regulation: What to Expect in 2016 Digital Payments Intensive April 13, 2016 Andrew J. Lorentz No. 1 RULEMAKING BY ENFORCEMENT 2 Rulemaking by enforcement New Consumer
More informationThe CFPB. What Lenders And Servicers Must Know. Joseph M. Welch, Esq.
The CFPB What Lenders And Servicers Must Know Jason E. Goldstein, Esq. 18400 Von Karman Avenue, Suite 800 Irvine, California 92612 0514 (949) 224 6235 jgoldstein@buchalter.com Joseph M. Welch, Esq. 18400
More informationby: Stephen King, JD, AMLP
Community Bank Audit Group Compliance Management Structure / Compliance Risk Assessment June 2, 2014 by: Stephen King, JD, AMLP MEMBER OF PKF NORTH AMERICA, AN ASSOCIATION OF LEGALLY INDEPENDENT FIRMS
More informationCU PolicyPro Policy Guidance. March 2018
CU PolicyPro March 2018 KEY MO CM CMO R O = Mandatory Policy credit union must have a policy covering the subject matter contained in the CU PolicyPro Policy. = Mandatory if service/product offered if
More informationExamination Procedures
After completing the risk assessment and examination scoping, examiners should use these procedures, in conjunction with the compliance management system Exam Date: Exam ID No. Prepared By: Reviewer: Docket
More informationThird party risk management: Friend or foe?
Third party risk management: Friend or foe? Leah M. Hamilton, Chief Compliance Officer 1 2016 Temenos USA. All rights reserved. What You Will Learn: Vendor Management Why use? Potential risks Compliance
More informationNACHA Third-Party Sender Certification Program Criteria
INTRODUCTION These Third-Party Sender Certification Program Criteria set forth the subject matter areas that will be reviewed by NACHA in order to determine whether an applicant ( Applicant ) satisfies
More informationFINANCIAL INSTITUTION GOVERNANCE AND REGULATION SERVICES EXPERTS WITH IMPACT
FINANCIAL INSTITUTION GOVERNANCE AND REGULATION SERVICES EXPERTS WITH IMPACT In today s highly competitive and heavily regulated environment, financial institutions are challenged to remain profitable
More informationCFPB Supervision and Examination Process
Background Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Act) 1 established the Consumer Financial Protection Bureau (CFPB) and authorizes it to supervise certain
More informationEMERGING CONSUMER RISKS FOR COMMUNITY BANKS
November 14, 2016 1 EMERGING CONSUMER RISKS FOR COMMUNITY BANKS 2016 ANNUAL RISK MANAGEMENT CONFERENCE NOVEMBER 14, 2016 November 14, 2016 2 Paul J. Stark, SVP & Chief Credit Officer Civista Bank, Sandusky
More informationS Analysis of Regulatory Relief for Credit Union
S. 2155 Analysis of Regulatory Relief for Credit Union June 2018 SECTION Minimum Standards for Residential Mortgage Loans (Section 101) Adds a new safe harbor category of Qualified Mortgages (QMs) to Section
More informationManaging Fair and Responsible Lending Challenges and Risks
Managing Fair and Responsible Lending Challenges and Risks NYBA Technology, Compliance and Risk Management Forum White Plains, NY May 13, 2015 Legal Counsel to the Financial Services Industry Presented
More informationThe Compliance Challenges of Credit Union Collections. Collections and Compliance?
The Compliance Challenges of Credit Union Collections Presented by Maria Peyton NSWC Federal Credit Union Collections and Compliance? Yes! It is about more than just collecting a debt Collectors must be
More informationCU PolicyPro Alphabetical Policy Listing
A 3160 2235 7332 2222 2215 3000 6120 8110 2210 3105 2216 2214 2212 2210 2213 11003 2610 2612 2611 1000 11005 9430 11016 5100 5110 7615 9500 Abandoned Property (Unclaimed Property) Abusive Member (Member
More informationCUNA PROFESSIONAL DEVELOPMENT ONLINE
CUNA PROFESSIONAL DEVELOPMENT ONLINE CONTENT LIST cuna.org/cpdonline Accounting, Budgeting, & Finance Accounting Basics Asset-Liability Management for Executives Financial Management Made Easy I: Financial
More informationTrendspotting the CFPB: What s Coming and How Institutions Can Prepare
Trendspotting the CFPB: What s Coming and How Institutions Can Prepare Courtney H. Gilmer Baker Donelson Center Suite 800 211 Commerce Street Nashville, TN 37201 615.726.5747 cgilmer@bakerdonelson.com
More informationFair Lending Issues and Hot Topics
Fair Lending Issues and Hot Topics Outlook Live Webinar November 2, 2011 Non-Discrimination Working Group of the Financial Fraud Enforcement Task Force Visit us at www.consumercomplianceoutlook.org informational
More informationHow to Use This Service
BANKER S GUIDE TO COMPLIANCE How to Use This Service The Banker s Guide to Compliance is written in bankers language and intended for use by bankers. You need not be a lawyer or compliance expert to use
More informationCLIENT ALERT. Collection Practices Guidance After the CFPB - Navy Federal Credit Union Consent Order. October 17, 2016
CLIENT ALERT Collection Practices Guidance After the CFPB - Navy Federal Credit Union Consent Order October 17, 2016 On October 11, 2016, the Consumer Financial Protection Bureau (CFPB) released a Consent
More informationCFPB Consumer Laws and Regulation
Secure and Fair Enforcement for Mortgage Licensing Act 1 The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 2 () was enacted on July 30, 2008, and mandates a nationwide licensing and registration
More informationOnline Training. A LOCAL ABA TRAINING PROVIDER /
A LOCAL ABA TRAINING PROVIDER www.wyomingbankers.com / 307-638-5008 Edition: JULY 2015 AUGUST 2016 Online Training ABA s extensive suite of online training delivers unmatched content in an interactive,
More informationNational Association of Federal Credit Unions. Fair Lending Training (Part I) March 19, Lori J. Sommerfield Counsel BuckleySandler LLP
National Association of Federal Credit Unions Fair Lending Training (Part I) March 19, 2014 Lori J. Sommerfield Counsel BuckleySandler LLP Order of Presentation Overview of Fair Lending Laws & Regulations
More informationREQUIRED ATTACHMENTS Please provide the following documents with this completed Annual Recertification
ANNUAL RECERTIFICATION For renewals through March, 2020 Company Legal Name: DBA(s): Street Address (Main Office): City, State, Zip: Affiliated Companies: REQUIRED INFORMATION Please provide company information
More informationBSA/AML & OFAC Volunteer Compliance Training. Agenda
Ideas + Solutions = Success BSA/AML & OFAC Volunteer Compliance Training Ideas + Solutions = Success Presented by Dorie Fitchett HCUL Regulatory Officer May 17, 2018 Agenda 1. Bank Secrecy Act 2. Office
More informationWith so much change, be sure to stay up to date!
With so much change, be sure to stay up to date! Glory LeDu Glory.LeDu@mcul.org Sarah Stevenson Sarah.Stevenson@mcul.org Barb Boyd Barb.Boyd@cusolutionsgroup.com Your Crazy Compliance Peeps Agenda What
More informationRegulatory Practice Letter December 2014 RPL 14-22
Regulatory Practice Letter December 2014 RPL 14-22 Automobile Supervision and Enforcement Regulatory Actions and CFPB Proposed Rule Executive Summary The automobile finance industry is under heightened
More information6/21/2013. Section I. Purpose of Course. History and Overview of Mortgage Law, Regulation and Requirements
20 Hour Mortgage Loan Originator Certification Course Purpose of Course Gain historical perspective of mortgage lending Understand contemporary mortgage loan origination process Examine federal rules,
More informationThe CFPB s Priorities in Rulemaking, Supervision, and Enforcement
The CFPB s Priorities in Rulemaking, Supervision, and Enforcement July 21, 2016 Scott M. Pearson Ballard Spahr LLP 424.204.4323 pearsons@ballardspahr.com John D. Socknat Ballard Spahr LLP 202.661.2253
More informationConsumer Finance Protection Bureau. About this presentation. The CFPB 1/26/2012
Consumer Finance Protection Bureau Annual Conference Coalition of Higher Education Assistance Organizations John Dean Washington Partners, LLC January 2012 About this presentation This presentation is
More informationFair Lending Compliance Basics: Class is in Session!
Fair Lending Compliance Basics: Class is in Session! How to Control Fair Lending Risk and Identify Redlining Risk Meet Your Teacher Kimberly Boatwright, CRCM, CAMS Director of Compliance TRUPOINT Partners
More informationABA Compliance School - Intermediate
ABA Compliance School - Intermediate March 14 16, 2018 Grand Hyatt Denver Denver, Colorado COURSE CATALOG aba.com 1-800-BANKERS October 2014 Session Emory Conference Center and Hotel Atlanta, GA aba.com
More informationHosted By Mike Gallagher October 2017
Risk Management, Compliance and CRA Hosted By Mike Gallagher October 2017 Today s Agenda Risk Management Risk governance Enterprise Risk Management Operational Risk Management Categories of Risk Compliance
More informationConsumer Financial Protection by Federal Agencies
Consumer Financial Protection by Federal Agencies Mark Jickling Specialist in Financial Economics October 14, 2009 Congressional Research Service CRS Report for Congress Prepared for Members and Committees
More informationSUBSTITUTE AMENDMENT CHANGES
Title I Improving Consumer Access to Mortgage Credit 103 Tailored exemption from appraisal requirements Adds definition of transaction value and provides additional detail on criteria for efforts to contact
More informationUpdate on CFPB Enforcement Actions; UDAAP and Third-Party Lending
Update on CFPB Enforcement Actions; UDAAP and Third-Party Lending Presented to Pennsylvania Association of Community Bankers Quarterly Compliance Seminar Series 2016 October 19, 2016 2012 Kilpatrick Townsend
More informationRoad Map To CFPB Compliance For The Auto Finance Industry
Road Map To CFPB Compliance For The Auto Finance Industry Michael A. Thurman, Partner Consumer Protection Defense Department LOEB & LOEB Adds Value 2012 LOEB & LOEB LLP The Usual Disclaimers This presentation
More informationSAMPLE. 1 Bank Secrecy Act / Anti-Money Laundering. 2 E-Sign Act / Electronic Funds Transfer Act
1 Bank Secrecy Act / Anti-Money Laundering Summary 1 1 Purpose and History of the BSA 1 1 General Requirements of the BSA/AML Compliance Program 1 3 Money Laundering Defined 1 4 BSA / AML Violations 1
More informationKeeping Fintech Fair: Thinking about Fair Lending and UDAP Risks
Keeping Fintech Fair: Thinking about Fair Lending and UDAP Risks Outlook Live Webinar July 16, 2018 Carol A. Evans Associate Director Div. of Consumer & Community Affairs Federal Reserve Board Katrina
More informationKeeping Fintech Fair: Thinking about Fair Lending and UDAP Risks
Keeping Fintech Fair: Thinking about Fair Lending and UDAP Risks Outlook Live Webinar July 16, 2018 Carol A. Evans Associate Director Div. of Consumer & Community Affairs Federal Reserve Board Katrina
More informationRisk Alert Navy FCU Consent Order
direct dial: 248.723.0521 Steve Van Beek Attorney and Counselor email: svb@h2law.com Risk Alert Navy FCU Consent Order Re: CFPB Consent Order for Collection Practices and Account Restrictions On October
More informationAudit Planning PRESENTED BY: MICHAEL L. FORTMAN, CPA SENIOR MANAGER BROK A. LAHRMAN, CPA SENIOR MANAGER
Audit Planning PRESENTED BY: MICHAEL L. FORTMAN, CPA SENIOR MANAGER BROK A. LAHRMAN, CPA SENIOR MANAGER INTRODUCTIONS Michael L. Fortman, CPA Senior Manager Indianapolis, Indiana Brok A. Lahrman, CPA Senior
More informationANNEX B Illustrative U.S. Bank Regulatory Driven Board or Board Committee Review and Approval Items
ANNEX B Illustrative U.S. Bank Regulatory Driven Board or Board Committee Review and Approval Items May 2016 ANNEX B Illustrative U.S. Bank Regulatory Driven Board or Board Committee Review and Approval
More informationPreventing and Addressing Elder Financial Exploitation: Tips and Tools from the Consumer Financial Protection Bureau
Preventing and Addressing Elder Financial Exploitation: Tips and Tools from the Consumer Financial Protection Bureau Naomi Karp, Senior Policy Analyst Beverly Yang, Policy Analyst Office for Older Americans
More information2018 WEBINAR SCHEDULE (REVISED 11/3/17)
Financial Education & Development PO Box 1780, Helena, MT 59624 Phone: 406 442 2585 Fax: 406 442 2357 webinars@cuwebtraining.com 2018 WEBINAR SCHEDULE (REVISED 11/3/17) 1/3/2018 Dealing with ACH Tax Refunds:
More informationREFORMS Overview of Reforms to Mortgage and Foreclosure Processing Standards in the Settlement
Office of WV Attorney General Darrell McGraw MORTGAGE FORECLOSURE SETTLEMENT REFORMS Overview of Reforms to Mortgage and Foreclosure Processing Standards in the Settlement As negotiated nationally I. RETURN
More informationTITLE VII WALL STREET REFORM AND CONSUMER PROTECTION ACT OF 2009 (FORMERLY H.R. 1728)
TITLE VII WALL STREET REFORM AND CONSUMER PROTECTION ACT OF 2009 (FORMERLY H.R. 1728) Section 102 Section 103 Section 104 Section 106 Section 107 Section 201 Section 202 Section 203 Title I: Residential
More informationc» BALANCE C:» Financially Empowering You The World of Credit Reports Podcast [Music plays] Nikki:
The World of Credit Reports Podcast [Music plays] Nikki: You re listening to world of credit. Hi, I m Nikki, your host for today s podcast. Credit reports and credit scores influence our lives in many
More informationSECTION SUMMARY EFFECTIVE DATE Section 101. Minimum Standards for Residential Mortgage Loans
SECTION SUMMARY EFFECTIVE DATE Section 101. Minimum Standards for Residential Mortgage Loans Section 103. Access to Affordable Mortgages. Section 104. Home Mortgage Disclosure Act Adjustment and Study
More informationDistance Learning 2018
Distance Learning 2018 Unmatched Financial Training for over 110 Years Independent Study Courses Credits Length Accounting II 3 4 months $595 Advertising 3 4 months $595 Agricultural Lending 3 4 months
More informationConsumer Financial Protection Bureau
Consumer Financial Protection Bureau Opportunity Finance Network September 28, 2017 Disclaimer This presentation is being made by a Consumer Financial Protection Bureau representative on behalf of the
More informationSecond Summary of Mortgage Related Provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (H.R. 4173) July 13, 2010
Second Summary of Mortgage Related Provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (H.R. 4173) July 13, 2010 As signed by the Conference of the House and Senate on June 29,
More informationFORECLOSURE. I don t think I can make my mortgage payments but I don t want to go through a foreclosure. What are some of my options?
FORECLOSURE When you borrow money to buy a house or land, the creditor usually takes a security interest in the property you buy This means that if you don t pay, the creditor can foreclose upon (or take
More informationFair Lending Hot Topics
Fair Lending Hot Topics Outlook Live Webinar October 17, 2012 Non-Discrimination Working Group of the Financial Fraud Enforcement Task Force Visit us at www.consumercomplianceoutlook.org informational
More informationApplicant Information. Street Address Apartment/Unit # City State ZIP Code. Date Available: Social Security No.: Desired Salary:$ If yes, when?
Flanagan State Bank Employment Application Applicant Information Last First M.I. Date: Street Address Apartment/Unit # City State ZIP Code Email Date Available: Social Security No.: Desired Salary:$ Position
More informationAdvertising Compliance
Advertising Compliance John Zasada Principal 218 790 1086 1 1 Credit Union Compliance Practice Review websites and social media for compliance before CU release Ongoing Regulatory Compliance Assistance
More informationFair lending report of the Consumer Financial Protection Bureau
Fair lending report of the Consumer Financial Protection Bureau April 2014 Message from Richard Cordray Director of the CFPB From the moment we first opened our doors, the Consumer Financial Protection
More informationBSA/AML Hot Topics and UIGEA Daniel Hastings Financial Institution Examiner - FDIC
BSA/AML Hot Topics and UIGEA Daniel Hastings Financial Institution Examiner - FDIC Common BSA Deficiencies Revised FFIEC BSA/AML Examination Manual Proposed CDD Requirements for Financial Institutions
More informationUNITED STATES OF AMERICA CONSUMER FINANCIAL PROTECTION BUREAU
2017-CFPB-0013 Document 1 Filed 04/26/2017 Page 1 of 47 UNITED STATES OF AMERICA CONSUMER FINANCIAL PROTECTION BUREAU ADMINISTRATIVE PROCEEDING File No. 2017-CFPB- 0013 In the Matter of: CONSENT ORDER
More informationNew Servicing Rules under RESPA Early Intervention, Continuous Contact and Loss Mitigation
New Servicing Rules under RESPA Early Intervention, Continuous Contact and Loss Mitigation FIS Regulatory Advisory Services Regulatory.Services@fisglobal.com New Servicing Rules Under RESPA Early Intervention,
More informationCompany Name Mortgage Servicing Policies and Procedures. Table of Contents
Table of Contents Table of Contents...i Mortgage Servicing Overview...1 Overall Business Objective & Strategies... 1 Computer Processing System Information... 2 Employee Reference Resources... 3 Servicing
More informationREAL ESTATE SETTLEMENT PROCEDURES ACT ( RESPA ) POLICY
I. INTRODUCTION A. Background and Overview REAL ESTATE SETTLEMENT PROCEDURES ACT ( RESPA ) POLICY The Real Estate Settlement Procedures Act of 1974 ( RESPA ), 12 U.S.C. 2601 et seq., is a consumer disclosure
More informationForeign Vendor Due Diligence: Ensuring Banks Perform Sufficient Due Diligence When Contracting with Foreign Vendors
ACI s Advanced Legal, Regulatory and Compliance Forum on Cross-Border & Global Payments and Technologies November 19-20, 2015 Foreign Vendor Due Diligence: Ensuring Banks Perform Sufficient Due Diligence
More informationOperational Impacts of the Economic Growth, Regulatory Relief, & Consumer Protection Act (S.2155)
Operational Impacts of the Economic Growth, Regulatory Relief, & Consumer Protection Act (S.2155) NAFCU s Regulatory Compliance Seminar Presented by Brandy Bruyere, VP of Regulatory Compliance, NAFCU 1
More informationCFPB Bulletin Date: February 11, Mortgage Servicing Transfers
CFPB Bulletin 2013-01 Date: February 11, 2013 Subject: Mortgage Servicing Transfers The Consumer Financial Protection Bureau (CFPB) is issuing this guidance to residential mortgage servicers and subservicers
More informationCFPB Consumer Laws and Regulations
Fair Debt Collection Practices Act 1 The Fair Debt Collection Practices Act ()(15 U.S.C. 1692 et seq.), which became effective March 20, 1978, was designed to eliminate abusive, deceptive, and unfair debt
More informationABA Frontline Compliance Course Descriptions
ABA Frontline Compliance Course Descriptions Active Aggressor for Employees (35 minutes) New May 2017 Provides indicators of potential active shooters to prevent incidents. Explores the run, hide, or fight
More informationCREDIT RISK MANAGEMENT GUIDANCE FOR HOME EQUITY LENDING
Office of the Comptroller of the Currency Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of Thrift Supervision National Credit Union Administration CREDIT
More informationCFPB and consumer protection hot topics. September 27, 2017
CFPB and consumer protection hot topics September 27, 2017 Today's speakers Tariq Mirza Principal and National Leader Compliance Risk Grant Thornton, LLP Tariq.Mirza@us.gt.com Thomas Vartanian Partner,
More informationINTERAGENCY BIOGRAPHICAL AND FINANCIAL REPORT
OMB No. for FDIC 3064-0006 OMB No. for FRB 7100-0134 OMB No. for OCC 1557-0014 OMB Nos. for OTS 1550-0005, -0015, -0047 Expiration Date: 04/30/2014 INTERAGENCY BIOGRAPHICAL AND FINANCIAL REPORT Public
More informationVolume 2 Your Credit Report and Your Rights
Volume 2 Your Credit Report and Your Rights Your Credit Report and Your Rights Take the first step in changing your financial future. Call InCharge Debt Solutions today at 1.877.544.7772 or visit www.incharge.org
More informationA Brief Overview of Actions Taken by the Consumer Financial Protection Bureau (CFPB) in Its First Year
A Brief Overview of Actions Taken by the Consumer Financial Protection Bureau (CFPB) in Its First Year Sean M. Hoskins Analyst in Financial Economics August 29, 2012 CRS Report for Congress Prepared for
More informationServicemember Financial Protection
Servicemember Financial Protection Outlook Live Webinar September 10, 2012 An Interagency Discussion of Recent Servicemember Financial Protection Guidance and Compliance with the Servicemembers Civil Relief
More informationTelemarketing Sales Rule Policy Manual Table of Contents [Sample Client] Table of Contents
Table of Contents Table of Contents TABLE OF CONTENTS... 1 CHAPTER 1 INTRODUCTION... 2 1.1 GOALS AND OBJECTIVES... 2 1.2 REQUIRED REVIEW... 2 1.3 APPLICABILITY... 2 CHAPTER 2 ACCOUNTABILITY AND MONITORING...
More informationFair Lending Risk Management
Presented by: Martin (Marty) Mitchell, CRCM Managing Director, ProBank Austin Robert J. (Bob) Mullenbach, CRCM Managing Director, Compliance Division Deputy, ProBank Austin Fair Lending Laws ECOA Prohibits
More informationHow to Ace Your BSA Exam & Risk Assessment
How to Ace Your BSA Exam & Risk Assessment LeVar Anderson, CAMS, AAP Auditor, Carolinas Credit Union League Agenda NCUA Examiners review compliance with BSA as part of every exam cycle using examination
More informationSetting Policies at the Board Level Agenda
Setting Policies at the Board Level Agenda What is a Policy? Guidance Policies vs. Procedures Writing Policies Resources Required Policies 1 What is a Policy? A definite course or method of action selected
More informationSmall Dollar and Open-End Lending Under the Uniform Consumer Credit Code (UCCC)
Small Dollar and Open-End Lending Under the Uniform Consumer Credit Code (UCCC) Special Committee on Financial Institutions and Insurance October 11, 2017 Role of the Consumer and Mortgage Lending Division
More informationSupervisory Highlights
June 2016 Supervisory Highlights Issue 12, Summer 2016 Table of contents Table of contents... 1 1. Introduction... 2 2. Supervisory observations... 4 2.1 Automobile origination... 4 2.2 Debt collection...
More information2017 Interagency Fair Lending Hot Topics
2017 Interagency Fair Lending Hot Topics Outlook Live Webinar November 16, 2017 Visit us at www.consumercomplianceoutlook.org Visit us at www.consumercomplianceoutlook.org 1 Welcome to Outlook Live Logistics
More informationReverse Mortgage. Examination Procedures
Examination Procedures Reverse Mortgage Servicing Exam Date: Exam ID No. These examination procedures apply to reverse mortgage Prepared By: servicing and are a stand-alone resource to complete a reverse
More informationFINANCIAL SERVICES ENFORCEMENT ACTIONS TRACKER - Q1 2017
FINANCIAL SERVICES ADVISORY AND COMPLIANCE FINANCIAL SERVICES ENFORCEMENT ACTIONS TRACKER - Q1 2017 HIGHLIGHTS FROM Q1 2017: total actions were levied against financial institutions by federal, state,
More informationFinancial Services Update September 23, 2015
Financial Services Update September 23, 2015 HIGHLIGHTS Federal Regulatory Developments Banks to Pay Nearly $64 Million for Alleged Deceptive Practices Related to Credit Card Add-On Products Department
More informationFinal Rules & Studies (by DFA Section) April 30, 2012
Final Rules & Studies (by DFA Section) April 30, 2012 Publication Date Effective Date Action Type Description Topics DFA Reference 7/26/2011 N/A FSOC Report FSOC 2011 Annual Report. 4/11/2012 5/11/2012
More informationCONSUMER FINANCIAL SERVICES: SUPERVISION, ENFORCEMENT & LITIGATION
CONSUMER FINANCIAL SERVICES: SUPERVISION, ENFORCEMENT & LITIGATION Davis Wright Tremaine LLP (DWT) is a firm of approximately 550 lawyers in nine offices in the U.S. and China. DWT s consumer financial
More informationFOR IMMEDIATE RELEASE: September 9, 2015
FOR IMMEDIATE RELEASE: September 9, 2015 CONSUMER FINANCIAL PROTECTION BUREAU TAKES ACTION AGAINST THE TWO LARGEST DEBT BUYERS FOR USING DECEPTIVE TACTICS TO COLLECT BAD DEBTS Encore and Portfolio Recovery
More informationS DODD-FRANK ACT REVISIONS REGULATORY RELIEF
July 27, 2018 Vol. XXXV, No. 16 S. 2155 DODD-FRANK ACT REVISIONS REGULATORY RELIEF I. INTRODUCTION President Trump recently signed Senate Bill 2155, the Economic Growth, Regulatory Relief and Consumer
More informationPreparing for Your BSA Compliance Exams. Ted Dreyer, Senior Attorney Wolters Kluwer
Preparing for Your BSA Compliance Exams Ted Dreyer, Senior Attorney Wolters Kluwer Scoping And Planning of Exam BSA/AML Examination Manual Overview Examination procedures First thing on list Previous Criticism
More information