How to Use This Service

Transcription

1 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 it and this manual is updated semi-annually to keep you up to speed on changes in compliance. Table of Contents The table of contents is organized by functional departments (Deposits, Loans, Customer-Related Operations, and Internal Operations). These sections contain materials on laws and regulations within the functional area, and topics that provide you with a more thorough understanding of the applicable issues. Index The index allows you to easily locate the topic in which you are interested. Frequently, you will know there is a regulation dealing with a particular topic, but you may not know which regulation. We have indexed the Banker s Guide to Compliance using the terms that bankers actually use when talking about the regulations, so that you can find the information quickly. Each term is followed by the page number(s) on which the term occurs. If you look up a term, you will always find a page number on which you can find the information. This document is protected under the trade secret and copyright laws as the property of FIS. Copying or other reproduction, or any other disclosure to third parties, is strictly prohibited. Original Publication 1991 Recent Revisions 12/14 6/15 9/15 12/15 3/16 8/16 This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is provided with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional services. If legal advice or other expert assistance is required, the services of a competent professional should be sought. 8/22/16

2 Table of Contents 1 Introduction...1 Compliance Is Tough How to Establish and Maintain the Compliance Function CITATION TABLE FOR CFPB REGULATIONS REGULATORY THRESHOLDS CHART Deposits...2 Federal Deposit Insurance Advertising Deposits Insurance Rules Unfair, Deceptive or Abusive Acts or Practices ( UDAAP ) Truth in Savings FTC Communication Laws The CAN-SPAM Act The National Do Not Call Registry The No Fax Rules Lotteries Non-Deposit Investment Products Privacy of Consumer Information Privacy of Consumer Information FCRA - Sharing With Affiliates Right to Financial Privacy Act Reimbursement for Providing Financial Records Fair Credit Reporting Act Truth In Savings Act Electronic Fund Transfers Act Overdraft Protection Products Expedited Funds Availability Act Stored Value Cards & Prepaid Access Remittance Transfers Collection and Return of Checks CHECK Unlawful Internet Gambling Enforcement Act Individual Retirement Accounts and Other Tax Sheltered Deposit Plans Remote Deposit Capture Safe-Deposit Box Savings, Money Market, and Time Deposits NOW Account Eligibility Foreign Account Tax Compliance Act Loans...3 Advertising Loans I 8/22/16

3 Fair Lending Considerations Equal Credit Opportunity Act Fair Housing Act Misleading or Deceptive Advertisements Disclosures Other Advertising Considerations Privacy of Consumer Information Fair Lending Regulation B - Equal Credit Opportunity Act Fair Housing Act Fair Credit Reporting Act Rules on Medical Information Adverse Actions and Notices Related to Consumer Credit Rating Adverse Actions Fair Credit Reporting Act Equal Credit Opportunity Act Notice to Home Loan Applicants FCRA - Risk-Based Pricing Home Mortgage Disclosure Act Gathering Government Monitoring Information under ECOA Registration, Compensation and Kickbacks for Mortgage Loans SAFE Act Loan Originator Compensation RESPA - Prohibition Against Kickbacks and Unearned Fees Mortgage Types Regulation Z Covered Mortgages RESPA Covered Mortgages Qualified Residential Mortgages Higher Priced Mortgage Loans High Cost Mortgage Loans Refinancing Mortgages Home Equity Lines of Credit Mortgage Disclosures Introduction Closed-End Dwelling Secured Loans Open-End Dwelling Secured Loans Mortgage Servicing Servicing Policies and Procedures Servicing Closed-End Dwelling Secured Loans Servicing Home Equity Lines of Credit Servicing Reverse Mortgages Truth In Lending Act Other Loans Background Closed-End Non-Dwelling Secured Loans Other Closed-End Non-Dwelling Secured Loans II 8/22/16

4 Other Closed-End Unsecured Loans Open-End Credit Open-End Credit Credit Cards EMV Chip Technology Truth in Leasing Act Real Estate Settlement Procedures Act The Homeowners Protection Act HUD Notice Requirements Lending to Service Members The John Warner National Defense Authorization Act of Flood Insurance Fair Debt Collection Practices Act Real Estate Lending Standards Appraisals and Valuations Regulation Z - Appraisals and Valuation Independence Appraisal Requirements for Higher-Priced Mortgage Loans Regulation B - Appraisal Requirements Appraisals and Interagency Appraisal Standards CERCLA Customer-Related Operations...4 Fair Credit Reporting Act Consumer Report Issues Permissible Purpose for Consumer Reports Notice of Negative Information Disputed Information Accuracy and Integrity of Information Furnished to CRAs Red Flag Guidelines Duties of Users of Consumer Reports Fraud and Active Duty Alerts Penalties Disposal of Records Bank Secrecy Act Introduction BSA/AML Risk Assessment BSA/AML Compliance Program Customer Identification Program Due Diligence Currency Transaction Reporting Suspicious Activity Reporting Other Recordkeeping Requirements Recordkeeping for Funds Transfers and Transmittals USA PATRIOT Act Section 314(a) Mandatory Information Sharing with the Government USA PATRIOT ACT 314(b) -Voluntary Information Sharing Office of Foreign Assets Control III 8/22/16

5 Unfair or Deceptive Acts or Practices Social Media The E-SIGN Act and Internet Banking Internal Operations...5 FIRREA Enforcement and Civil Penalty Provisions Insider Loans Transactions Between Banks and Their Affiliates Insider Related Regulations Community Reinvestment Act Alternative Mortgage Transaction Parity Act Lending on Securities Securities Inquiries Exceptions for Banks from the Definition of Broker Bank Protection Act Bank Bribery Act Branch Closings Interbank Liabilities Index... IN.1 IV 8/22/16