Archive

COMPLIANCE RISK – READING BUT NOT ACTING

In late 2017 the FDIC’s Dallas Region Quarterly Newsletter contained an article entitled Automated Overdraft Program and One-Time Debit and ATM Opt-In Procedure Considerations. The article described a situation observed in several examinations regarding overdraft programs and the interplay with Regulation E opt-in requirements. The well-written article concluded with the following admonition, “If you self-identify violations or potential issues described in this article, management should immediately modify procedures to prevent consumer harm, identify any customers […]

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BUREAU RELEASES COMPLAINT SNAPSHOT

On October 23, the Bureau of Consumer Financial Protection (the Bureau) released its Complaint Snapshot: 50 State Report. According to the Bureau, the report “…provides a high-level overview of trends in consumer complaints and supplements the Consumer Response Annual Report with more recent information on complaints about consumer financial products and services by state.” From July 2011, when the Bureau began receiving complaints, through June 30, 2018, the Bureau had received approximately 1,578,700 complaints. The […]

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CFPB RELEASES FALL 2018 RULEMAKING AGENDA

On Wednesday, October 17, the Consumer Financial Protection Bureau (CFPB, or the Bureau) released its second of two rulemaking agendas for 2018. The Fall 2018 installment of the semi-annual agenda includes items in the prerule, proposed rule, and final rule stages. In addition, the CFPB released a list of long term actions anticipated beyond the next 12 months. Three items are listed in the pre-rule stage. Those include rulemakings to exempt certain creditors with assets […]

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COMPLIANCE ACADEMY

Last week bankers from seven states gathered in Lexington, KY for Compliance Resource’s Annual Compliance Academy. The program covered a full range of lending and deposit compliance and BSA/AML topics. The final revisions to Regulation B were covered in the school on the date they were published by the CFPB; that’s up-to-date content. In addition to the material presented by the faculty the participants learned from each other in case studies. They discovered that most […]

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DEALING WITH THE FIDUCIARY RULE

By Sonja Kriegsmann, JD, Guest Author The Department of Labor (DOL) has issued its long awaited Fiduciary Rule. The Rule expands who is considered a fiduciary when giving retirement investment advice under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code. Although a final rule was issued, the DOL has subsequently published several issuances that impact both when the Rule becomes effective and the content of the Rule itself. Here’s a timeline […]

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