The Not-So-Secret Formula For Handling MSB Customers

A good superhero movie isn’t complete without the supervillain. In several superhero films, problems arise when the villain discovers, or stumbles upon, some sort of secret formula that gives superhuman strength, causes a transformation into an aggressively evil creature, or creates some sort of weaponized chemical. Sometimes, like in The Amazing Spider-Man, the villain starts off with good intentions, but his formula for a chemical that will regrow his missing limb goes very wrong. This sounds a lot like regulatory compliance—financial institutions have all the rules laid out in front of Continue reading →

The Four Flavors of Compliance Questions

Asking which is the most common compliance question is like asking which is the most popular ice cream flavor—kind of expected (it’s vanilla according to the International Dairy Foods Association). But rather than deal with the obvious, vanilla question of “How do I ensure a satisfactory rating on my next compliance examination?”, we’ve categorized questions we have received into four standard types of compliance questions that are a little more of an acquired taste.

  • The Regulation 2.0 Questions
  • The Numbers Questions
  • The “Catch-22” Questions
  • The Continue reading →
  • Risk Watch’s 6-Part Take on SARs

    With nearly 130 episodes spanning 3 years, Risk Watch has covered a lot of topics. One of the topics we’ve revisited several times is suspicious activity reporting, or SARs. We’ve brought these six SAR episodes out of the Risk Watch Central vault (available through My Risk Inbox) to help you brush up on your SAR basics at no charge for the month of June. Watch them here.

    Risk Watch 128: What Happens to Your SARs?

    Your institution likely filed at least a handful of the nearly one million Continue reading →

    The CFPB and Regulation B: Proposed ECOA Amendments

    The CFPB recently released a proposal to amend Regulation B, which implements the Equal Credit Opportunity Act. With the proposed amendments, the CFPB is seeking to give mortgage lenders more flexibility when it comes to collecting consumers’ demographic information. Currently, under Reg. B, lenders are not permitted to ask consumers about their race, religion, national origin, etc.

    These restrictions are in place to help ensure that loan applicants are protected from being discriminated against by lenders. However, there are some exceptions to these restrictions. As Continue reading →

    Your CRA Examination Toolbox

    Trying to build a house with just a hammer and a few nails isn’t going to work out nearly as well as having access to the whole arsenal of homebuilding tools and machinery. In a similar fashion, preparing for a CRA examination will work out much better if you utilize more of the tools that are available.

    While the decline in enforcement activities for Community Reinvestment Act deficiencies may mean that it is no longer one of your top worries, you likely still devote a Continue reading →

    How to Become a Compliance Exam Sharpshooter

    The film industry (and its patrons) likes its sharpshooting archers. Since Disney’s 1973 adaptation of the Robin Hood legend, there have been dozens of films depicting the hero of Sherwood forest. Besides Robin Hood, we’ve had John Rambo, Legolas, Hawkeye, and Katniss Everdeen. All these archers are able to hit their target every time. If you’ve ever been out to shoot a bow and arrow, you know that it’s a tad more difficult to hit the target than the movies make it look. However, part of Continue reading →

    SAR Stats 2016: A Win For Your BSA Team

    If you’re into fantasy sports, you pay a lot of attention to statistics. You pick players for your fantasy team based off of their past statistics, and you hope those players continue to put up good numbers so that your team does well. Now, there are no fantasy SAR leagues, but there are BSA programs, and your BSA team will do a lot better if you’re aware of past SAR stats. In this area, FinCEN has got you covered. It recently published its annual recap Continue reading →

    The NCUA Exam Prepper’s Guide

    If the many zombie/post-apocalyptic films are any indication, our future holds some pretty drastic changes. If you knew that at some point this year 90 percent of the population will become zombies, or that the climate will change into a nuclear desert wasteland of broken humanity reduced to fighting for the necessities of life, you would likely build up a stock of supplies and maybe even bury a survival pod deep underground in your backyard. You’d have a much better chance of survival if you knew what was coming and Continue reading →

    Keeping Up With Ever-Changing HMDA

    Someone once said, “just when I figured out the meaning of life, they changed it.” At one point or another, you may have similarly felt that just when you thought you had the Home Mortgage Disclosure Act (HMDA) figured out, they changed it on you. Since its inception in 1975, HMDA has constantly evolved in its effort to meet its mission to provide loan data to the public to assist in three ways:

  • To assist in determining whether financial institutions are serving the housing needs of Continue reading →
  • Consumer Complaints Part II: Prioritizing Complaints

    Our last post looked at the kinds of complaints and the businesses represented in the CFPB’s consumer complaint database. Your institution likely receives a similar array of complaints. So how do you prioritize which of those complaints deserve the most attention, and how can you use that information to identify areas of your institution that need attention?

    When it comes to the issue of what complaints carry greater weight, it’s worthwhile to consider the nature of laws and their impact. Most financial laws carry with them penalties Continue reading →