10 Essential Twitter Accounts for Compliance and Risk Issues for Financial Institutions (Part 1)

Let's face it, when it comes to Twitter and financial institutions, it seems like a tool whose usefulness is limited to reminding consumers about holiday closing times and food drives. But more and more, Twitter is becoming a helpful resource beyond reaching out to consumers. It is emerging as a useful tool for those with [...]

By |2013-08-30T16:11:30-04:00August 30th, 2013|Compliance Tips|Comments Off on 10 Essential Twitter Accounts for Compliance and Risk Issues for Financial Institutions (Part 1)

Loan Originator Compensation Rule

TRUTH IN LENDING, REGULATION Z  Effective Date: January 10, 2014 Summary The Loan Originator Compensation Rule and the corresponding amendments to Regulation Z implement changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). This new rule addresses how loan originators of mortgage loans are compensated, the qualifications of and registration [...]

By |2013-08-23T15:54:25-04:00August 23rd, 2013|Compliance Tips|Comments Off on Loan Originator Compensation Rule

When Should I Tell Our Board About a Potential Compliance Concern?

In the course of conducting business, you discover a potential compliance concern. As you dig a little deeper, you realize that it more extensive than you had first hoped. Now the question facing you is when should you tell the board? The quick answer to that question is you should definitely tell them before your [...]

By |2013-08-22T16:49:06-04:00August 22nd, 2013|Compliance Tips|Comments Off on When Should I Tell Our Board About a Potential Compliance Concern?

How Can I Help My Board Appreciate Our Compliance Risks?

One question I frequently encounter when I meet compliance officers throughout the country is how can I help my Board understand or at least appreciate our compliance risks or our current compliance situation. Nice doggy. Perhaps, a brief movie reference would be beneficial here (as a long-time movie aficionado, I find a brief [...]

By |2013-08-22T16:31:22-04:00August 22nd, 2013|Compliance Tips|Comments Off on How Can I Help My Board Appreciate Our Compliance Risks?

NCUA Rule on Loan Participations

NCUA has issued a final rule, which took effect 7/25/2013, that revises the existing loan participation rule and makes some corresponding and clarifying changes to the eligible obligation rule and the rule regarding purchases and assumptions. The bulk of the changes apply to the loan participation rule and extend the coverage of this rule to [...]

By |2013-08-13T18:47:35-04:00August 13th, 2013|Compliance Tips|Comments Off on NCUA Rule on Loan Participations

Practicing Safe SAFE Acting for the Small Institution: "Equivalent" Employees?

Understanding the Small Institution exemption in the SAFE Act Here is a story problem for you. You are a tiny institution with 10 full-time employees and two part-time employees. You have several Mortgage Loan Originators on staff. This makes it difficult to have an administrator who is NOT an MLO, as the regulation requires. However, [...]

By |2013-08-06T16:54:06-04:00August 6th, 2013|Compliance Tips|Comments Off on Practicing Safe SAFE Acting for the Small Institution: "Equivalent" Employees?

What compliance tools should I consider for 2014?

2014 is going to be an extremely challenging year for your compliance staff.  First, you have the numerous and extraordinarily complex new mortgage regulations that go into effect in January, 2014 that may affect multiple departments within your organization.  These will be followed later in the year by the new combined TILA/RESPA disclosures.  Second, the [...]

By |2013-08-06T14:00:05-04:00August 6th, 2013|Compliance Tips, FAQs|Comments Off on What compliance tools should I consider for 2014?

What are the most common website compliance mistakes?

Probably the most common website compliance mistake is forgetting or not knowing that the information you place on your website about your products and services are considered advertisements for regulatory compliance purposes.  This means on every page where you talk about share products you need to be aware of whether you have stated a term [...]

By |2013-08-06T13:57:44-04:00August 6th, 2013|Compliance Tips|Comments Off on What are the most common website compliance mistakes?

How do you qualify a business with stock holders for credit union membership eligibility?

If you are a community-chartered credit union, then you will need to check your bylaws to ensure that they include businesses located within your geographic community. NCUA has opined that federally-chartered credit unions that are not a community-chartered credit unions will need to ensure that all owners of the company, which includes stock holders, are [...]

By |2013-07-26T15:42:12-04:00July 26th, 2013|Compliance Tips|Comments Off on How do you qualify a business with stock holders for credit union membership eligibility?

Record Retention Schedule for Banks

by Coppelia Padgett, Senior Analyst, AffirmX 7/25/2013 It can be a daunting challenge just keeping up with how long to keep various records, many of which have multiple regulations that impact how long them must be kept. To assist those charged with managing records at their financial institution, we have compiled a Record Retention Schedule [...]

By |2013-07-26T02:00:27-04:00July 26th, 2013|Compliance Tips|Comments Off on Record Retention Schedule for Banks