The CFPB has revised section 1026.52(a) of Regulation Z that addresses the limitation on fees that can be assessed on new credit card accounts. Previously, the CFPB had interpreted section 1026.52(a) to mean that fees assessed either prior to or during the first year after the credit card account is opened to be limited to [...]
The final rule took effect on March 8, 2013. How prepared is your financial institution? Get up to speed quickly with this overview of what’s new by AffirmX’s Jane Pannier. The Family Medical Leave Act was amended by the National Defense Authorization Act for Fiscal Year 2010. This final rule issued recently by the Department [...]
The final rule took effect on March 18, 2013. How prepared is your financial institution? Get up to speed quickly with this overview of what's new by AffirmX's Jane Pannier. The Fair Housing Act, which is enforced by HUD, prohibits discrimination in the sale, rental or financing of dwellings and in other housing-related activities on [...]
Question: How do I make Enterprise Risk Management fly at my institution? Answer: The other day I was visiting the always amazing Smithsonian’s Air and Space Museum with my son. I entered the Wilbur and Orville Wright section, where a presentation was being made. The subject of the flying challenge emerged and what the Wright [...]
The Consumer Finance Protection Bureau has created a separate web page on which it provides compliance guides, videos, and quick reference charts to assist financial institutions with the myriad of mortgage regulatory changes. Here is a link to the new web page: http://www.consumerfinance.gov/regulatory-implementation/ AffirmX customers receive Bench Reports that provide plain English interpretations of the [...]
Question: What is the expectation for compliance for credit unions? Answer: The answer to this question requires some basic understanding about the FFIEC (the Federal Financial Institution Examination Council). The FFIEC home page has this to say about itself: "The Federal Financial Institutions Examination Council (FFIEC) was established on March 10, 1979 and is a formal [...]
Back in my first IT job, a top-notch network security guy was asked about keeping computers secure (we were working for a Navy contractor and this was at the dawn of the modern browser based internet in 1996). He was an expert in everything from Slackware to Frank Zappa to Algorithm Design to Submarine Embedded [...]
What are the top three internet resources for analyzing Fair Lending? We could divide this question into a few categories, such as paid internet resources vs. free access resources. However, there is certainly some crossover either way, because the smart, solution-minded individual would either directly pursue these avenues or ensure that the solution being used [...]
I travel to financial institutions throughout the country all year long. I am sometimes asked if I see certain compliance problems over and over. One possible approach to answering this question is to say that BSA, UDAAP and ECOA/Fair Lending issues are what I see happen most frequently. But, the deeper way of answering this [...]
Most credit union leagues offer some form of compliance services to their member credit unions. However, depending on the league, the extent of those services could vary widely. The services could simply consist of a newsletter that includes a compliance update, alerts when regulations change, and/or educational seminars or webinars on compliance issues. All leagues [...]