AffirmX has developed a comprehensive compliance tool that helps you simplify compliance, save money and reduce pressure on your resources. While that may sound like a sales pitch, the fact is that it is true. We've leveraged technology to make our experts available to you via the cloud, rather than having them come to your [...]
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 [...]
Those Leagues that have sufficient compliance staff to offer compliance audit services still use the “boots on the ground” approach. This approach involves one or more League staff members visiting your credit union on a periodic basis, usually once each year or every two years to conduct the audit or review. Depending on your proximity [...]
As of this writing, there are two credit union leagues that are partnering with AffirmX on our compliance solution. The two leagues, which represent close to 200 credit unions, are Maryland & District of Columbia Credit Union Association (MDDCCUA) and Mountain West Credit Union Association (MWCUA). If your credit union belongs to either of these [...]
With shifting requirements coming from constant updates, community-based financial institutions typically find it hard to stay up to date. This, when combined with dwindling profits due in part to lower interest rates and other economic factors, puts stress on an organization’s ability to pay high-priced consultants to assist in staying ahead of the curve. There [...]
AffirmX’s current services focus on compliance aspects or those compliance regulations generally covered by the CFPB. These could include the following lending related regulations: Regulation B: Equal Credit Opportunity Regulation C: Home Mortgage Disclosure Regulation F: Fair Debt Collection Practices Act Regulation G: S.A.F.E. Mortgage Licensing Act – Federal Registration of Residential Mortgage Loan Originators [...]
There are several compliance support tools on the market for community banks and credit unions to use. Some such tools are ComplyTrack, Continuity Control, and Compliance 360. These tools can be useful for organizing a financial institution around scheduled and regimented reviews of their bank’s or credit union’s compliance policies and the compliance readiness of [...]
AffirmX monitors the Federal Register on a daily basis for proposed and final regulatory changes that affect financial institutions. We interpret the changes and send alerts to those staff members within the financial institution that are affected by the change. […]
The AffirmX solution is designed to provide bench strength to your compliance officer or compliance department. You still need someone to ensure that the requirements of new and existing regulations are implemented in a timely manner and to satisfy requirements under BSA, OFAC etc. for a designated compliance officer. You still need to ensure that [...]
This can happen as all audits are based on a review of a sampling of artifacts (documents, loan files, disclosures , reports, etc.) at a particular point in time. An examiner may look at artifacts not reviewed during our AffirmX compliance review or may have a different interpretation of a particular regulatory requirement. We will [...]