the AffirmX blog
Originally published on CUInsight.com. I’ll admit it: I’m a sucker for a good sports movie. One of my favorites is Miracle, the 2004 movie starring Kurt Russell, who plays Herb Brooks, coach of the 1980 U.S. Olympic hockey squad, which (and I’ll try to avoid any spoilers here, but the movie’s title might have given [...]
They say there's an exception to every rule, and in the case of the Secure and Fair Enforcement for Mortgage Licensing Act, or SAFE Act, there are actually two major exceptions to keep in mind. When used properly, these exceptions can be a small institution’s best friend. On the other hand, improper compliance with SAFE [...]
In the CFPB’s recent release of its Compliance Bulletin and Policy Guidance: Mortgage Servicing Transfer, the agency has targeted the transfer of residential mortgage servicing because it often has an adverse impact on consumers. In fact, servicers that are engaged in significant servicing transfers will, in cases deemed appropriate by the CFPB, be required to [...]
Originally published on CUInsight.com. In the backlash against the misdeeds of large financial institutions that were deemed responsible for much of the economic downturn of the past half decade, the entire financial industry has been saddled with escalating regulatory burdens. And the regulatory onslaught is not over yet. While the rise in regulations is perhaps [...]
If a lender makes a loan to a borrower, but ends up having to discharge the debt due to the borrower's bankruptcy or other qualifying trigger, then as far as the IRS is concerned, the discharged amount wasn't free money to the borrower – it's considered taxable income. How and when that discharged amount gets [...]
Like any trend, it sometimes seems like the focus on certain regulations comes and goes. In a world that increasingly relies on electronic devices, the Electronic Signatures in Global and National Commerce Act (which was implemented in 2000) seems to suddenly be in vogue. We’ve reviewed many institutions for E-SIGN compliance and have put together [...]
Wrath. Greed. Sloth. Pride. Lust. Envy. Gluttony. They’re often referred to as “capital vices” due to their tendency to lead to other sins. While financial institutions deal more with money than with morals, there are several mistakes with currency transaction reports that can reflect unfavorably on your entire BSA program. Though CTRs may sound easy [...]
When it comes to fair lending, many institutions leave the picture of their performance incomplete—they know their own numbers, but they fail to give these numbers context based on a comparison to such factors as population, income, age, gender, etc. It’s similar to those word puzzles we’ve all seen: Fi@r L3nidng A@nyls1s Although these words [...]
When it comes to advertising, the Consumer Financial Protection Bureau has its eye on financial institutions. And with the coming holiday season and the spike in advertising that frequently accompanies it, expect the CFPB to be on the lookout for all kinds of false claims, but for one kind in particular. Recently, the CFPB has [...]
Hard to imagine now, but a mere handful of years ago, the abbreviation "CFPB" was perhaps best known for standing for the Center for People and Buildings, a non-profit group operating out of the Netherlands. How times have changed. Today, you can't throw a stick anywhere in the compliance news landscape without hitting at least [...]
