the AffirmX blog
Amendments to Regulation Z Effective Date Voluntary compliance with the rule was effective on May 3, 2013 when it was published in the Federal Register. Compliance is mandatory by November 4, 2013. Background The Consumer Financial Protection Bureau (CFPB) has issued a final rule that amends Regulation Z and its Official Staff Interpretation in order [...]
Many of the compliance solutions providers that are on the market today offer a series of self-help tools to compliance officers and internal auditors. These self-help tools may include checklists, sample policies, and excel spreadsheet products to help you track and manage your internal compliance review process. This is all good stuff, but it doesn’t [...]
We were recently asked this question about the Dodd-Frank Act by one of our credit union clients and thought the information would be helpful to others who may have similar questions. The Dodd-Frank Act made specific changes to the sections of the Equal Credit Opportunity Act (ECOA) and Regulation B that pertain to the [...]
Neither AffirmX nor its independent solutions sister company, AdvisX have direct relationships with Policy Pro or CU Policy Works. Those solutions as we understand them, among others that are similar are templated policies that are provided in Word format to credit unions to adapt and adjust for their own needs. While this can be [...]
Rather than deal with the obvious, “How do I ensure a satisfactory rating on my next compliance examination?,” let’s deal with the most common type of compliance questions financial institutions ask. After all, you’d be hard pressed to say what is the most common type of Ice Cream (Vanilla, but you get the idea). As [...]
In December 2012, Congress passed and the President signed a bill that amended the Electronic Fund Transfers Act (EFTA) to address the issue of ATM signage. In response, the CFPB has now, at last, issued a final rule that amends Regulation E to eliminate the requirement that an ATM operator post a fee notice on [...]
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 [...]