Blog – Page 27

Where Can I Go to Get Compliance Assistance With All of the New Mortgage Regulations?

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 [...]

By Jane Pannier|2013-06-19T22:33:15-04:00June 19th, 2013|Compliance Tips, FAQs|Comments Off

Does AffirmX Offer Compliance Services Through My Credit Union League?

AffirmX currently has strategic partnerships with the Mountain West Credit Union Association, covering the states of Colorado, Wyoming and Arizona, and the Maryland DC Credit Union Association. These two associations act as resellers of the AffirmX products in their respective states. Credit unions in these states can contact their league for information about the AffirmX [...]

By Jane Pannier|2013-06-19T22:31:32-04:00June 19th, 2013|FAQs|Comments Off

Compliance for Credit Unions

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 [...]

By Ken Agle|2013-06-19T22:15:03-04:00June 19th, 2013|Compliance Tips|Comments Off

Can member and customer data be compromised on the cloud?

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 [...]

By EricHelfrich|2013-06-14T00:13:57-04:00June 14th, 2013|Compliance Tips|Comments Off

Do Credit Union Leagues Offer AffirmX Compliance Tools?

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 [...]

By DennisAgle|2013-06-12T23:21:46-04:00June 12th, 2013|FAQs|Comments Off

Three fair lending internet resources that every Fair Lending officer should know

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 [...]

By Ken Agle|2013-06-12T22:39:58-04:00June 12th, 2013|Compliance Tips|Comments Off

What are the most common compliance violations you see in your travels?

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 [...]

By Ken Agle|2013-06-12T22:23:43-04:00June 12th, 2013|Compliance Tips|Comments Off

What compliance tools are available through my credit union league?

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 [...]

By Jane Pannier|2013-06-11T16:48:07-04:00June 11th, 2013|Compliance Tips, FAQs|Comments Off

How are AffirmX's services different from those delivered by the League?

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 [...]

By Jane Pannier|2013-06-11T16:43:41-04:00June 11th, 2013|FAQs|Comments Off

Which credit union leagues partner with AffirmX on compliance?

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 [...]

By DennisAgle|2013-06-10T23:22:53-04:00June 10th, 2013|FAQs|Comments Off