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The CFPB Extends the 1071 Compliance Dates

Posted by Kimberly Boatwright, CAMS, CRCM on  June 19, 2025
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On Tuesday, the CFPB posted an “unpublished” interim final rule related to Section 1071, and it appears to be “published” in June 18th’s Federal Register. This interim final rule will extend Section 1071 mandatory compliance dates for each of the three compliance tiers by just under one year. The publication goes on to state that Covered financial institutions are permitted to continue using their small business originations from 2022 and 2023 to determine their compliance

Checks Payable & Deposit Operations: Q & A

Posted by Audrey Sullivan on  June 9, 2025
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Category: Deposit Compliance
As even the most seasoned compliance professionals can attest, deposit operations can be tricky. We recently received a specific question about checks payable that may be relevant to more members of our community, so we’re publishing the question and the answer here. Can checks payable to a business (LLC, Corp.) be cashed or deposited into a personal account? What are the risks if a bank allows such activity, even if you know the individuals have

Get on Board with Payment Platforms – ACH, RTP and Beyond!

Posted by Compliance Resource Team on  May 2, 2025
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Category: ACH Network
The payments transformation express train took off on March 25, 2025, when the White House issued an Executive Order mandating a significant shift in how the federal government handles its financial transactions. Essentially, it requires government agencies to stop using paper checks by September 30, 2025 (with certain limited exceptions.)  Make sure you have a digital ticket as paper is no longer going to be issued. If you have been on the sidelines in the

Compliance News Round Up: April 25, 2025

Posted by Compliance Resource Team on  April 25, 2025
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Category: Compliance News
This week’s Compliance News Round Up features updates from the Fed, SBA, FTC, FDIC, NCUA and more! Read on for pertinent information impacting our industry…   FDIC Modifies Resolution Planning Approach for Large Banks April 21, 2025 Last week, the FDIC reported it had taken action to modify its approach to insured depository institution (IDI) resolution planning. The purpose of this action is to focus the IDI resolution planning process on the operational information most

What To Do Without a 2025 HMDA Getting It Right Guide

Posted by Compliance Resource Team on  April 16, 2025
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Category: HMDA
Have you been looking for the 2025 HMDA Getting It Right! Guide on the FFIEC website? We couldn’t find it either. Here are some tips for working with your 2025 HMDA data from the resources that are still available. By way of background, for many years the Federal Financial Institutions Examination Council (FFIEC) has annually issued A Guide to HMDA Reporting: Getting it Right! for the Home Mortgage Disclosure Act (HMDA). It summarizes key provisions of HMDA and
Why we blog . . .

The ever-changing laws, regulations, proposals, deadlines, and guidance are a lot for anyone to manage and keep up with so let us do the work for you. Our blog is designed to help compliance professionals by releasing updates as soon as the news breaks. Our Compliance Resource team is researching, following, and monitoring government agencies and regulators to give you all the latest and greatest compliance news. Our goal is to work harder so you don’t have to.