Blog

The frontline staff at financial institutions are often referred to as “the face” of the organization. They interact most with clients and are largely responsible for fostering positive relationships with your customers.  But as a compliance professional, you’re well aware of the impact frontline staff can have on your institution’s ability to pass regulatory muster. Your institution/compliance department has likely already begun taking steps to prepare for the new Small Business Data Collection requirements of

On June 6, 2023, final interagency guidance was issued on managing risks associated with third-party relationships. The guidance provides sound principles that supports a risk-based approach to third-party risk management. It is important that financial institutions include these practices when developing and implementing risk management practices for all stages in the life cycle of third-party relationships. Key Components: Promotes consistency in the agencies’ supervisory approach to third-party risk management. The guidance replaces the Agencies’ existing,

On May 15, 2023, the CFPB released a Small Entity Compliance Guide. The guide was made available on the CFPB’s  Small Business Information  resource page with the purpose of providing a detailed summary of the final rule’s requirements. The CFPB states that the content of the guide does not include any rules, bulletins, guidance, or other interpretations issued or released after the date on the guide’s cover page. Additionally, the CFPB expressly states that users

Compliance officers from around the country have overwhelmed us with questions about the final Small Business Data Collection and Reporting requirements from Section 1071 of Dodd-Frank. Since March 30th we’ve been fielding these questions, researching answers, and providing them to our training clients and Compliance Masters Group subscribers. We thought our blog subscribers might also find this helpful and would like to share with you a free, on-demand Q & A session answering 10 of

Last week, the Texas Bankers Association filed a suit to block the CFPB’s implementation of Section 1071’s final rule. The lawsuit was joined by TBA member, Rio Bank out of McAllen Texas. As you know, Section 1071 of the Dodd-Frank Act requires the collection and submission of data relating to credit applications by women-owned, minority-owned, and small businesses. TBA President and CEO Chris Furlow said, “CFPB has taken 3 pages of legislation requiring 13 data