On October 16th the Consumer Financial Protection Bureau (CFPB) published a small business compliance guide for the international electronic money transfers rule (also known as the remittance rule), which take effect on February 7, 2013. The guide is not a substitute for the rule, but it highlights issues that banks, in particular small banks and those that work with them, should consider while implementing the new requirements. Among other issues the guide addresses the exemption
We have seen a recent string of enforcement actions from the Consumer Financial Protection Bureau involving deceptive marketing practices. There are lessons for all banks to learn from these actions. What the Actions Had in Common The action was taken by the CFPB in coordination with another federal regulator (FDIC in one and OCC in the other). The action involved huge financial institutions. The action resulted in huge penalties. The actions involved deceptive acts in
The Federal Deposit Insurance Corporation (FDIC) recently announced (FIL-41-2012) a revision to the classification system for citing violations identified during compliance examinations. The revisions better communicate the severity of violations and help distinguish more serious violations from those more technical in nature. Violations are assigned to one of three classifications based primarily on the impact on the consumer. The three levels are: Level 3/High Severity – includes violations that may result in restitution to consumers
Are you looking for help to keep up with all the regulatory changes? Compliance Resource, LLC is offering a free preview session of their Compliance Masters Group (CMG) this Friday, September 28th from 11-12pm EDT. During the one hour preview session you will be shown what a typical CMG session is all about. CMG members receive policies, procedures, director/ senior management updates, and much more. If you are interested in attending please email Amy Faust at amy@mycomplianceresource.com. Amy
Following our recent article about testing the integrated mortgage disclosure forms we received several inquiries requesting more information about the process, particularly about submitting a comment. This article responds to those requests. The Issue – The volume of changes from the Dodd-Frank Act that are currently unfolding is daunting. Over 2,400 pages of proposed regulations have been published in just the past two months alone. A huge bank can assign a team to the task of
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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.