Regulatory change never seems to slows down. Just as we adjust to one wave of requirements, others arrive—often more complex, more data-driven, and with risks to your Financial Institution (FI). The GENIUS Act (Governance, Enhanced Oversight, and Integrity for Uniform Standards Act) is the latest piece of legislation to reshape compliance expectations across the our industry. For compliance officers, this isn’t just another item on the to-do list—it’s a shift in how FIs are
In Case You Missed It – BankersOnline Selects Compliance Resource as Official Training Partner
Category: Compliance News
BankersOnline’s partnership with Compliance Resource provides expert compliance training via webinars & virtual events for financial institutions nationwide. BankersOnline issued a press release last month announcing a new partnership with Compliance Resource. Below you’ll find the announcement and more information about this exciting association. ________ BankersOnline, one of the most trusted sources for compliance news, tools, and community support for financial institutions, is proud to announce an exclusive partnership with Compliance Resource, a leading provider
Yesterday, the Prudential Banking Agencies jointly issued a proposal to rescind the Community Reinvestment Act (CRA) final rule issued in October 2023 and replace it with the prior CRA regulations that were originally adopted by the agencies in 1995. They indicated in the 227 page proposal that “technical amendments” were included. If adopted, the proposal would restore the 1995 CRA framework for all Banks, nullify pending litigation, and limit the regulatory burden the industry identified in
On Tuesday, the CFPB posted an “unpublished” interim final rule related to Section 1071, and it appears to be “published” in June 18th’s Federal Register.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
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
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.