The Agencies are adopting two of the five questions and answers proposed in the 2009 Interagency Questions and Answers: one question and answer relating to insurable value (question and answer 9) and another question and answer relating to force placement of flood insurance (question and answer 61). The Agencies are also withdrawing one question and answer relating to insurable value and have reserved this question and answer for later use (question and answer 10). The
On October 14, 2011 the Consumer Financial Protection Bureau (CFPB) published it’s Supervision and Examination Manual. The CFPB will begin it’s first examinations in the next few weeks. The publication of the manual is a big deal, but is it a big deal for your institution? Probably not. The CFPB only examines institutions with more than $10 billion in assets, that group includes a little over 100 banks nationwide. So, if you are in that
Current Events
Category: Lending Compliance
I spent the past two days as part of the panel at the BankersonLine.com annual Lending Compliance Triage Conference in Louisville, KY. We had two long days of presentations and discussions. We had many banks with us at the meeting site, and many more participating remotely. Joining me on the panel were Mary Beth Guard, Andy Zavoina and John Burnett of Bankersonline.com, Carl Pry of Key Bank, Kathleen Blanchard of Key Compliance Services, and Lucy
The Department of Justice’s Civil Rights Division, with it’s beefed up staff and budget, is actively pursuing fair lending issues. Several recent cases are blurring the lines between the Community Reinvestment Act (CRA) and the Fair Housing and Equal Credit Opportunity Acts. The purpose of CRA is to encourage banks to meet the credit needs of their local communities. The level of encouragement has increased significantly over the years. The Department of Justice (DOJ) has
THE POLITICAL CIRCUS
Category: Dodd-Frank Act, Financial Reform
The Dodd-Frank Act is one the most significant pieces of legislation to ever impact the banking industry. Our lives would be much simpler if the law never happened, but the law did happen and we all have to deal with it. Instead of dealing with the law in a quick decisive manner Congress and the current administration have turned it into a political circus. Dodd-Frank became law on July 21, 2010. The law contains hundreds
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.