News Roundup from the CFPB: June 2024
Category: CFPB
The CFPB recently issued several press releases that could impact compliance departments in the future. These include a proposal for removing medical bills from credit reports, initiating a process to set standards for open banking, a warning against the use of fine print in contracts, and the creation of a registry for organizations that have multiple compliance violations. There is nothing that needs to be at this time, but we’ll keep an eye on these
6 Simple Time Management Techniques for Compliance Officers In the fast-paced world of community banking, compliance officers play a crucial role in navigating the complex regulatory landscape while ensuring banks’ adherence to laws and guidelines. Given the breadth of their responsibilities, effective time management isn’t just a skill — it’s a necessity. Here are the latest techniques to help compliance officers maximize their efficiency and impact: Prioritize With the Eisenhower Matrix The Eisenhower Matrix, a
A gift of equity can be a wonderful opportunity for a seller to help a family member purchase a home. It alleviates the need for a down payment and lowers the purchasing price of the home. But how does a gift of equity affect the seller and the buyer? Let’s get into the benefits for both parties, as well as the important compliance requirements for the entire process. What Is a Gift of Equity? A gift
Third Party Relationships: Guidance for Community Banks
Category: Third Party Management, Uncategorized
Last week, the OCC (Office of the Comptroller of the Currency), the Board of Governors of the Federal Reserve System, and the FDIC (Federal Deposit Insurance Corporation) collectively issued guidance for community banks on Third-Party Risk Management. The guide, coming in at around 30 pages, aims to help community banks develop and implement effective third-party risk management practices and important considerations for each state of the third-party risk management life cycle. We’ve developed a training
In the world of community banking and credit unions, the concept of compliance extends far beyond the mere adherence to laws and regulations. Creating a culture of compliance is about cultivating an environment where ethical standards and regulatory adherence are woven into the very fabric of the organization. At the heart of this transformative process is leadership. The actions, priorities, and attitudes of an institution’s leaders play a critical role in shaping a Culture of
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.