July 1, 2019 is the effective date for two major compliance events. This is a reminder that some of you have a lot of work to complete in the next 20 business days. Mandatory Acceptance of Private Flood Insurance – Starting on Monday July 1, 2019 all financial institutions must be in compliance with the new Mandatory Purchase Requirements for Private Flood Insurance. By that date your policy and procedures must be updated and your
The American Bankers Association is in full swing and, as is usually the case, not short on topics or sessions to attend. This year’s conference offers approximately 60 topics over the course of four days. And with the conference already at mid-point, two days of sessions complete and only two days remaining, hot topics for 2019 have clearly emerged. A few major themes continue to pop up throughout various sessions, including: 1) innovation and technology
Today marked the first day of the 2019 ABA Regulatory Compliance Conference in New Orleans, LA. The sessions went off without a hitch, but the recent storms across the country caused many flight delays and cancellations leaving some behind. Those who were able to attend the Sunday sessions were tasked with trying to decide which sessions to attend first. Planning out your daily agenda takes some organization, but there are plenty of topics to keep
OPERATION CHOKE POINT LAWSUIT SETTLED
Category: BSA, Compliance Management, DOJ, FDIC
After nearly seven years of controversy, federal investigations, legal proceeding, assurances from the Department of Justice that the program had ended, as well as numerous (and still viable) attempts at legislation to prohibit similar initiatives, it seems the chapter on the DOJ’s Operation Choke Point may have finally come to a close with the FDIC’s recent settlement of the lawsuit related to the program. The FDIC has settled with Advance America et al. in a
FLOOD INSURANCE EXTENSION
Category: Flood Insurance
On May 30 S. 1693 passed in the House, after previously passing in the Senate, and moved to the president for signature. The bill’s sole function is to extend funding for the National Flood Insurance Program from May 31, 2019 to June 14, 2019.
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