Financial Institutions Blog

Financial Institutions Blog

  • Two-Businesspeople-Standing-in-Front-of-Capitol-Building

    Fair Lending a CFPB Priority

    On December 16th, the Consumer Financial Protection Bureau (CFPB) released a blog posting announcing that fair lending will be a priority to the agency in 2017.


  • CFPB Issues Bulletin on Sales and Production Incentives

    On November 28th the Consumer Financial Protection Bureau (CFPB) issued a bulletin warning financial companies, including banks and credit unions, of the pitfalls associated with employee and service provider incentives programs.


  • Man at Computer Looking Puzzled

    FinCEN Issues BSA Cyber-Event Advisory

    On October 25th the Financial Crimes Enforcement Network (FinCEN) issued Advisory FIN-2016-A005 regarding cyber-events and cyber-related crimes. The 9 page advisory explains Bank Secrecy Act (BSA) responsibilities related to cyber-events and cyber-related crimes.


  • Banks Can Now Submit Annual Reports Electronically

    On October 25th, the FDIC issued FIL-71-2016, granting depository institutions the ability to file annual reports and other reports and notices required under Part 363 electronically through the FDIC’s secure website, FDICconnect (FCX), rather than in paper form. This is applicable to all institutions with assets greater than $500 million in total assets.


  • Business woman Presenting Letter Clients

    NCUA Examining for MLA Compliance

    On October 4th the National Credit Union Administration (NCUA) issued Letter to Credit Unions 16-CU-07 on its examination approach to the new Military Lending Act (MLA). NCUA states “examiners are instructed to accept a credit union’s reasonable and good faith efforts to comply with the new rule during the first examination following the implementation date. NCUA recognizes that some credit unions may need time to implement changes and work with their technology vendors to resolve problems that may arise from extensive testing and use, once their new MLA systems become fully operational”


  • Two men shaking hands

    Interpretive Rule Issued for Military Lending Act

    The Department of Defense (DOD) has issued an Interpretive Rule on the Military Lending Act (MLA), which limits the military annual percentage rate that a creditor may charge to a maximum of 36 percent and requires specific disclosures.


  • CFPB Proposes Amendments to TRID Rules

    The Consumer Financial Protection Bureau (CFPB) has issued a 293 page proposal to amend the Truth in Lending and Real Estate Settlement Procedures Act integrated disclosures rules (TRID).


  • Two young women with credit card in front of the ATM

    CFPB Issues Consent Order to Bank for Overdraft Practices

    The Consumer Financial Protection Bureau (CFPB) has issued a consent order to Santander Bank for violations related to its overdraft practices.


  • Two Businessmen in Serious Meeting

    FinCEN Issues Customer Due Diligence Rules

    The Financial Crimes Enforcement Network has issued final changes to the Bank Secrecy Act pertaining to customer due diligence (CDD) requirements.


  • Close up of a woman hand sliding a credit card through the card reader.. Focus is on the hand.

    Financial Institutions Must Submit Credit Card Agreements by May 2

    The Consumer Financial Protection Bureau has issued a letter explaining how financial institutions can submit credit card agreements by May 2.


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