Regulatory Compliance
-
Is your Financial Institution impacted by the BSA/AML Examination Updates?
Karen Leiter, Regulatory Compliance Director at CLA, summarizes the updates to BSA / AML for the first half of 2021. Read on to learn more and how CLA can help your financial institution.
-
Form 1502 Guidance Reveals Additional Clawbacks
This blog is being posted on behalf of my colleagues, Susan Sabo and Todd Sprang, principals in CLA’s financial institutions practice. On May 21, 2020, the SBA issued more guidance to lenders about the Paycheck Protection Program (PPP) Lender Processing Fee Payment and 1502 Reporting Process. Within the eight-page document, the SBA reiterates aspects of […]
-
Savings Transaction Limitations Suspended
This blog is posted on behalf of Lyle Kolosik, Regulatory Compliance Manager. The Federal Reserve Board announced on Friday April 24th an interim final rule to amend Regulation D (Reserve Requirements of Depository Institutions) to delete the six-per-month limit on convenient transfers from the “savings deposit” definition. The interim final rule permits depository institutions to […]
-
Stress Testing During a Stressful Pandemic? How Stress Testing Can Help
This blog is being posted on behalf of my colleague, Erica Crain, leader of CLA’s national credit risk services. It is no surprise stress testing would move to the top of the list during a global pandemic and economic crisis. If there is one thing present in most people and in most places right now, […]
-
Federal Banking Agencies Provide Appraisal and Evaluation Deferrals to Expedite Lending
Federal banking agencies issued an interim final rule this week to temporarily defer real estate related appraisals and evaluations under the agencies’ interagency appraisal regulations. The rule provides temporary relief to allow regulated institutions to extend financing to creditworthy households and businesses quickly during the national emergency declared in connection with COVID-19.
-
Regulatory Compliance Relief for Mortgage Servicing Loosens Timeframes but Doesn’t Eliminate Requirements
As COVID-19 continues to impact local economies, financial institutions are faced with the challenge of maintaining a consistent level of compliance with federal and state regulatory guidelines while helping their community and customers through this time of crisis. Though national regulators have offered flexibility in serving customers during this challenging time, the actions taken to date provide limited relief to institutions from a compliance perspective.
-
Your guide to financial institution regulatory deadline extensions.
As a result of the impacts of COVID-19, financial institution regulators have been working to grant extensions to many of the regulatory deadlines that private financial institutions must meet. Below is a summary of these extensions and links to the underlying regulatory guidance. We suggest financial institutions work with their service providers to ensure all […]
-
Amendment to Military Lending Act May Present New Opportunities
On February 28th, the Department of Defense (“DoD”) made an additional amendment to its interpretive rule for the Military Lending Act (the “MLA”). The MLA’s provisions have been challenging institutions since they originally went into effect in 2016 and have left many institutions struggling to make sense of the DoD’s guidance but the recent change presents new opportunities.
-
FinCEN Guidance and Advisory on Virtual Currencies
On May 9, 2019, the Financial Crimes Enforcement Network (FinCEN) issued both guidance and an advisory on virtual currencies
-
OFAC Releases Framework for Compliance
On May 2, 2019, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued “A Framework for OFAC Compliance Commitments”.