Regulatory Compliance
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CFPB Amends Privacy Notice Requirements
The Consumer Financial Protection Bureau (CFPB) is finally amending Regulation P to provide an exception for financial institutions from having to give annual privacy notices to customers.
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FinCEN Extends Beneficial Ownership Limited Exception for 30 days
On August 8, the Financial Crimes Enforcement Network (FinCEN) extended, by another 30 days, the limited exception to the Beneficial Ownership Rule for some products and services (certificate of deposits/share certificates and loan accounts) that were established prior to May 11, 2018.
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Status of S.2155 (Economic Growth, Regulatory Relief and Consumer Protection Act)
When S.2155 was signed into law on May 24th it marked the beginning of an unknown timeline to initiate and finalize necessary regulations to effectuate change for community bankers. In early July the regulators released a plan to provide relief to larger, regional banks relative to stress testing and living wills. As for community bankers, […]
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CLA to Instruct Vendor Management Seminar for ICBA
In a financial environment wrought with strong enforcement actions, rising regulatory expectations, and massive data breaches, community banks must understand and manage a secure network of relationships to ensure customer data, bank transactions, business activity, and shareholders are protected. Relationships with third-party vendors are commonplace and many provide a strategic advantage; however, the rewards aren’t […]
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CFPB Issues HMDA Changes Statement
On July 5, 2018, the Consumer Financial Protection Bureau (CFPB) issued a statement regarding the recently announced changes to the Home Mortgage Disclosure Act (HMDA).
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CFPB Issues Credit Card APR Consent Order
On June 29, 2018 the Consumer Financial Protection Bureau (CFPB) issued a consent order against Citibank, N.A. (Citibank) for violating the Truth in Lending Act (Regulation Z) with respect to its credit card program.
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HMDA Changes
There is some confusion in the industry regarding the impact of the new law President Trump signed on May 24th, S.2155 Economic Growth, Regulatory Relief, and Consumer Protection Act.
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Regulatory Relief Signed Into Law
On May 24 President Trump signed into law the Economic Growth, Regulatory Relief, and Consumer Protection Act.
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New Bill Includes Major Changes to Bank Capital Requirements and Mortgage Lending
The Economic Growth, Regulatory Relief, and Consumer Protection Act expected to be signed by the President shortly includes numerous provisions impacting financial institutions including changes to community bank capital requirements, changes to bank call reports and examinations, and mortgage lending relief.
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Beneficial Ownership Requirements for Rollovers and Renewals Delayed
On May 16, 2018, the Financial Crimes Enforcement Network (FinCEN) issued Administrative Ruling FIN-2018-R002 that provides a 90 day delay for compliance with the beneficial ownership requirements for rollover and renewal products and services.