Home / Weekly Newsline

Weekly Newsline

What to Do About Credit Balances or Errors

We don’t often think about credit accounts with credit balances (more often, we are thinking about a deficit of payments). We may on occasion receive complaints, though, about alleged errors on credit accounts. Both situations require specific compliance actions. Enacted in 1975, the Fair Credit Billing Act (FCBA) is a …

Read More »

Where is FCRA compliance hiding?

Question: Where can I find all the compliance provisions required by the Fair Credit Reporting Act? Answer: Here, there, and everywhere. The Fair Credit Reporting Act (FCRA) was a law passed in the 1970’s and was fairly straight forward.  The primary purpose of the FCRA was to provide guidance to consumer …

Read More »

Vendor Management – Do You Know the Score?

Financial institutions routinely use vendors to get additional resources they need or to take advantage of skillsets not feasible or available organically. Vendor services can be more cost effective and more efficient than hiring staff. Vendor management is an important issue for compliance and risk management, and it is scrutinized …

Read More »

Where’s the Compliance Officer?

An efficient and effective compliance program cannot be achieved without the right Compliance Officer. But, who should that be, and, at the ‘Compliance Circus,’ what role does the most effective Compliance Officer play? Ringmaster? Lion tamer? Juggler? The role of a Compliance Officer is to make sure that a company …

Read More »

Compliance Testing Plan – When?

Is annual compliance testing enough? Quarterly? What about areas that have experienced compliance problems in the past? Help! In a perfect world, Compliance Officers would have the time and staff to continuously test for all compliance requirements in a perpetual loop. Welcome to the real world, where time and staff …

Read More »

Compliance Testing Plan – What?

The regulators expect it, industry consultants recommend it, and management wants it. What is “it?” Compliance testing. What, then, should be tested? In a nutshell, everything! Each financial institution is expected to maintain a Compliance Management System (CMS) to establish and meet its compliance responsibilities. The CFPB Supervision and Examination …

Read More »

Diversity and Inclusion – it’s Good Business

The financial services industry has struggled with compliance management for decades, and it is just within the past few years that it embraced compliance as an integral and valuable component of good business practices. Diversity and inclusion in our industry, while well-known as a standard of fair employment and the …

Read More »

Military Lending Act – Should Mortgage Lenders be Concerned?

Each week, Mortgage Compliance Magazine “NewsLINEs” strives to bring you regulatory issues that directly affect mortgage lenders’ and mortgage servicers’ day-to-day. We depart this week by offering a brief discussion of one area of consumer compliance you may not have to stress about. Forewarned is forearmed. You may have heard …

Read More »

Oh, My! Oh, FAC!

“The Office of Foreign Assets Control (OFAC) of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons …

Read More »

HMDA Questions – Get It Right

“When the HMDA rule was originally enacted in 1975, it required depository and non-depository institutions to collect and report data about mortgage originations. On October 15, 2015, the scope of the rule changed—expanding reporting coverage for non-depository institutions, increasing transactions covered, and increasing data elements to report. The new HMDA …

Read More »