Home / Weekly Newsline

Weekly Newsline

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“When the HMDA rule was originally enacted in 1975, it required depository and non-depository institutions to collect and report data about mortgage originations.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 »

Your Website – Not Just a Pretty Face

There’s nothing like an eye-catching, robust website. Professional websites have become the home base of a solid marketing program, and, if designed and disclosed properly, create a connection and build confidence for potential clients, potentially becoming one of the most important marketing investments a company can make. Websites require compliance …

Read More »

Privacy – Where Are We Now?

The Financial Services Modernization Act of 1999 is commonly known as the “Gramm Leach Bliley Act” (GLBA) named for the members of Congress instrumental in its creation. GLBA included requirements for privacy of consumer financial information, including disclosures about collecting, maintaining, sharing, and using the information, and security of the …

Read More »

RESPA Kickbacks

Get your “kicks” on Route 66, not from RESPA! The Real Estate Settlement Procedures Act (RESPA) was enacted by Congress in 1974 to regulate the disclosure of all costs and business arrangements in a real estate transaction settlement process. One purpose of RESPA is to regulate the referral of business …

Read More »

The Ring of CDD Changes

Did you hear it? The alarm clock that just rang to signal the ‘one-year warning’ for May 11, 2018. That is the effective date for the Financial Crimes Enforcement Network (FinCEN) Customer Due Diligence (CDD) enhanced rules and the need for financial institutions to add a fifth pillar to the …

Read More »

Credit Reporting Compliance

The comments about credit reporting at your next examination may come as a surprise. It’s something that most of us don’t think that much about, especially considering the heavy hitting issues of TRID, HMDA, and UDAAP. Think the Consumer Financial Protection Bureau (CFPB) and other federal bank regulators aren’t thinking …

Read More »

Why You Deny

From one mortgage loan applicant to another, the stories and financial information can vary greatly. Loan officers and underwriters face a challenge putting the pieces together for each applicant to solve the “creditworthiness puzzle.” When the pieces all fit, it’s a beautiful thing, but, when you end up with pieces …

Read More »

Oops! What if Flood Insurance Lapses?

No matter how or why lenders have required flood insurance on a property, if the flood insurance lapses during the term of the covered loan, it’s a problem. First, of course, there is the possibility that flood damage could occur during the lapse, and, second, most regulators will cite flood …

Read More »