Banker's Compliance Consulting

TISA: Fee Terminology One requirement of the Truth in Savings Act is that institutions use consistent fee terminology. The Commentary to 12 CFR 1030.3(a) #2 states institutions must use consistent terminology to describe terms or features required to be disclosed. For example, if an institution describes a monthly fee (regardless of account activity) as a “monthly service fee” in account-opening disclosures, the periodic statement and change-in-term notices must use the same terminology so that consumers can readily identify the fee. While this requirement pertains specifically to §1030.4 (Account disclosures), §1030.5 (Subsequent disclosures) and §1030.6 (Periodic statement disclosures), we often recommend that institutions apply this same consistent terminology standard wherever it might come into play. One example would an institution’s website. Not only does this help ensure clarity and understanding for consumers but it can help avoid any potential UDAAP concerns as well. Kevin Edwards explains more in the video. Ready to learn more? JOIN US on April 10, 2025, for our webinar, “Truth in Savings Act”. Register your team here - https://lnkd.in/gnVjmpbT Featured topics include: ? Account Disclosure Requirements ? Change in Terms Notifications ? Compounding vs. Crediting ? Periodic Statement Requirements ? The Importance of Consistent Terminology ? Overdraft Related Disclosures ? Regulatory Guidance, Expectations & Much More! #UDAAP #Deposit #BCCPlainEnglish Consumer Financial Protection Bureau https://hubs.li/Q03dzljz0

TRID Tolerances & Cures Be sure to JOIN US on April 10, 2025, for our webinar, “TRID: Changed Circumstances & Revised Disclosures” Register your team here - https://lnkd.in/g8Fa8kXW One of the key components of the TRID Rule is the concept of tolerances. Essentially, you will be held to specific tolerance levels for certain fees that you disclose on the Loan Estimate. There are certain fees that are subject to a 0% tolerance and others that fall under a 10% tolerance. There are even some fees where the tolerance is unlimited, but you must still disclose them in good faith. If you don’t have a valid changed circumstance to reset those tolerances, you are, in a sense, bound to what you initially disclosed. For example, if you disclose that a credit report will cost $40 on the Loan Estimate, but it actually ends up costing $50, the borrower still only has to pay the $40, since this is a 0% tolerance item. The institution would be responsible for the additional $10. There are at least a couple of different ways this can be disclosed, depending on the scenario and the particular fees in question. Jerod Moyer explains one option in the video: #TRID #Lending #BCCPlainEnglish https://hubs.li/Q03dyqgg0

Regulation E: EFT Errors & Disputes - 03-26-2025 ? Sign your whole team up. Register here - https://lnkd.in/d9u5J3CD Check out a sample of the Regulation E manual that goes with the webinar. ? TWO HOUR TRAINING Featured Topics: Consumer Liability / Bank Liability What’s an EFT? Error? Dispute? Liability for Third-Party Payments / Payment Apps Investigation Time Limits Resolution Requirements VISA & MasterCard Rules Common Misconceptions UDAAP, Your Questions, Plain English Answers & Much More! Designed for frontline, management, compliance, audit and operations personnel. (2.5 CRCM, CAFP, CERP Continuing Education credit hours) PRESENTERS LIVE ON VIDEO! NO CHARGE FOR ADDITIONAL LOCATIONS!

Truth In Lending: Rescission Period Truth in Lending (Regulation Z) provides borrowers a “cooling off period” for certain types of loans or lines that are secured by their primary residence. While there are several factors to consider when determining whether rescission applies and when the rescission period starts, the rescission period itself gives borrowers three full business days to think about whether they really want to go through with the loan. A business day for the purposes of rescission are all calendar days except Sundays and the legal public holidays specified in 5 U.S.C. 6103(a). So, for example, if you close the loan and deliver the rescission notice and other material disclosures on Monday, you have to wait Tuesday, Wednesday and Thursday, and can disburse the loan proceeds on Friday. Kevin Edwards explains more in the video. Ready to learn more? JOIN US on April 24, 2025, for our webinar, “All About TILA’s Right of Rescission”. Register your whole team here - https://lnkd.in/gABuYrX7 Featured topics include: ? What’s Covered? ? What’s Not Covered? ? “New” Money ? The HELOC Intersection ? The Delay Timeframe & Disbursement Timing ? Required “Material” Disclosures ? Common Mistakes, Violations & Consequences of Non-Compliance ? Best Practices, Examination Feedback & Much More! #Lending #BCCPlainEnglish https://hubs.li/Q03c-HRp0

Compliance Management Systems: Risk Assessments Be sure to JOIN US beginning April 2, 2025, for a six-part webinar series, “Compliance Management”. Register your whole team here - https://lnkd.in/gwNPWtTu One of the pillars of a Compliance Management System (CMS) is Risk Assessment. Before you can even begin to mitigate potential risks, you need to know what those risks are. A risk assessment will help you do this, but it can be a little tricky as there are no mandatory risk assessment requirements and/or specific methods to conduct a risk assessment. One thing is certain; however, your risk assessment should drive your CMS. We like to say your risk assessment is like your sword and your shield. It leads you to areas that you should attack and is also your defense when attacks come at you. For instance, if examiners criticize you as to why you aren’t doing something particular, a good response could be based on our risk assessment, we don’t feel like the risk is as high for us as it might be for other institutions. Kevin Edwards explains more in the video. #CMS #BCCPlainEnglish https://hubs.li/Q03c-jv20

Closing Disclosures & Third Parties Be sure to JOIN US on April 3, 2025, for our webinar, “TRID: How to Complete the Closing Disclosure”. Register here - https://lnkd.in/gcha87t3 When it comes to the Closing Disclosure (CD), things can get a little confusing when third parties get involved. While it’s perfectly acceptable to have a borrower’s CD and a separate seller’s CD, you can’t have a borrower’s CD completed by the creditor and a different version completed by a title company or attorney. As far as the borrower is concerned, there is to be one version of the CD. And, regardless of who completes the borrower’s CD, the creditor is ultimately responsible. Having multiple versions of the same thing only creates confusion for the borrower, which could go badly if you were to end up in court. Jerod Moyer explains more in the video. #TRID #Lending #BCCPlainEnglish https://hubs.li/Q03c-9F70

Frontline personnel have a unique vantage point for identifying potentially suspicious activity such as money laundering. Every single money laundering process has three basic steps. These are placement, layering and integration. The first step, placement, is about getting the illicit funds into the banking system, hopefully without being detected. Once that happens, the next step is layering or moving those funds around. This can consist of transferring the money between a variety of accounts or using the money to purchase assets. Finally, integration is when the illicit funds appear as if they came from legitimate business transactions. Kevin Edwards explains more in the video. Be sure to JOIN US on April 3, 2025, for our webinar, “BSA/AML/CFT: Just for the Frontline”. Register you whole team here - https://lnkd.in/gKuDDcE3 This webinar is included with your AML/CFT Partnership Group - find out everything you get here - https://lnkd.in/gmwCFYG5 #BSA #AML #CFT #BCCPlainEnglish https://hubs.li/Q03cZDGM0

HMDA Action Taken Date Be sure to JOIN US on April 1, 2025, for our webinar, “HMDA Action Taken”. Register your team here - https://lnkd.in/g2DsvYtS Under Regulation B, when an applicant withdraws an application, there is no requirement to send the applicant a notification. That said, some institutions still choose to do so. If you are a HMDA reporting institution, Regulation C requires you to report the action taken date. So, in the case of a withdrawal, whether you send a notification or not, you need a way to document the date the application was withdrawn. If you don’t send a notification of withdrawal, it might be as simple as the lender making a file comment. If you do send a notification, the action taken date is typically the date on the notification. Similarly, Regulation B doesn’t address applications that are “approved but not accepted”, but Regulation C does. So, again, if you are a HMDA-reporting institution, you need a way to document the action taken date. At the end of the day, you just want to ensure that the action taken date reported on your HMDA LAR can be supported within your file documentation. David Dickinson explains more in the video. #HMDA #Lending #BCCPlainEnglish https://hubs.li/Q03cWWKk0

OFAC just released an alert warning financial institutions about the implications of the administration designating certain drug cartels as foreign terrorist organizations. This is EXACTLY the topic that we happen to be covering for this month's BSA/AML/CFT Membership Group on Friday! Take a look and really think about your CFT Risk in light of this major change! Want more?? Join us this Friday! Banker's Compliance Consulting https://lnkd.in/geXg_TRA

Section 1071 Firewall The Section 1071 Rule requires financial institutions to implement and maintain a “firewall” that prohibits certain employees from accessing restricted data that is collected from covered applicants. In other words, an employee involved in making any determination concerning a covered application generally cannot access that applicant’s protected demographic information. Specifically, this includes an applicant’s responses as to whether they are a minority-owned, women-owned or LGBTQI+-owned business and the ethnicity, race, and sex of the principal owners. You will essentially be required to collect this information and then lock it up. Jerod Moyer explains more in the video. Ready to learn more? JOIN US on April 16, 2025, for our webinar, “The Section 1071 Firewall”. Register your whole team here - https://lnkd.in/gHYt6W_p Featured topics include: ? The Firewall Prohibition- What is it? ? What Information is Included? What’s Excluded? ? Covered Institutions & Covered Individuals ? The “Feasibility Exemption” ? How to Determine Who’s In & Who’s Out ? The “Firewall Notice” Requirements ? Firewall Documentation: Evidence of Compliance ? The Recordkeeping & Record Retention Requirements Intersection ? Your Questions, Plain English Answers & Much More! #Lending #1071 #BCCPlainEnglish https://hubs.li/Q03cq97G0