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  • Agencies Clarify Expectations for the Use of Property Evaluations

    The federal banking regulatory agencies issued an advisory to clarify expectations for the use of property evaluations by banking institutions. The advisory describes the agencies’ existing supervisory expectations for the use of an evaluation instead of an appraisal to estimate a property’s market value for certain real estate-related financial transactions. Unlike an appraisal, an evaluation […]

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  • IRS Urges Public to Stay Alert for Scam Phone Calls

    Keep your employees informed about the most prevalent scams. Experts estimate that IRS impostors have made an estimated 900,000 calls intended to steal money and information. The IRS continues to warn consumers to guard against scam phone calls from thieves intent on stealing their money or their identity. Criminals pose as the IRS to trick […]

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  • Have You Prepared For Your Exam?

    There isn’t a day that goes by that we don’t see cybersecurity concerns referenced in financial industry publications. Recently cybersecurity has gained increased attention in relation to financial institution examinations. Cyber threats have become more of a “when” than an “if”. The Federal Financial Institutions Examination Council recently issued a Cybersecurity Assessment Tool and although […]

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  • CFPB Spotlights Credit Card Complaints

    The Consumer Financial Protection Bureau (CFPB) released its latest monthly consumer complaints snapshot, which highlights credit card complaints. Consumers’ most frequent credit card-related complaints were about incurring late fees and credit report problems due to confusing payment processing schedules and difficulty disputing bill inaccuracies. Now would be a good time to pull out your cardholder […]

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  • Marketing Services Agreements can be Disguised Compensation!

    While Marketing Services Agreements are usually framed as payments for advertising or promotional services, in some cases the payments are actually disguised compensation for referrals. Any agreement that entails exchanging a thing of value for referrals of settlement service business likely violates federal law, regardless of whether a Marketing Services Agreement is part of the […]

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  • Service Member Complaints Could Affect You!

    Once deployed, a service member is often at an extreme disadvantage when attempting to resolve troublesome financial issues. For the third time a complaint report was released by the Consumer Financial Protection Bureau (CFPB) making suggestions based on complaints: Have feasible methods of communication so that deployed service members may conduct financial business during hours […]

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  • Let’s Talk Fair Lending

    Fair Lending has been around for a long time but violations continue to show up. Fair Lending includes the Equal Credit Opportunity Act and the Fair Housing Act. In a recent compliance newsletter a financial institution stated that they had been cited by their regulator for disparate treatment. In their conversations within the institution they […]

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  • Managing Compliance Overload

    The Office of the Comptroller of the Currency (OCC) issued theOCC Report on Risks Facing National Banks and Federal Savings Associations. Even if you are not regulated by the OCC this report is worth a look. Identifying risks before they become a serious issue is the goal of every compliance person. Highlights from the report […]

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  • Know Before You Owe Mortgage Disclosure Rule To Be Delayed

    The Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement on the Know Before You Owe mortgage disclosure rule on June 17, 2015: “The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until October 1, 2015. We made this decision to […]

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  • A Standard for Diversity Has Been Created

    The Federal agencies issued a final interagency policy statement establishing JOINT standards for assessing the diversity policies and practices of the entities they regulate. The final standards provide a framework for regulated entities to create and strengthen their diversity policies and practices—including their organizational commitment to diversity, workforce and employment practices, procurement and business practices, […]

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