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Compliance Action, Volume 26, Number 1

May 31, 2021

OCC
OCC's True Lender Rule

By Nancy Castiglione, CRCM

To help resolve the ambiguity around which laws apply when banks partner with third parties to provide new services to customers, the OCC issued the True Lender Rule in October. Lawmakers from several states have taken legal steps to block the rule.

CFPB
Qualified Mortgages: Delayed Effective Date

By Nancy Castiglione, CRCM

Purportedly to help ensure access to responsible, affordable mortgage credit and to preserve flexibility for consumers affected by the economic effects of the Pandemic, the CFPB has delayed the effective date of the new General Qualified Mortgage (QM) loan definition.

CFPB
Love(less) Letters

By Nancy Castiglione, CRCM

In the real estate market today, so-called "love letters" have become an essential tool for potential buyers to scoring a winning bid.

FACT Act
ID Theft Prevention Program
Maintenance

By Nancy Castiglione, CRCM

The FACT Act requires financial institutions to have an identity theft prevention program in place that is updated periodically to reflect changes in risks to customers or the safety and soundness of the institution from ID theft.

Compliance Calendar

Editorial
Masked Confusion

By Nancy Castiglione, CRCM

The confusion that has ensued since the CDC announced that fully vaccinated people can resume activities without wearing a mask is similar to the confusion compliance officers are met with when promoting compliance within their organization.

Compliance Notes

Action Training
Bank Secrecy Act/AML Word Search

By Nancy Castiglione, CRCM

Training doesn't have to be boring. Mix it up and have a little fun with some word games.

Compliance Online
Congressional Review Act

Editor:
Nancy Castiglione, CRCM
Editor Emeritus:
Lucy H. Griffin, Esq.
Board of Advisors:
John S. Byrne, Esq.
Cliff E. Cook
David Dickinson
Julie A. Gliha, MBA
Carl G. Pry
Susan Rich
Meg Sczyrba
Robert G. Rowe, III, Esq.
Andy Zavoina

Compliance Action

Bankers' Hotline

Compliance Action