Latest Compliance - Compliance/Compliance Management Topics

New Opportunities for Fair Lending

The Federal Reserve Board has published a proposal to change the restrictions on insider lending.

Question: In our Board's quarterly compliance briefing, one of the Directors asked me whether the bank can establish uniform loan fees for all of the banks in the system.

The Federal Reserve Board has published for comment proposed amendments to Regulation Z.

The Friendly Philly Fed for Free!

This month, we visit the Federal Reserve System (the "Fed") beginning with the Federal Reserve Bank of Philadelphia.

Question: I recently read that credit scoring is being used for business loans. Would this use of credit scoring be subject to the Regulation B rules on credit scoring?

Question: In my review of files in the commercial lending department, I identified several loans that have the signature of the applicant's spouse.

An interesting compliance stat: In 1995, the FDIC examined 2814 banks and found compliance violations in 2714. That's a violation rate of 96.4%.

The Federal Reserve's published Commentary to the high cost mortgage rule contains clarification and no real surprises.

The Financial Crimes Enforcement Network ("FinCEN") has published an interim rule on exemptions with a request for comments. This amounts to a temporary regulation that is open for comment.