It seems that we get changes to HMDA and/or Regulation C every year. The changes keep adding to the challenge of fully complying with the requirements of the law and regulation.
There are many ways to violate military lending rules and some lenders are actively doing this. One lender recently agreed to pay $225,000 because they were not providing the interest rate adjustments the SCRA requires.
The current HMDA rule has been in effect for over 5 years – since 1/1/2018 - yet questions constantly arise, even from experienced compliance officers.
There are many reasons to keep your flood insurance house in order: consumer harm, collateral loss, and civil money penalties of over $2,000 per violation under the Flood Act.
Many banks do escrow statements at the year end. If your bank is does, your busy season is fast approaching. Regardless of when your escrow statements are done, they must be correct. There is no delay for RESPA deadlines.
Your problem -- a branch wants to raffle off homemade pies to raise money for a charity near and dear to the heart of those bankers. But is this a raffle, a contest or a lottery?
Recorded on June 07, 2023
Fair Lending, CRA, and Small Business Loan Data Filing
Banking compliance touches several aspects of banking – ALL of them in fact! Whether you work on the deposit side or the loan side of the bank, you have many rules to follow. Do you ever wonder why?
The short answer is that banks are special.