Compliance Dates and Verbiage – We have updated the terminology of various compliance dates that have come to pass.

• On Learning Link™, the following have been updated:
  • “Focus on Compliance” (LLv5)
    • Module 3,Topic 2 “Privacy Notices”
    • Module 13, Topic 1 “Focus on Flood”
    • Module 57, Topic 2 “FATCA Implementation”
    • Module 58, Topic 1 “The Volcker Rule”
    • Module 59, Topic 3 “Red Flags, Defenses, and Penalties”
  • Similar updates were made to:
    • Focus on Compliance for Credit Unions
    • Focus on Compliance for MSBs
    • Focus on Compliance for Mortgage Lenders
    • Achieving Commercial Lending Excellence
    • Achieving Consumer Lending Excellence, ACLE CU
    • Achieving Mortgage Lending Excellence, AMLE CU
•  On Banker’s Academy LMS™, the following has been updated:
  • “Regulation P,” Topic 2 “Privacy Notices”
  • “Flood,” Topic 1 “Flood”
  • “FATCA,” Topic 2 “FATCA Implementation
  • “The Volcker Rule,” Topic 1 “The Volcker Rule”
  • “Foreign Corrupt Practices Act,” Topic 3 “Red Flags, Defenses, and Penalties”

FRB Regulation W – We have added new content to our already substantial repertoire of compliance and regulatory content! “Regulation W” includes information on the primary statue governing transactions between a bank and its affiliates.

• On Learning Link™, the following has been updated:
  • “Focus on Compliance,” Module “Regulation W”
  • “Focus on Compliance for Credit Unions,” Module “Regulation W”
• On Banker’s Academy LMS™, the following has been created:
  • “Regulation W”  

Defense of Marriage Act Decisions – We have added information concerning the Supreme Court Decision on the Defense of Marriage Act (DOMA) and its repercussions in the financial realm.

• On Learning Link™, the following courses have been updated:
  • “Focus on Compliance”
    • Module 10, Topic 4 “Focus on Fair Debt Collection Practices Act”
    • Module 21, Topic 1, “Focus on SCRA”
  • “Focus on Compliance for Credit Unions,” “Focus on Compliance for Mortgage Lenders,” “Achieving Platform Excellence,” “Achieving Platform Excellence for Credit Unions,” “Achieving Teller Excellence,” “Achieving Teller Excellence for Credit Unions,” “Consumer Driven Healthcare Plans,” “Health Savings Accounts,” and “Health Savings Accounts for Credit Unions” have been similarly updated.
• On Banker’s Academy LMS™, the following courses have been updated:
  • “Servicemembers Civil Relief Act” Topic 4 “Court Actions.”
  • “Fair Lending” Topic 11 “Fair Debt Collection Practices Act”
  • “Consumer Driven Healthcare Plans” Topic 4 “Healthcare Legislation”
  • “Health Reimbursement Arrangements” Topic 1 “Introduction to HRAs”
  • “Health Savings Accounts” Topic 1 “Introduction to HSAs”
  • “Flexible Spending Accounts” Topic 1 “Introduction to FSAs”

Audits and Examinations – We have added new information concerning audits and examinations in light of new stress testing guidance.

• On Learning Link™, the following courses have been updated:
  • “Focus on Compliance” Module 1, Topic 1 “Audits and Examinations”
  • Achieving Commercial Lending Excellence
  • Achieving Consumer Lending Excellence, ACLE CU
  • Achieving Mortgage Lending Excellence, AMLE CU
  • Achieving Platform Excellence, APE CU
  • Achieving Teller Excellence, ATE CU
  • World of Banking
• On Banker’s Academy LMS™, the following course has been updated:
  • “Introduction to Compliance” topic 6 “Audits and Examinations”

Appraisal Guidelines – We have updated information concerning appraisal guidelines, streamlining the finer points and providing more information.

• On Learning Link™, the following courses have been updated:
  • “Focus on Compliance” Module 44 Topic 1 “Appraisal and Evaluation Guidelines” and Topic 3 “Appraisal Information”
  • “Focus on Compliance for Mortgage Lenders”
• On Banker’s Academy LMS™, the following course has been updated:
  • “Appraisal Regulations” topics 1 and 3

IRA Updates – We have updated IRA-related courses based on Subject Matter Expert (SME) updates.

• On Learning Link™, the following have been updated:
• “Introduction to IRAs” topics 1, 2, and 3
• “Introduction to IRAs for Credit Unions” topics 1, 2, and 3
• On Banker’s Academy LMS™, the following course has been updated:
• “IRAs”  topics 1, 2, and 3

Looking Ahead

Take a look at regulatory changes and improvements manifesting in the next quarter!

 

• FDIC and OCC Stress Test Proposals. The FDIC is proposing to modify the “as-of” dates for financial data as well as the reporting dates and public disclosure dates of the annual stress tests for both $10 billion to $50 billion covered banks and $50 billion covered banks. Revisions would become effective January 1, 2016 and comments are due September 2, 2014. Similarly, the OCC is proposing to adjust the timing of the annual stress testing cycle and wants to clarify the method used to calculate regulatory capital in stress testing.
• Annual Reg Z Thresholds Published. The CFPB has published a final rule reviewing and adjust certain dollar amounts for provisions of Regulation Z under the Credit CARD Act, HOEPA, and the Dodd-Frank Act. These will become effective January 1, 2015.
• Changes to HMDA Reporting Requirements. The CFPB has published for public comment a proposed rule amending Regulation C to implement amendments to the Home Mortgage Disclosure Act (HMDA) made by section 1094 of the Dodd-Frank Act. The CFPB proposes to add several new reporting requirements and to clarify several existing requirements, as well as to change institutional and transactional coverage under Reg C. The official comment deadline is October 29, 2014. See more information at the CFPB's website.