Compliance

The 9-0 ruling markedly diminishes the threat of lawsuits involving automated calls and text messages to consumers.

The organization postponed the issuance of its next set of revisions, which would have gone into effect at the start of 2022.

With historic barriers of systemic discrimination, predatory lending and wealth inequities to overcome, change will take time, but leaders from National Association of Real Estate Brokers and other groups propose lenders take these steps now.

The operating environment is dramatically different than it was pre-pandemic and presents all-new challenges for financial institutions. Tried-and-true strategies that led to high performance for many years are no longer going to be successful. Join Bonnie McGeer, Executive Editor of American Banker, and Claude Hanley, Partner at Capital Performance Group, as they highlight important trends and comb through data from top-performing banks across the country for insights that will help regional and community financial institutions thrive in 2021. Executives will learn what metrics will be most critical to focus on to maintain high performance going forward.

A growing number of states have chosen to decriminalize or legalize cannabis in recent years. As a result, the legal cannabis industry has experienced exponential growth. Yet banks and other financial institutions are still largely reluctant to partner with cannabis firms due to the lingering conflict between state and federal law. In this episode we will explore: (1) how financial institutions can navigate the regulatory, compliance, and operational challenges facing this sector; and (2) the steps the Biden Administration may take to improve the environment for banking this industry.

Come away better prepared for what’s ahead after hearing Satish Kini and David Sewell of Debevoise & Plimpton and Darin Jarrett, Deputy BSA/AML Officer at American Express, in conversation with Bonnie McGeer, Executive Editor of American Banker, as they explore: •How the new administration might change the BSA/AML Act •Are there easy wins in relieving the burden of suspicious activity reports without undermining effectiveness? •New ways that companies are innovating within AML compliance and risk •What banks are doing to drive next-gen efficiency and effectiveness of risk and compliance

The largest concerns are with pandemic risk and defaults, along with business resilience and adaptability, according to a Wolters Kluwer survey.

The agency finalized a policy allowing companies to submit formal requests for clarification on a regulatory issue. The bureau said it will publish the advisory rulings in the Federal Register.

Loans with balances under $27,200 do not have to comply with the special rules for property valuations of such mortgages.

If enacted, the rule will bring the agency into compliance with the GSEs and the Biggert-Waters Flood Insurance Reform Act.

FSOC’s statement on the FHFA’s proposed capital rule raises questions for market participants trying to anticipate a post-conservatorship secondary mortgage market, should the incoming administration go through with the GSEs’ exit from governmental control.

Staying in compliance with the Secure and Fair Enforcement for Mortgage Licensing Act has been a difficult task for lenders while employees work from home for months on end.

But both fell short under the Duty to Serve goals in rural housing.

The CrossState Credit Union Association continues to work with lawmakers in neighboring New Jersey to get similar legislation passed there.

The final consent order contained the largest penalty, for $1.8 million to be paid by Low VA Rates. In total, the CFPB has issued $4.4 million in fines for such marketing of VA loans.

CEO Charlie Scharf disappointed investors by failing to provide either a detailed road map for long-term expense reductions or say when he might release such a plan.

The pandemic has exacerbated delays and inefficiencies in loan manufacturing, while adding to security risks.

The agency had raised concerns in the Obama administration about kickbacks in the marketing pacts between mortgage lenders and other providers, but the agency's recent guidance says the deals are legally viable.

If mortgage lenders need to learn anything from the pandemic, it is relying on a single source for any service could disrupt their activities.

Control of the U.S. Senate hangs in the balance in the upcoming election, with the outcome determining the direction of laws and regulations that can have a profound impact on financial services, technology, fintech and payments innovation.