Common Violations

While there’s typically a wealth of compliance information available to you at any given time, we still believe that some of the most useful and beneficial information is what examiners are citing during exams.  Not only can it alert you to different or new areas of focus, it also gives you some direction when planning training or during the course of your own internal reviews (or both)!  We also believe it’s good to look at what Regulators, other than your own, are citing.  Knowledge is power!!

Here are some common violations recently noted by the Federal Reserve:

HMDA

  • Incorrect data reporting

Regulation B

  • Not documenting and retaining evidence of joint intent
  • Not completing monitoring information if applicant fails to do so

Regulation Z

  • Content of disclosures, specifically finance charges

FCRA

  • Not indicating the use of a credit report on an adverse action notice

Flood

  • Inadequate coverage at some point over the life of the loan or as a result of cross-collateralization

Overall program weaknesses, resulting in Matters Requiring Immediate Attention (MRIA) or Matters Requiring Attention (MRA) in areas such as Fair Lending, Training, Secondary Reviews, Risk Assessments, RESPA/TILA, CRA, Flood, and others, have also been cited.

For training on any of these items see our store.
Click Here

Published
2017/07/06
Diane Dean

 
Diane Dean

Diane Dean

Diane joined Banker’s Compliance Consulting with over 10 years of compliance experience and over 15 years of experience within the financial industry. Diane is a Certified Regulatory Compliance Manager (CRCM) and has a Bachelor’s Degree in Sociology with a concentration in Criminal Justice. She is a graduate of the Schools of Banking Compliance School and has participated in various other training opportunities throughout her career. Diane understands firsthand the struggles banks face in building and maintaining successful compliance programs. Her experience and common sense approach to consumer compliance is a great asset to our clients. Diane and her husband have two kids who keep them busy. She enjoys running and other sports and is a big Bugs Bunny fan! She’s a bit crazy in that she does enjoy reading some of these regulations and she’s a “crazy cat lady!” Her cat tales are hilarious!

Recent Posts

CFPB Overdraft Proposal

NFIP Flood Insurance Policies

Specific Reasons When Taking Adverse Action

Archives

see all topics