New APR/APY Tools
On April 16th, the FFIEC also announced the availability of computational tools for both the Annual Percentage Rate (APR) and the Annual Percentage Yield (APY).
The tools were designed to assist financial institutions in verifying accuracy and ensuring compliance.
In addition to verifying the accuracy of an APR, this tool can also assist financial institutions in calculating reimbursements. The tool can be used for both non-dwelling secured and dwelling secured loans. It is also designed to verify the Military Annual Percentage Rate (MAPR) for loans subject to the Military Lending Act.
This tool allows financial institutions to verify the APY for disclosures and periodic statements, as well as, advertising purposes.
Published
2020/04/17
Amy Kudlacek
Amy brings many years of banking and compliance experience to Banker’s Compliance Consulting. She has worked for both large and small financial institutions and spent time working in every area of a bank. She started out as a teller in college and eventually became a branch manager. Her love, however, was always compliance. Amy began her career with Banker’s Compliance Consulting in 2000. Her knowledge and experiences have allowed her to develop a well-rounded and practical approach to regulatory compliance. Amy is CRCM certified, has a Bachelors Degree in Business Administration and is a graduate of the ABA Compliance School. Amy & her husband have two children at home and stay busy following their activities. They spend a lot of time in the bleachers!