The Subject Matter Experts
October’s Monthly Connection (MC) was all treat and no tricks. As a compliance professional you are expected to be a subject matter expert about all things compliance and while you may know a lot, none of us know it all. Being able to ask our experts and other compliance professionals is as comforting as a pumpkin spice latte in the fall.
The MC started with Jerod Moyer updating the group on 1071 testing. Jerod talked about the advantages and disadvantages of testing now versus later. He also gave an overview of Artificial Intelligence (AI) which is another hot topic due to the associated risk. Jerod noted that when asked, many bankers say they do not use AI in their bank; however, after some reflection that usually changes to a yes or at least it’s possible. The last topic was the CFPB’s guidance on Regulation E Opt-Ins and what’s considered acceptable “proof” from your customers.
Then the real fun began with Member questions. From loan payment receipts to fees for processing mortgage payments and TRID waiting period and tolerances, we had some good ones. Listen to Emily’s answer to the following question:
A CD was issued on a 5/1 ARM and the borrower now wants a 3/1 ARM. Does this change the 3-day waiting period and does it allow a reset in closing tolerances?
Lastly Emily provided tips that can help you sail through your next exam or external audit. Often times, file organization leads to poor communication and documentation and causes hang ups when documents can’t be located easily. Listen to what Emily had to say:
The MC ended with discussing what to do with your exam reports so you can improve your Compliance Management System.
If you are not currently a member, check out the Monthly Connection today!
Published
2024/10/30
David Dickinson
David’s banking career began as a field examiner for the FDIC in 1990. He later became a Compliance Officer and Loan Officer for a small bank. In 1993, he established Banker’s Compliance Consulting. Along with his amazingly talented Team, he has written numerous compliance articles for prestigious banking publications and has developed compliance seminars that Banker’s Compliance Consulting produces.
He is an expert in compliance regulations. He is also a motivational speaker and innovative educator. His quick wit and sense of humor transforms the usually tiring topic of compliance into an enjoyable educational experience. David is on the faculty of the American Bankers Association National Compliance Schools and has served on the faculty of the Center for Financial Training for many years. He also is a frequent speaker at the ABA’s Regulatory Compliance Conference. He is also a trainer for hundreds of webinars, is a Certified Regulatory Compliance Manager (CRCM) and has been a BankersOnline Guru for many years. The American Bankers Association honored David with their Distinguished Service Award in 2016.
David and his wife Karen have three adult children, four grandchildren (none of whom live at home!) and two cats (of which Dave is allergic … the cats, not the children!). They recently moved to an acreage outside of Lincoln, Nebraska where he gets to play with his tractor. When possible David can be found fishing, making sawdust in his shop, or playing the guitar and piano. He also enjoys leading worship at his church.