Dec 20
Dec 20 NOW AVAILABLE: Reg CC Training for Tellers

Our new Reg CC Training for Tellers program is now available in our store at an “early-bird” price. Our Reg CC Training for Tellers program is designed to make training your tellers on the updated Reg CC rules easy and efficient. This on-demand training program provides front-line employees (i.e. tellers) with everything they need to know about Regulation CC for placing holds and even includes a 40-minute instructor video to assist the person(s) responsible for training tellers on the updated rule by explaining exactly what needs to be done in your organization. Furthermore, we have included a 10-step implementation plan to help you with the execution before the effective date of July 1, 2025. Register for our Reg CC Training for Tellers program at www.compliancecohort.com/reg-cc-training-for-tellers.

Dec 19
Dec 19 CFPB Publishes 2023 Mortgage Market Activity and Trends

Adam Witmer

Regulatory Update, HMDA

On December 13, 2024, the CFPB released its annual report on residential mortgage lending activity and trends. The report provides an overview of residential mortgage lending in 2023 based on the data collected under the Home Mortgage Disclosure Act (HMDA).

Dec 18
Dec 18 CFPB Issues Overdraft Lending Rule for Very Large Financial Institutions

Adam Witmer

Regulatory Update

On December 12, 2024, issued a final rule to close an outdated overdraft loophole that exempted overdraft loans from lending laws. The Bureau’s final rule on overdraft fees applies to the banks and credit unions with more than $10 billion in assets that dominate the U.S. market.

Dec 17
Dec 17 FTC Amends Telemarketing Sales Rule

Adam Witmer

Regulatory Update

On December 10, 2024, the FTC adopted amendments to the Telemarketing Sales Rule (TSR) that extend the Rule's applicability to inbound telemarketing calls in response to an advertisement through any medium or direct mail solicitation in which technical support products or services are offered for sale. The amendments will become effective on January 9, 2025.

Dec 17
Dec 17 CFPB Spring 2024 Semi-Annual Report to Congress

Adam Witmer

Regulatory Update

On December 10, 2024, the CFPB released its semi-annual report for the Spring of 2024. This version of the regular report to Congress covers the period beginning on October 1, 2023, and ending on March 31, 2024.

Dec 16
Dec 16 CFPB Takes Action Against Performant Recovery for Illegal Fee Generating Scheme

Adam Witmer

Regulatory Update, UDAAP

On December 9, 2024, the CFPB took action against student loan debt collector Performant Recovery Inc. for illegal fee-generating scheme that cost borrowers thousands of dollars Performant Recovery, Inc. collected on student loan debt, including from borrowers who had defaulted on Federal Family Education Loan Program (FFELP) loans.

Dec 16
Dec 16 CFPB to Address Financial Impact of Domestic Violence and Elder Abuse

Adam Witmer

Regulatory Update, FCRA

On December 9, 2024, the CFPB issued an Advance Notice of Proposed Rulemaking to address the harmful effects of inaccurate credit reporting affecting survivors of domestic violence, elder abuse, and other forms of financial abuse. The Bureau aims to gather additional public input on potential amendments to the regulation that implements the Fair Credit Reporting Act (FCRA).

Dec 16
Dec 16 CFPB Sues Comerica Bank for Systematically Failing Disabled and Older Americans

Adam Witmer

Regulatory Update

On December 6, 2024, the CFPB sued Comerica Bank for systematically failing its 3.4 million Direct Express cardholders - primarily unbanked Americans receiving federal benefits. According to the CFPB, the bank disconnected 24 million customer service calls, charged illegal ATM fees to over 1 million customers, and mishandled fraud complaints related to the Direct Express prepaid debit card program.

Dec 15
Dec 15 EARN CE's: Fall 2024 Quarterly Compliance Update

Adam Witmer

Earn 4.75 CRCM/CERP, 1.0 CAFP continuing education credits with our Fall 2024 Quarterly Compliance Update. Plus, it is currently on sale at an “early bird” price, which is ending next week. Our Fall 2024 Quarterly Compliance Update covers all of the regulatory activity that took place during the third quarter of 2024 and is a great way for financial institutions to stay up-to-date on the activity that took place in the regulatory compliance world. Part II of our Fall 2024 Quarterly Compliance Update will provide an overview of the Reg CC 2025 threshold changes relating to the availability of funds. You can learn more about this program and register at www.compliancecohort.com/fall-2024-quarterly-compliance-update.

Dec 11
Dec 11 FFIEC Proposes Rule Concerning AMC Regulatory Programs

Adam Witmer

Regulatory Update

On December 6, 2024, the Appraisal Subcommittee (ASC) of the FFIEC issued a proposed rule to implement a framework to govern the ASC's enforcement authority regarding the effectiveness of Appraiser and Appraisal Management Company (AMC) Programs overseen by State Appraiser Regulatory Agencies. The proposed rule would codify the existing ASC compliance review process consistent with the ASC's current practices and processes for conducting compliance reviews, with some modifications and minor corrections.