Oct 20

Oct 20 VIDEO: Filling Out the 1071 Data Collection Form

In this Compliance Clip (video), Adam answers a question about who can fill out the 1071 data collection form when there are multiple principal owners of a business opening an account. I other words, can one principal owner answer the demographic questions on behalf of the other principal owners, or do they each need to answer their own questions?

Oct 6

Oct 6 VIDEO: Denial Reasons for Not Meeting a Minimum Credit Score

Adam Witmer

Regulation B, Adverse Action

In this Compliance Clip (video), Adam discusses what denial reasons should be used when an applicant does not meet a minimum credit score. He explains that there are sometimes reasons that are easily listed on the Adverse Action notice, but other times, the reasons for a low credit score may not be as clear. If your financial institution has a minimum credit score requirement, this video is a must watch.

Sep 22

Sep 22 VIDEO: Consumer Negligence for Reg E Disputes

Adam Witmer

Regulation E

In this Compliance Clip (video), Adam discusses how consumer negligence can (or cannot) be considered when conducting an investigation of an “error” under Regulation E. Specifically, he answers two questions regarding a customer being negligent in handling their PIN as well as whether a financial institution can add language to their account disclosures that limit a consumers liability. A transcript of this video is now available.

Sep 15

Sep 15 VIDEO: 1071 Voluntary Collecting & Reporting

Adam Witmer

Regulation B

In this Compliance Clip (video), Adam answers the question on whether a non-covered financial institution can voluntarily collect information on covered applications from a small business pursuant to the 1071 Final Rule. Adam explains the answer by discussing the different situations that the CFPB has provided through the Small Business Lending Rule Small Entity Compliance Guide. A transcript of this video is now available.

Sep 1

Sep 1 VIDEO: An Example of Disparate Impact

Adam Witmer

Fair Lending

In this Compliance Clip (video), Adam gives an example of a disparate impact that actually that comes from the regulators. This example shows how an otherwise neutral policy or practice, applied equally to all credit applicants, can disproportionately exclude or burden certain persons on a prohibited basis.

Aug 11

Aug 11 VIDEO: When is a Suspicious Activity Report Required?

Adam Witmer

BSA

In this Compliance Clip (video), Adam discusses the three times a financial institution is required to file a Suspicious Activity Report. This is a BSA topic. A transcript of this video is now available.

Aug 4

Aug 4 VIDEO: Are Construction Loans Covered by TRID?

Adam Witmer

TRID, Regulation Z

In this Compliance Clip (video), Adam answers the question of whether construction-only and construction-permanent loans are covered by TRID and Regulation Z. And although the answer is obvious, Adam discusses the specific citations from the regulations and from the CFPB’s Frequently Asked Questions to further explain the answer. A transcript of this video is now available.

Jul 21

Jul 21 VIDEO: TRID Optional Signature Line

Adam Witmer

TRID

In this Compliance Clip (video), Adam discusses the requirements for having a signature line on the LE and CD. While many financial institutions may not have thought about whether this is required or not for some time, it might be a good idea to revisit the rules to ensure things are being done correctly.

Jun 23

Jun 23 VIDEO: What is BSA

Adam Witmer

BSA

In this Compliance Clip (video), Adam gives a short but sweet explanation of what the BSA or Bank Secrecy Act is and its role in preventing and detecting money laundering activities. A transcript of this video is now available.

Jun 2

Jun 2 VIDEO: How to Identify Covered Borrowers Under MLA

Adam Witmer

MLA

In this Compliance Clip (video), Adam discusses how to identify covered borrowers under the Military Lending Act (MLA). MLA provides special protections for active duty servicemembers like capping interest rates on many loan products. In particular, Adam talks about the two safe harbors that the regulation provided in determining a covered borrower.