Compliance

CFPB Sets Remittance Transfer Safe Harbor

October 24, 2012
The NPR sought comment on whether to provide a safe harbor to exempt institutions from the rule. READ MORE

NCUA’s Top 10 Compliance Issues

October 22, 2012
Topping the list are multi-featured open-end lending plans. READ MORE

‘Know Before You Owe’ Continues to Evolve

October 01, 2012
The project aims to combine the early disclosures required by TIL and RESPA into one document. READ MORE

Compliance Q&A: Reg E’s Remittance Transfer Rule

October 01, 2012
CUs that offer remittance transfer services generally must provide the member with a written prepayment disclosure. READ MORE

Mortgage Fraud Advisory

October 01, 2012
No single red flag will be definitive proof of fraudulent activity. READ MORE

Mobile Offers Opportunities, Threats

October 01, 2012
How big are those risks? It’s hard to tell. READ MORE

Money Laundering

October 01, 2012
CUs’ regulatory compliance costs are staggering, but the costs of noncompliance are even higher. READ MORE

‘Know Before You Owe’ Continues to Evolve

October 01, 2012
CFPB’s “Know Before You Owe” project is an effort to combine the early disclosures required by TIL and RESPA into one document. READ MORE

Remittance Transfers: What Has Changed Since February?

September 20, 2012
Prepare now for the regulation, which goes into effect Feb. 7, 2013. READ MORE

SAFE Act Audit Deadline Approaching

September 18, 2012
The SAFE Act requires that credit unions subject to the Act’s requirements conduct an annual independent test. READ MORE

The Works Blog The Works Blog is produced by PolicyWorks LLC, Des Moines, Iowa.

#BSA #AML Examination Manuel Update released

On December 2nd the Federal Financial Institutions Examination Council (FFIEC) released the much anticipated revised Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. An update for this manual had not been released since 2010. The revisions clarify supervisory expectations and incorporate regulatory changes since the last update. Numerous revisions have been made throughout the manual. Sections […]

#FannieMae & #FreddieMac’s New Guidelines Aim to Make Mortgage Lending Easier

New guidelines from Fannie Mae and Freddie Mac took effect this Monday, with the intent of relaxing lending standards for borrowers.  The new guidelines provide clarification on when lenders can be penalized for making mistakes in mortgages they sell to Fannie and Freddie.  Prior to the update, lenders  cautious of making a mistake kept strict standards […]

Proposed Changes to Mortgage Servicing Rules

On November 20th the Consumer Financial Protection Bureau (“CFPB”) proposed to amend several mortgage servicing rules under both Regulation Z and Regulation X. The proposed rule is 492 pages long and to date has not been thoroughly vetted. However, let’s take a look at some of the highlights: Successors in Interest: A successor in interest […]
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