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China Devalues Yuan Following Slump in Trade

August 13, 2015 – On Tuesday, China devalued its tightly controlled currency, the yuan, in the wake of the country’s economic turmoil. The devaluation of 2% is said to be the biggest one-day decline in over ten years.

As a result of the devaluation, Asian currencies and stock markets across the region declined sharply: the onshore yuan suffered its biggest one-day loss in almost twenty years, sending the Thai baht, the Singapore dollar, the Korean won, and the Philippine peso to multiyear lows, according to the Wall Street Journal.

The Chinese government cited it as a free-market reform, a “change in methodology to make it more responsive to market forces,” but many critics think it might be the sign of a longer-term slide in the exchange rate which might lead to tensions with U.S. manufacturers. A weaker yuan will make Chinese exports more competitive, a boon for Chinese exporters who already have very thin profit margins.

According to one source, “China’s decision to devalue the yuan Tuesday—effectively lowering the value of exports and increasing the cost of imports for domestic buyers—is likely to deepen price declines among copper, aluminum and other metals. China consumes nearly half of the world’s annual output of metals.”

Edcomm Group Banker’s Academy is always ready and able to help financial institutions and other banking organizations to navigate the tumultuous economic climate. Visit our Banking and Financial Course Catalogue for processes and procedures for traversing these international financial shifts!


Deng, Chao. “Currencies in Asia Tumble on Devaluation of Chinese Yuan.” The Wall Street Journal. Dow Jones & Copmany, Inc., 11 August 2015. Web. 11 August 2015.

Mukherji, Biman. “With Yuan Devaluation, China Digs a Hole for Commodities.” The Wall Street Journal. Dow Jones & Copmany, Inc., 11 August 2015. Web. 11 August 2015.

EMV Fraud Liability Shift Deadline Looms

August 12, 2015 – On October 1, 2015, the EMV Liability Shift, announced by Visa, MasterCard, Discover, and American Express back in 2011 and 2012, will take effect in the United States. Issuers and merchants using non-EMV compliant devices that choose to accept transactions made with EMV-compliant cards will be required to assume liability for any and all transactions that are found to be fraudulent.

Over the past few years, the major credit card issuers have announced plans to move toward full EMV-standard compliance, marking several milestones along the way. Visa and MasterCard, for instance, announced PCI Audit Relief back in 2012, and anticipate an October 2017 compliance date for fraud liability at automated fuel dispensers.

The looming question remains whether or not financial institutions and other retailers will be ready to both issue credit cards and accept chip-and-PIN-enabled cards. Last year, the retail giants Home Depot, Target, Walgreens, and Wal-Mart, some of the victims of recent cybersecurity hacks and massive identity theft, pledged to install chip-and-PIN compatible card readers by this  past January, and for the most part this has been the case.

However a recent Gallup has shown that only 32% of small business owners in the United States are aware of the coming liability shift, and those who are aware are hesitant to invest in the new technology, even if it means that credit and debit card transactions will be safer and more secure.

Edcomm Group Banker’s Academy helps financial institutions and organizations alike to weather banking and financial changes such as these with efficient eLearning delivery systems and robust course offerings, such as EMV, a course which analyzes and discusses the implementation of EMV technology in the United States.


Payments Leader. “Will Retailers Be Reader for EMV by Oct 2015?” Payments Leader. Payments Leader, 16 October 2014. Web. 12 August 2015. 

Indian Financial Code Still Under Consideration

August 4, 2015 – The revised draft of the Indian Financial Code (IFC), which was released on July 23rd, 2015, proposes to dilute the Reserve Bank of India (RBI) Governor’s power, particularly his ability to veto policy rates.

According to one source, the Financial Sector Legislative Reforms Commission (FSLRC), created in March of 2011, re-wrote the IFC to regulate the financial sector and introduce principles for financial regulation and the constitution, objectives, powers and interaction of financial agencies. Its aim was also to bring about coherence and efficacy in the financial regulatory framework.

The Code deals with the establishment of financial agencies, establishment and structure of the tribunal, allocation and regulation of financial services. A part of it discusses the functioning of financial agencies, such as boards of financial agencies, strength and composition of boards; decision making, advisory councils, accountability mechanisms and funding for financial agencies.

However, in early August, the Modi government disowned the proposals in the draft IFC, stating that the people of India “own the draft, not the Government or the FSLRC.” It was claimed that the Code seeks to dilute the Reserve Bank’s powers to regulate the foreign exchange and government bond markets in addition to setting monetary policy, to the detriment of Indian financial markets.

Edcomm Banker’s Academy helps financial organizations and companies from around the world to navigate shifts in monetary and economic policy with efficient e-Learning delivery systems and curricula that address bank personnel responsibilities in light of new regulatory rules and procedures.


ET Bureau. “The Indian Financial Code: What’s promising, what’s not.” The Economic Times. The Times of India, 29 July 2015. Web. 4 August 2015. 

TRID Effective Date Pushed to October

July 27, 2015 – On July 21st, it was announced that the Consumer Financial Protection Bureau (CFPB) issued its final rule confirming the delay of the effective date of the TILA-RESPA Integrated Disclosures (TRID) Rule, also known as Know Before You Owe. The original date of August 1st, 2015 was pushed to October 3rd, 2015.

In addition to the date change, the rule makes two technical corrections, including:

  • Amending 12 CFR § 1026.38(i)(8)(ii) and (iii)(A) to “include, in the amount disclosed as ‘Final’ for Adjustments and Other Credits, the amount disclosed under § 1026.38(j)(1)(iii) for certain personal property sales, thus conforming the calculation of Adjustments and Other Credits on the Closing Disclosure and Loan Estimate.”
  • Amending 12 CFR § 1026.38(j)(1)(iv) to “include, in the amount disclosed as Closing Costs Paid at Closing, lender credits disclosed under § 1026.38(h)(3), thus conforming the disclosure of the borrower’s cash to close in the Calculating Cash to Close and the Summaries of Transactions tables on the Closing Disclosure.”

The final rule can be viewed in its entirety through the CFPB's website.

Mortgage Loan Originators (MLOs) are hastening to prepare themselves to be compliance-ready even as they wonder what the effects of the TRID Rule will be.

In light of these concerns, more than twenty real estate industry trade groups have joined together in support of HR 3912, the Homebuyer Assistant Act, which provides an official hold-harmless period for enforcement of TRID for those that make good-faith efforts to comply. NAFCA and CUNA are among the supports who have signed off on a letter to the House Financial Services Committee calling for passage of HR 3912.

Edcomm Banker’s Academy helps financial institutions, organizations, and companies alike prepare for regulatory change, including changes such as these. One of our most popular course offerings is the “Fair Lending” course, which educates learners on fair lending procedures and regulations, discusses marketing and advertising requirements, and informs learners of the appraisal, interview, and underwriting processes. Rapid change in a compliance and regulatory law can be more easily achieved with a sophisticated, focused Consolidated Learning Management strategy.

Dodd-Frank Turns Five

July 24, 2015 -- Tuesday, July 21st, marked the five-year anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or Dodd-Frank Act (DFA) for short, and since then there have been a slew of posts on how the massive overhaul of regulations has been successful or unsuccessful. Either way, the Act has certainly changed the way we look at our financial position in the world.

According to one website, the changes wrought by the historic law can be summed up like so:

  • Big banks are bigger and have more capital reserves but are probably safer.
  • Consumers are more knowledgeable about credit but are less able to get it.
  • Restrictions on trading activities might create a worrisome liquidity problem.

Many critics worry that the law, the most sweeping reform of financial law since the New Deal, has created a “regulatory overreach” that makes things tougher for consumers to gain access to credit while small credit unions and banks shutter their doors and big banks get bigger. CNBC notes that “the banking system’s assets have swelled 30% since the financial crisis [of 2008], and the top five institutions control nearly 50% of the total.”

The DFA was designed to address the excesses in financial markets and mortgage lending that triggered the financial crisis and forced massive bailouts of Wall Street firms. NPR states that even after half a decade, regulators have only implemented two-thirds of the mandated DFA regulations.

Edcomm Banker’s Academy is the best source for information and updates concerning the DFA as laws and regulations continue to evolve in light of this game-changing law. Our most popular curricula address the compliance regulations most effective by the DFA, helping to keep you informed of every substantive change that takes place!


Cox, Jeff. “5 years later, 5 things to know about Dodd-Frank.” CNBC. NBCUniversal, 21 July 2015. Web. 24 July 2015.

Ydstie, John. “5 Years Later, Legacy of Financial Overhaul Still Being Weighed.” NPR. NPR, 23 July 2015. Web. 24 July 2015. 

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