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Compliance Updates

Compliance & RegulatoryOur Compliance Specialists maintain a dynamic and chronological database of updates as they are made to our courses, in order to provide our clients with specific and detailed information as to the nature of these updates. Every quarter, we issue what we call our “Compliance Blast,” which provides a detailed account of all compliance updates made in that timeframe. In this manner we keep our clients informed of regulatory changes in the industry that affect their eLearning training.

 

Please review our updates below:

Upcoming Updates

The Edcomm Group Banker’s Academy is dedicated to training excellence and compliance in the field of financial services. Our team of legal experts and research consultants have come together to bring you the very latest in updated regulations and notices from the federal banking agencies, including the Federal Reserve Bank, Office of the Comptroller of the Currency, the Securities and Exchange Commission, the Consumer Financial Protection Bureau, the National Credit Union Administration, and other regulatory authorities.

 

What's New?

Staying apprised of new regulations in the financial industry, and in the effort of developing our ever-expanding library of financial learning, Banker’s Academy is proud to introduce five new courses!

Robberies – This newly-created course will help learners to understand the types of robberies that can occur at a financial institution, and will also provide valuable information on robbery prevention techniques, processes, and procedures.

  • This is currently live as a stand-alone course on the Banker’s Academy LMS™:
    • T1 “Types of Robberies”
    • T2 “Robbery Prevention”
    • T3 “Making Robbery Observations”
    • T4 “Robbery Procedures”
    • T5 “Access Control Unit”

The Volcker Rule – Several federal agencies issued final rules developing the Dodd-Frank Act’s Volcker Rule, which restricts financial institutions and organizations from making certain types of speculative investments. Compliance with the rule is required by July 2015.  

  • This is currently live as a stand-alone course on the Banker’s Academy LMS™.
  • On Learning Link™, “Focus on Compliance” has been updated to include the new module.
    • Module 57 “FATCA”
      • Topic 1 “Foreign Account Tax Compliance Act (FATCA)”
      • T2 “FATCA Implementation”
      • T3 “How FATCA Works”
  • “Focus on Compliance for Credit Unions” has been similarly updated.

FATCA – The Foreign Account Tax Compliance Act (FATCA) was enacted in 2010 to target tax non-compliance by U.S. taxpayers with foreign accounts. Financial institutions are required to register by April 25, 2014 in order to avoid withholding, with certain exceptions. 

  • This is currently live as a stand-alone course on the Banker’s Academy LMS™.
  • On Learning Link™, “Focus on Compliance” has been updated to include the new module.
    • Module 58 “The Volcker Rule”
      • T1 “The Volcker Rule”
      • T2 “Activities and Investments”
  • “Focus on Compliance for Credit Unions” has been similarly updated.

BSA Requirements for Universal Bankers and AML Requirements for Universal Bankers – With the relatively recent increase in customer use of ATMs, online banking, and non-teller-facing services, financial institutions have begun using cross-trained “universal bankers” to help in multiple client-facing areas in a financial institution. Banker’s Academy has provided a branch role-specific exposition on the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) responsibilities of these employees.

  • These are stand-alone courses on the Banker’s Academy LMS™.

National Credit Union Administration (NCUA) – In order to help students understand more about the federal agency governing credit unions, this course provides an overview of the NCUA, including details about its history, the NCUSIF, related regulations, and recent actions and letters issued.

  • This is currently live as a stand-alone course on the Banker’s Academy LMS™:
    • T1 “NCUA”
    • T2 “History of the NCUA”
    • T3 “The BSA and Other Regulations”
    • T4 “Actions, Letters, and CAMEL”

“Focus on Compliance” and “Focus on Compliance for Credit Unions” – In addition to new modules regarding the Volcker Rule and FATCA, the following modules on Learning Link™ and courses on Banker’s Academy LMS™ have been updated with new content and case studies to better highlight the relevance of studying these regulations!

  • Focus on Compliance on Learning Link™
    • Module 51, Topic 1 “Telephone Consumer Protection Act”
    • *New* Module 59, “Foreign Corrupt Practices Act”
      • T1 “Foreign Corrupt Practices Act”
      • T2 “Anti-Bribery Provisions”
      • T3 “Red Flags, Defenses, and Penalties”
      • T4 “Accounting and Recordkeeping Requirements”
      • Focus on Compliance for Credit Unions on Learning link™
        • Module 37, Topic 1 “Telephone Consumer Protection Act”
        • *New* Module 42, “Foreign Corrupt Practices Act”
          • T1 “Foreign Corrupt Practices Act”
          • T2 “Anti-Bribery Provisions”
          • T3 “Red Flags, Defenses, and Penalties”
          • T4 “Accounting and Recordkeeping Requirements”
          • On Banker’s Academy LMS™, Telephone Consumer Protection Act and Foreign Corrupt Practices Act have both been similarly updated.

Looking Ahead

Take a look at regulatory changes and improvements manifesting in the next quarter!

  • Minimum Requirements for Appraisal Management Companies (AMCs). The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Consumer Financial Protection Bureau (CFPB), the Federal Housing Finance Agency (FHFA), and the National Credit Union Administration (NCUA) jointly issued a proposed rule implementing minimum requirements for state registration and supervision of appraisal management companies (AMCs), which are entities that serve as intermediaries between appraisers and lenders and provide appraisal management services. The proposal is currently published in the Federal Register, and the public has 60 days to review and comment before a rule is issued.
  • Regulation C: Home Mortgage Disclosure Act (HMDA). The CFPB is in the prerule activities stage of amending the HMDA. The amendments that the CFPB is considering would make it easier for mortgage lenders to provide information.

 

If the Bureau develops a proposed rule, the process of developing a final rule would take about a year.

Check for updates on the CFPB’s HMDA website here.

  • Extension of the Temporary Exception for Certain Disclosures Under the Remittance Transfer Rule. The CFPB is considering extending an exception to the Remittance Transfer rule for up to five years based upon an analysis of whether or not terminating the provision would negatively affect an institution’s ability to send remittances to foreign locations. A decision will be made by March 2014.
  • Requirements for Prepaid Cards (Regulation E). The CFPB is considering what rule or rules may be appropriate to address for Reg E. A notice of proposed rulemaking (NPRM) will be issued in May 2014.
  • Overdraft Rules. Similar to an NPRM for Regulation E, the CFPB is considering a possible rulemaking for overdrafts and related services. New requirements might address disclosures and specific acts or practices. A proposed rule will likely be submitted in July 2014.
  • Changes to Regs DD, P, and V. The Federal Reserve Board is requesting comment on repealing its versions of Regulations DD (Truth in Savings) and P (Privacy of Consumer Financial Information) as well as on amending the Identity Theft Red Flags rule in Regulation V (Fair Credit Reporting). More information can be found on the federalreserve.gov website.

 

  • We switched to Banker’s Academy over a year ago from a different online training program. The cost savings was tremendous - which has been very helpful in this time of budget cuts. We found that the training content is precise, to the point, and always current. It doesn't have a lot Read More
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