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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?

Third Party Relationship Management – A new topic has been added concerning third party oversight, gap analysis, service provider relationships, and vendor management programs. This topic will also discuss UDAAPs and third-party arrangements.

  • On Learning Link™, the following courses have been updated:
    • Focus on Compliance
    • Focus on Compliance for Credit Unions
    • Focus on Compliance for Mortgage Lenders
  • On Banker’s Academy LMS™, the following has been updated:
    • Fair Lending, Topic 12, “Third-Party Relationship Management”

Basel III Guidelines – In September, under Basel III guidelines, the United States Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) finalized a rule concerning liquidity coverage ratio (LCR) to ensure that banks have sufficient funding to withstand a crisis.

  • On Learning Link™, the following have been updated:
    • Overview of Basel II and III, Topic 1 “What is Basel III?”
  • On Banker’s Academy LMS™, the following has been updated:
    • Overview of Basel II and III, Topic 9 “Basel III”

Red Flags of Human Trafficking and Smuggling – FinCEN published an Advisory concerning red flags of human trafficking and smuggling. Examples of these red flags were added to our current topics.

  • On Learning Link™, the following has been updated:
    • Focus on Compliance, Module 2, Topic 9 “Red Flags of Money Laundering”
    • Focus on Compliance for Credit Unions
    • Focus on Compliance for Mortgage Lenders
    • BSAAML By-Roles:
      • FIU
      • Operations
      • eBanking
      • Branch Management
      • Lenders
      • Platform
      • Tellers
      • Board of Directors/Senior management
      • Retail Support
      • Small Business
      • Trust
      • Wholesale
      • International
      • Capital
      • Credit Union versions
  • On Banker’s Academy LMS™, the following has been updated:
    • AML Requirements

Regulation M Exemption Thresholds – The Board of the Federal Reserve and the Consumer Financial Protection Bureau adjusted the exemption threshold to $54,600, effective January 1, 2015, based on the annual percentage increase in the CPI-W as of June 1, 2014.

  • On Learning Link™, the following courses have been updated:
    • Focus on Compliance, Module 20, Topic 1 “Regulation M”
    • Focus on Compliance for Credit Unions
  • On Banker’s Academy LMS™, the following courses have been updated:
    • Regulation M

SME Updates – As part of Banker’s Academy’s ongoing push to create more robust and effective courses, we have updated several topics that have been vetted by Subject Matter Experts (SMEs).

  • "UDAAP" Updates
    • FOC, Module 18 and Module 45
    • Similar topics in:
      • FOC CU
      • Regulation AA (v6), Topics 1, 2, and 3
  • "The Volcker Rule" Updates
    • FOC, Module 59, Topics 1 and 2
    • Similar topics in FOC CU
  • "Finance Charges" Updates
    • FOC, Module 15, Topic 3 “Finance Charges” and Topic 9 “Credit CARD Act”
    • Similar topics in:
      • FOC CU
      • FOC ML
      • FOC for MSBs
      • Regulation Z: TILA (v6), Topic 3 “Finance Charges” and Topic 9 “Credit CARD Act”

Regulation D – Banker’s Academy has updated its “Regulation D” topics to include information on international banking facilities (IBFs), which enable depository institutions in the U.S. to offer deposit and loan services to foreign residents and institutions free of Federal Reserve System reserve requirements.

  • On Learning Link™, the following courses have been updated:
    • FOC CU
    • Achieving Platform Excellence (APE)
    • APE CU
    • Achieving Teller Excellence (ATE)
    • ATE CU
    • World of Banking (WOB)
  • On Banker’s Academy LMS™, the following course has been updated:
    • Regulation D , Topic 1 “Regulation D”

FRB Regulation YY – A new module and course has been created to address FRB Regulation YY, Enhanced Prudential Standards, which implements the enhanced prudential standards and the early remediation requirements mandated by the Dodd-Frank Act for large bank holding companies and systemically important nonbank financial firms.

  • On Learning Link™, the following have been updated:
    • Focus on Compliance
    • Focus on Compliance for Credit Unions
  • On Banker’s Academy LMS™, the following course has been created:
    • Regulation YY

Regulation H – Information concerning state-chartered banks,  financial institutions that have been chartered by a state to provide commercial banking, has been added to “Regulation H” along with information about filing and documentation procedures.

  • On Learning Link™, the following has been updated:
    • Focus on Compliance
  • On Banker’s Academy LMS™, the following has been updated:
    • Regulation H

Fair Debt Collection Practices Act – Content about the garnishment of certain exempt Federal benefit payments that are directly deposited into accounts at financial institutions has been added to topics concerning the “Fair Debt Collection Practices Act.” Inclusive is information about the process for determining protected amounts, notification requirements, and the new Comptroller’s Handbook Booklet.

  • On Learning Link™, the following have been updated:
    • Focus on Compliance
    • Focus on Compliance for Credit Unions
    • Focus on Compliance for Mortgage Lenders
  • On Banker’s Academy LMS™, the following has been updated:
    • Fair Lending

2015 TILA Rates – The Consumer Financial Protection Bureau issued a final rule amending certain dollar amounts under Regulation Z.  The adjusted dollar amount for the penalty fees safe harbor in 2015 is $27 for a first late payment and $38 for each subsequent violation within the following six months. For HOEPA loans, the adjusted total loan amount threshold is $20,391, effective January 1, 2015. The adjusted statutory fee trigger for HOPEA loans is $1,020, effective January 1, 2015.

  • On Learning Link™, the following have been updated:
    • Focus on Compliance
    • Focus on Compliance for Credit Unions
    • Focus on Compliance for MSBs
    • Focus on Compliance for Mortgage Lenders
    • Achieving Commercial Lending Excellence (ACOMLE)
    • Achieving Consumer Lending Excellence (ACLE)
    • ACLE CU
    • Achieving Mortgage Lending Excellence (AMLE)
    • AMLE CU
    • APE
    • APE CU
  • On Banker’s Academy LMS™, the following have been updated:
    • Regulation Z: TILA
    • ML: Regulation Z (TILA)

2015 IRA Rates – The Internal Revenue Service announced the 2015 pension plan limitations and other cost-of-living adjustments. These include the contribution limit for employees participating in 401(k)s and the limit on annual contributions to IRAs.

  • On Learning Link™, the following have been updated:
    • IRAs
    • IRAs for CUs
    • ATE
    • ATE CU
    • APE
    • APE CU
    • WOB
    • Achieving Banking Excellence (ABE)
    • Achieving Branch Manager Excellence (ABME)
    • Sales and Service
    • Sales and Service CU
    • Achieving Customer Service Excellence (ACSE)
  • On Banker’s Academy LMS™, the following have been updated:
    • Bank Products
    • Credit Union Products
    • IRAs
    • IRAs for CU

2015 HSA/FSA Rates – The IRS released the 2015 inflation adjusted amounts for Health Savings Accounts (HSAs) as determined under § 223 of the Internal Revenue Code. Other tax benefits, including the annual dollar limit on employee contributions to employer-sponsored healthcare flexible spending arrangements (FSA), have also increased due to inflation adjustments.

  • On Learning Link™, the following have been updated:
    • Health Savings Accounts (HSAs)
    • HSAs for CUs
  • On Banker’s Academy LMS™, the following have been updated:
    • Health Savings Accounts
    • Flexible Spending Accounts

Looking Ahead

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

  • Revised FFIEC BSA/AML Exam Manual released. The Federal Financial Institutions Examination Council (FFIEC) released the 2014 edition of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. The revision clarifies supervisory expectations and incorporates regulatory changes since the release of the 2010 edition. Updates will soon be available in all relevant courses!
  • Disclosure rule webinar archive available. The CFPB has posted recordings and supplementary material for its series on the "TILA-RESPA Integrated Disclosures—Completing the Closing Disclosure." The webinars address the new rule as creditors, mortgage brokers, settlement agents, software developers, and other stakeholders work to implement it over the next several months. These can be accessed online.
  • FBAR deadline extended. The Financial Crimes Enforcement Network (FinCEN) has announced another extension, to June 30, 2015, for certain Report of Foreign Bank and Financial Accounts (FBAR) filings. The extension was issued due to ongoing consideration of questions regarding the filing requirement and its application to individuals with signature authority over but no financial interest in certain types of accounts.
  • 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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