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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?

Filing due date extended – FinCEN issued Notice 2014-1 which extended the due date for filing FBARs by certain individuals with signature authority over, but no financial interest in, foreign financial accounts of their employer or a closely related entity. The new due date is June 30, 2016.

  • On Learning Link™, the topic “Bank Secrecy Act” in the following has 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
    • Achieving Consumer Lending Excellence
    • Achieving Consumer Lending Excellence for Credit Unions
    • Achieving Mortgage Lending Excellence
    • Achieving Mortgage Lending Excellence for Credit Unions
    • Achieving Platform Excellence
    • Achieving Platform Excellence for Credit Unions
    • Achieving Teller Excellence
    • Achieving Teller Excellence for Credit Unions
    • World of Banking
    • Focus on BSA/AML Compliance for the following roles:
      • Compliance and FIU
      • Operations
      • Branch Management
      • eBanking
      • Lenders
      • Platform
      • Tellers
      • Board of Directors and Senior Management
      • Retail
      • Small Businesses
      • Trust and Investments
      • Wholesale
      • Capital
      • International
    • Focus on BSA/AML Compliance for Credit Unions for the following roles:
      • Compliance and FIU
      • Operations
      • Branch Management
      • eBanking
      • Lenders
      • Tellers
  • On Banker’s Academy LMS™, the following has been updated:
    • BSA Requirements, Topic 1 “Bank Secrecy Act”
    • BSA Requirements for RMLOs, Topic 1 “RMLOs and the Bank Secrecy Act”
    • MSBs: BSA Requirements, Topic 1 “Bank Secrecy Act”

New 314(a) Fact Sheet issued – The 314(a) Fact Sheet issued by the Financial Crimes Enforcement Network includes guidance on information sharing with law enforcement.

  • On Learning Link™, the topic “Information Sharing” in the following has been updated:
    • Focus on Compliance
    • Focus on Compliance for Credit Unions
    • Focus on Compliance for MSBs
    • Focus on Compliance for Mortgage Lenders
    • Focus on BSA/AML Compliance for the following roles:
      • Compliance and FIU
      • Operations
      • Branch Management
      • Trust and Investments
      • Wholesale
      • Capital
      • International
    • Focus on BSA/AML Compliance for Credit Unions for the following roles:
      • Compliance and FIU
      • Operations
      • Branch Management
  • On Banker’s Academy LMS™, the following has been updated:
    • AML Requirements, Topic 4 “Information Sharing”
    • AML Requirements for RMLOs, Topic 4 “RMLOs and Information Sharing”
    • MSBs: AML Requirements, Topic 3 “Information Sharing”

Amendments to TRID – On January 20, the Consumer Financial Protection Bureau (CFPB) published a final rule delaying the deadline for revised Loan Estimates resulting from rate locks to the third business day, among other things.

  • On Learning Link™, the topic “Disclosures” in the following has been updated:
    • Focus on Compliance
    • Focus on Compliance for Credit Unions
    • Focus on Compliance for MSBs
    • Focus on Compliance for Mortgage Lenders
  • On Banker’s Academy LMS™, the following has been updated:
    • Regulation Z: Truth in Lending Act (TILA), Topic 4 “TILA Disclosures”
    • Mortgage Lenders: Regulation Z: Truth in Lending Act (TILA), Topic 4, “ML TILA Disclosures”

FRB Regulation J amended – Effective July 23, 2015, the Federal Reserve Board (FRB) will be adopting amendments to Regulation J to permit Reserve Banks to obtain settlement from paying backs as easly as 8:30AM ET for certain checks.

  • On Learning Link™, the topic “Focus on Regulation J” in the following has been updated:
    • Focus on Compliance
  • On Banker’s Academy LMS™, the following has been updated:
    • Regulation J, Topic 1 “Regulation J”

New Appendix J Issued – The Federal Financial Institutions Examination Council (FFIEC) has released a new Appendix J, "Strengthening the Resilience of Outsourced Technology Services," to the "Business Continuity Planning" booklet of the FFIEC Information Technology Examination Handbook.

  • On Learning Link™, the topic “Other Policies, Standards, and Processes” in the following has been updated:
    • Business Continuity Planning for Top Management
  • On Banker’s Academy LMS™, the following has been updated:
    • The FFIEC’s Business Continuity Planning Booklet, Topic 2 “Business Continuity Planning”

IRS presents the IDES – The Internal Revenue Service’s Large Business and International division has opened the FATCA International Data Exchange Resources and Support Information (IDES) gateway website that financial institutions and tax authorities abroad can use to send information concerning financial accounts held by taxpayers in the U.S., in order to comply with the Foreign Account Tax Compliance Act (FATCA).

  • On Learning Link™, the topic “FATCA Implementation” in the following has been updated:
    • Focus on Compliance
    • Focus on Compliance for Credit Unions
  • On Banker’s Academy LMS™, the following has been updated:
    • FATCA, Topic 2 “FATCA Implementation”

New rules adopted concerning security-based swap data – The SEC has announced that it is adopting new rules under the Securities Exchange Act governing the security-based swap data repository (SDR) registration process, duties, and core principles. The SEC is also adopting a new registration form and amending existing regulations in order to accommodate SDRs. These amendments are effective on May 18, 2015.

  • On Banker’s Academy LMS™, the following has been updated:
    • Swap Dealers, Topic 1 “Swap Dealers”

Information on sexual orientation discrimination added – Information has been added concerning sexual orientation discrimination in the workplace to several courses concerning Equal Employment Opportunity (EEO).

  • On Learning Link™, the topic “Sex Discrimination” in the following has been updated:
    • EEO
    • EEO for Credit Unions
  • On Banker’s Academy LMS™, the following has been updated:
    • Discrimination, Topic 5 “Age, Racial, and Sexual Discrimination”

NEW TOPIC on medical identity theft added – A new and dangerous form of identity theft is growing in the United States; to that effect, Banker’s Academy has added a new topic helping financial institutions identify red flags of this type of fraud.

  • On Learning Link™, the topic “Medical Identity Theft” in the following has been added:
    • Fraud Prevention
    • Fraud Prevention for Credit Unions
  • On Banker’s Academy LMS™, the following has been added:
    • Common Fraud Schemes II, Topic 7 “Medical Identity Theft”

NEW TOPIC on implementing and planning added – Banker’s Academy has updated its course concerning office safety and health by adding a new topic.

  • On Banker’s Academy LMS™, the following has been added:
    • Office Safety and Health, Topic 2 “Implementing and Planning”

NEW COURSE on trade-based money laundering added – Banker’s Academy has added a new course that will introduce the learner to the crime of trade-based money laundering (TBML), the process of disguising criminal proceeds through trade to legitimize their illicit origins. The course will define TBML and will familiarize the learner with the various aspects of TBML, including red flags, customer due diligence, and information sharing policies.

On Banker’s Academy LMS™, the course includes the following topics:

  • What is TBML?
  • FATF Recommendations and TBML
  • Trade Transparency Unit
  • Red Flags of TBML
  • Preventing TBML at Your Institution
  • Case Studies

NEW CURRICULUM on cybersecurity added – Banker’s Academy has added a new curriculum to its Compliance and Regulatory library on cybersecurity. This curriculum includes two brand new courses which will introduce the learner to difference aspects of cybersecurity, and will discuss protecting institutions from cyberattacks.

On Banker’s Academy LMS™, the courses are as follows:

  • Introduction to Cybersecurity
    • Introduction to Cybersecurity
    • The Evolution of Cybercrime and Detection
    • Preventing and Reporting Cybercrime
  • Cybersecurity
    • Cyber Terrorism, Espionage, and Warfare
    • Other Cybersecurity Situations
    • Case Studies
    • Protecting the Organization
    • Federal Countermeasures

COURSE UPDATED: HR Compliance – Banker’s Academy has updated its HR Compliance course by combing some topics and adding new content in order to better equip learners with a more comprehensive understanding of HR-related information.

On Banker’s Academy LMS™, the course now includes the topics:

  • HR Compliance
    • Laws and Policies (formerly “Laws and Policies” and “Discrimination and Harassment”)
    • Sexual Harassment (formerly “Sexual Harassment” and “Sexually Harassing Behaviors”)
    • DOL*
    • ADA (formerly “ADA” and “Understanding ADA”)
    • FLSA
    • FMLA
    • HIPAA
    • OSHA*

*New topic

We have further updated the “FMLA” topic of this course to include information on the new DOL forms, which are valid through May 2018.

Looking Ahead

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

  • USA PATRIOT Act provisions expire – The sunset deadline for the USA PATRIOT Act provision authorizing the collection of phone metadata passed after a rare Sunday Senate session. The Senate voted to consider the USA Freedom Act, which would end the collection of data by the National Security Agency (NSA). Other provisions that expired include the "lone wolf" provision and the "roving wiretap" provision, as well as Section 215 of the Patriot Act. More information about the USA PATRIOT Act can be found on the FinCEN's website here.
  • Updates to FAQ on changes to Cuba sanctions program – In May, the U.S. Department of the Treasury updated their "Frequently Asked Questions on Changes to the Cuba Sanctions Program." These questions provide an overview of the Office of Financial Assets Control's (OFAC's) regulations regarding the Cuba sanctions, and highlight what changes have been made to the program since the easing of the Cuban embargo on December 17, 2014. The FAQ can be viewed here.
  • Proposed amendments to Regulation D – The Federal Reserve Board (FRB) has issued a notice of proposed rulemaking for amendments to Regulation D regarding the payment of interest on certain balances maintained at Federal Reserve Banks by or on behalf of eligible institutions. According to the Federal Register, “the propose amendments should help to enhance the role of such rates of interest in moving the federal funds rate into the specified target range.” More information can be found here.
  • Proposed amendments to share insurance regulations – The National Credit Union Administration (NCUA) Board has issued a proposed rule to amend its share insurance regulations to implement statutory amendments to the Federal Credit Union Act. Comments are due before July 13, 2015. More information can be found here.
  • Proposed rule concerning CLFs – The NCUA has issued a proposed rule to exclude Central Liquidity Facility (CLF)-related bridge loans from the aggregate unsecured lending cap to one borrower applicable to a corporate credit union. Comments are due in June. More information can be found here.
  • 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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