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?

New FATCA legislation passed. – In September, the Internal Revenue Service (IRS) issued Notice 2015-66 extending the start date of withholding on foreign passthru payments to the later of January 1, 2019, or the date of publication in the Federal Register of final regulations defining the term “foreign passthru payment.”

• On Learning Link™, the following courses have been updated:
  • Focus on Compliance
    • Module 59, Topic 2, “FATCA Implementation”
    • Module 59, Topic 3, “How FATCA Works”
  • Focus on Compliance for Credit Unions
    • Module 42, Topic 2, “FATCA Implementation”
    • Module 42, Topic 3, “How FATCA Works”
• On Banker’s Academy LMS™, the following has been updated:
  • FATCA, Topic 2 “FATCA Implementation” and Topic 3 “How FATCA Works”

Corporate account takeover content added. – New content was added to our cybersecurity-centered courses concerning corporate account takeover (CATO), in which cyber criminals target the financial accounts of owners and employees of small and medium-sized businesses, resulting in significant business disruption and substantial monetary losses due to fraudulent transfers from these accounts.

•  On Learning Link™, the following courses have been updated:
  • Introduction to Cybersecurity
    • Module 2, Topic 7, “Other Cybersecurity Situations”
• On Banker’s Academy LMS™, the following has been updated:
  • Cybersecurity Risk and Protection, Topic 2, “Other Cybersecurity Situations”

Final HMDA rule published. – On October 16, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final rule to improve information about access to credit in the mortgage market. The rule requires lenders to report new information that could help identify potential discriminatory lending practices and other issues in the marketplace.

•  On Learning Link™, the following courses have been updated:
  • Focus on Compliance
    • Module 12, Topic 1, “Home Mortgage Disclosure Act”
  • Focus on Compliance for Credit Unions
    • Module 14, Topic 1, “Home Mortgage Disclosure Act”
  • Focus on Compliance for Mortgage Lenders
    • Module 6, Topic 1, “Home Mortgage Disclosure Act”
  • Achieving Consumer Lending Excellence
    • Unit 6, Module 1, Topic 12, “Home Mortgage Disclosure Act”
  • Achieving Consumer Lending Excellence for Credit Unions
    • Unit 6, Module 1, Topic 12, “Home Mortgage Disclosure Act”
  • Achieving Mortgage Lending Excellence
    • Unit 5, Module 1, Topic 12, “Home Mortgage Disclosure Act”
  • Achieving Mortgage Lending Excellence for Credit Unions
    • Unit 5, Module 1, Topic 12, “Home Mortgage Disclosure Act”
  • Achieving Platform Excellence
    • Unit 6, Module 1, Topic 15, “Home Mortgage Disclosure Act”
  • Achieving Platform Excellence for Credit Unions
    • Unit 6, Module 1, Topic 14, “Home Mortgage Disclosure Act”
  • World of Banking
    • Unit 7, Module 1, Topic 5, “Home Mortgage Disclosure Act”
• On Banker’s Academy LMS™, the following has been updated:
  • Home Mortgage Disclosure Act, Topic 2, “Reporting Requirements”

IRS FATCA registration system updated. – In November 2015, the IRS announced that it had upgraded the FATCA Online Registration System, allowing for a smoother application of services during the FATCA registration process.

• On Learning Link™, the following courses have been updated:
  • Focus on Compliance
    • Module 59, Topic 1, “Foreign Account Tax Compliance Act (FATCA)”
  • Focus on Compliance for Credit Unions
    • Module 42, Topic 1, “Foreign Account Tax Compliance Act (FATCA)”
• On Banker’s Academy LMS™, the following has been updated:
  • FATCA, Topic 1, “Foreign Account Tax Compliance Act (FATCA)”