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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?

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)”

Looking Ahead

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

  • NCUA proposals rule changes for chartering and membership. – The National Credit Union Administration (NCUA) issued a proposed rule to comprehensively amend its chartering and field of membership rules to put them in a more efficient framework and to maximize access to federal credit union services to the extent permitted by law. Comments on the proposal are due by February 8, 2016. More information can be found on Regulations.Gov.
  • FinCEN postpones FBAR filing deadline. In December, the Financial Crimes Enforcement Network (FinCEN) announced the extension of time for certain Report of Foreign Bank and Financial Accounts (FBAR) filings. The date has been extended to April 15, 2017. All other U.S. persons required to file an FBAR are required to meet the June 30, 2016, deadline.
  • Federal Reserve issues final rule for non-traditional stock corporations. The Federal Reserve Board (FRB) issued a final rule with amendments to the Board’s Regulation Q (Capital Adequacy of Bank Holding Companies, Savings and Loan Holding Companies, and State Member Banks). According to the announcement, the amendments adopted will clarify how the definition of certain terms applies to ownership interests issued by depository institution holding companies that are structured a certain way. 
  • 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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