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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 content regarding the Military Lending Act has been added. – This new information builds upon policies already outlined in the Servicemember’s Civil Relief Act topic. The Department of Defense’s Military Lending act aims to protect military servicemembers and their families from unfair or predatory lending practices.

On Learning Link™, the following courses have been updated:

  • Focus on Compliance
    • Module 21, Topic 2, “Military Lending Act”
  • Focus on Compliance for Credit Unions
    • Module 22, Topic 2, “Military Lending Act”

On Banker’s Academy LMS™, the following has been updated:

  • SCRA, Topic 5 “Military Lending Act”
  • Credit Unions: SCRA, Topic 5 “Military Lending Act”

Regulation B content added. - Regulation B is a new course that has been added to our Compliance Regulation content. Under Regulation B everyone who applies for either personal or business credit is protected by The Equal Credit Opportunity Act. ECOA was designed to prevent systemic discrimination during all phases of the credit process.

 On Learning Link™, the following courses have been updated:

  • Focus on Compliance
    • Module 70, Topic 1, “Regulation B”
  • Focus on Compliance for Credit Unions
    • Module 70, Topic 1, “Regulation B”

On Banker’s Academy LMS™, the following has been updated:

  • Regulation B, Topic 1, “Regulation B”
  • Credit Unions: Regulation B, Topic 1, “Regulation B”

New CFPB course available. – A new course has been added to our catalog regarding The Consumer Financial Protection Bureau. The CFPB is an independent agency of the United States government responsible for educating consumers about financial affairs, enforcing financial regulations, and policing for violations.

 On Learning Link™, the following courses have been updated:

  • Focus on Compliance
    • Module 71, Topic 1, “The Consumer Financial Protection Bureau”
  • Focus on Compliance for Credit Unions
    • Module 71, Topic 1, “The Consumer Financial Protection Bureau”

On Banker’s Academy LMS™, the following has been updated:

  • The Consumer Financial Protection Bureau, Topic 1, “CFPB”
  • Credit Unions: The Consumer Financial Protection Bureau, Topic 1, “CFPB”

Regulation M updated. – The Dodd-Frank Act mandates that certain financial legislation be reviewed annually. Regulation M has been reviewed, and there have been no significant changes in policy for 2016. Regulation B standardizes the language and procedures used in the process of signing a lease.

On Learning Link™, the following courses have been updated:

  • Focus on Compliance
    • Module 20, Topic 1, “Focus on Reg M”
  • Focus on Compliance for Credit Unions
    • Module 20, Topic 1, “Focus on Reg M”

On Banker’s Academy LMS™, the following has been updated:

  • Regulation M, Topic 1, “Regulation M (Consumer Leasing Act)”
  • Credit Unions: Regulation M, Topic 1, “Regulation M (Consumer Leasing Act)”

Regulatory Changes to IRAs - Limits to annual contributions made to different types of IRAs are often contingent upon individual income, and are subject to annual review. The income limit for a Roth IRA has been increased for 2016.

On Learning Link™, the following courses have been updated:

  • Achieving Platform Excellence
    • Unit 3, Module 1, Topic 6, “IRAs”
  • Achieving Platform Excellence for Credit Unions
    • Unit 3, Module 1, Topic 6, “IRAs”
  • Achieving Customer Service Excellence
    • Module 5, Topic 6, “IRAs”
  • Achieving Sales and Service Excellence
    • Module 5, Topic 6, “IRAs”
  • Achieving Sales and Service Excellence for Credit Unions
    • Module 5, Topic 6, “IRAs”
  • Achieving Service Excellence for Credit Unions
    • Module 5, Topic 6, “IRAs”
  • Achieving Banking Excellence
    • Unit 3, Module 1, Topic 6, “IRAs”
  • Take Charge! Achieving Teller Excellence
    • Unit 3, Module 1, Topic 6, “IRAs”
  • Take Charge! Achieving Teller Excellence for Credit Unions
    • Unit 3, Module 1, Topic 6, “IRAs”
  • Introduction to IRAs
    • Module 1, Topic 1, “Introduction to IRAs”
  • Introduction to IRAs for Credit Unions
    • Module 1, Topic 1, “IRAs”

On Banker’s Academy LMS™, the following has been updated:

  • IRAs, Topic 1, “Introduction to IRAs”
  • Credit Unions: IRAs, Topic 1, “Introduction to IRAs”
  • Bank Products, Topic 6, “IRAs”
  • Credit Union Products, Topic 6, “IRAs”

Fee adjustments under Regulation Z - The adjusted statutory fee trigger, and the adjusted total loan amount threshold for HOEPA loans has been decreased for 2016.

  • Focus on Compliance
    • Module 15, Topic 1, “Focus on Truth in Lending”
  • Focus on Compliance for Credit Unions
    • Module 16, Topic 1, “Focus on Truth in Lending”
  • Focus on Compliance for MSBs
    • Module 2, Topic 1, “Focus on Truth in Lending”
  • Focus on Compliance for Mortgage Lenders
    • Module 9, Topic 1, “Focus on Truth in Lending”
  • Achieving Consumer Lending Excellence
    • Unit 6, Module 1, Topic 7, “Focus on Truth in Lending”
  • Achieving Consumer Lending Excellence for Credit Unions
    • Unit 6, Module 1, Topic 8, “Focus on Truth in Lending”
  • Achieving Mortgage Lending Excellence
    • Unit 5, Module 1, Topic 8, “Focus on Truth in Lending”
  • Achieving Mortgage Lending Excellence for Credit Unions
    • Unit 5, Module 1, Topic 8, “Focus on Truth in Lending”
  • Achieving Platform Excellence
    • Unit 6, Module 1, Topic 11, “Focus on Truth in Lending”
  • Achieving Platform Excellence for Credit Unions
    • Unit 6, Module 1, Topic 11, “Truth in Lending”
  • Achieving Commercial Lending Excellence
    • Unit 6, Module 1, Topic 7, “Focus on Truth in Lending”

On Banker’s Academy LMS™, the following has been updated:

  • Regulation Z (TILA), Topic 1, “Truth in Lending”
  • Credit Unions: Regulation Z (TILA), Topic 1, “Truth in Lending”

Regulatory changes to the National Flood Insurance Program - The goal of the National Flood Insurance Program is to reduce the financial impact that flood damage can have on homeowners and the federal government. Mandatory Escrow Requirements for any institution or servicer acting on behalf of an institution that is FCIC supervised is subject to change annually.

  • Focus on Compliance
    • Module 13, Topic 3, “Amount of Flood Insurance”
  • Focus on Compliance for Credit Unions
    • Module 15, Topic 3, “Amount of Flood Insurance”
  • Focus on Compliance for Mortgage Lenders
    • Module 7, Topic 3, “Amount of Flood Insurance”
  • Achieving Mortgage Lending Excellence
    • Unit 5, Module 1, Topic 18, “Flood”
  • Achieving Mortgage Lending Excellence for Credit Unions
    • Unit 5, Module 1, Topic 18, “Flood”
  • Achieving Consumer Lending Excellence
    • Unit 6, Module 1, Topic 18, “Flood”
  • Achieving Consumer Lending Excellence for Credit Unions
    • Unit 6, Module 1, Topic 17, “Flood”
  • Achieving Commercial Lending Excellence
    • Unit 6, Module 1, Topic 15, “Flood”

On Banker’s Academy LMS™, the following has been updated:

  • Flood, Topic 3, “Amount of Flood Insurance”
  • Credit Unions: Flood, Topic 3, “Amount of Flood Insurance”

Looking Ahead

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

  • Mandatory Arbitration clause under review – According to the spring 2016 rulemaking agenda released by the CFPB earlier this week, a new rule is being proposed that would ban many institutions from using this type of clause to avoid lawsuits.
     
  • Adjusted threshold amounts for HOEPA loans - the adjusted total loan amount threshold for high cost mortgages is set to increase in 2017.
     
  • Ban on Payday Lending –   On June 2nd, 2016 The Consumer Financial Protection Bureau (CFPB) proposed a new rule which, if enacted, would require lenders to ensure that the parameters of lending agreements are fair, and that consumers have the ability to repay their loans.
  • 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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