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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:

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 TILA- RESPA disclosures rule has been added. – This new information builds upon our TILA and RESPA courses. The CFPB combined the mortgage loan disclosures under TILA and RESPA. Our new TRID course describes the new disclosures, rules, and guidelines as well as other important details.

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

  • Focus on Compliance
    • Module 16, Topic 1, “TRID”
  • Focus on Compliance for Credit Unions
    • Module 19, Topic 1, “TRID”
  • Focus on Compliance for Mortgage Lenders
    • Module 19, Topic 1, “TRID”
  • Achieving Mortgage Lending Excellence
    • Unit 5, Module 1, Topic 15, “TRID”
  • Achieving Mortgage Lending Excellence for Credit Unions
    • Unit 5, Module 1, Topic 15, “TRID”
  • Achieving Consumer Lending Excellence
    • Unit 6, Module 1, Topic 16, “TRID”
  • Achieving Consumer Lending Excellence for Credit Unions
    • Unit 6, Module 1, Topic 14, “TRID”
  • Achieving Commercial Lending Excellence
    • Unit 6, Module 1, Topic 15, “TRID”
  • Achieving Commercial Lending Excellence for Credit Unions
    • Unit 6, Module 1, Topic 12, “TRID”
  • Achieving Platform Excellence
    • Unit 6, Module 1, Topic 17, “TRID”
  • Achieving Platform Excellence for Credit Unions
    • Unit 6, Module 1, Topic 17, “TRID”
  • World of Banking
    • Unit 7, Module 1, Topic 10, “TRID”

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

  • TRID, Topic 1 “TRID”
  • Credit Unions: TRID, Topic 1 “TRID”

The Automated Clearinghouse (ACH) Updated - This course has been updated to include information regarding new rules about Same Day payments and the ACH Unauthorized Entry Fee.

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

  • Focus on Automated Clearinghouse (ACH)
    • Module 1, Topic 1, “Focus on ACH”

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

  • Automated Clearing house, Topic 2, “The ACH System”
  • Credit Unions: Automated Clearing house, Topic 2, “The ACH System”

The SAFE Act Updated. - The Uniform State Test has become a requirement for obtaining a mortgage license in many U.S states and territories. Our course on The SAFE Act has been updated to include background information about its origins, and details about the exam itself.

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

  • Focus on Compliance
    • Module 48, Topic 1, “The SAFE Act”
  • Focus on Compliance for Credit Unions
    • Module 36, Topic 1, “The SAFE Act”
  • Focus on Compliance for Mortgage Lending
    • Module 36, Topic 1, “The SAFE Act”

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

  • The Safe Act, Topic 1, “The Safe Act”
  • Credit Unions: The Safe Act, Topic 1, “The Safe Act”

Swap Dealers Updated.a new rule which establishes certain capital requirements for all non-cleared swaps and non-cleared security-based swaps of dealers, and major participants has been agreed upon by several agencies and put into practice.

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

  • Swap Dealers, Topic 1, “Swap Dealers”

The Foreign Corrupt Practices Act Course has been updatedThis course has been updated to include the most recent examples and case studies of crimes prosecuted under the act.

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

  • Focus on Compliance
    • Module 62, Topic 3, “Red Flags, Defenses, and Penalties”
  • Focus on Compliance for Credit Unions
    • Module 46, Topic 3, “Red Flags, Defenses, and Penalties”

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

  • Foreign Corrupt Practices Act, Topic 3, “Red Flags, Defenses, and Penalties”
  • Credit Unions: Foreign Corrupt Practices Act, Topic 3, “Red Flags, Defenses, and Penalties”

The NCUA course has been updated - This course has been updated to reflect recent regulation concerning the NCUA, and to include more detail, and clarity of existing information.

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

  • Focus on Compliance for Credit Unions
    • Module 8, Topic 1, “NCUA”
    • Module 8, Topic 2, “History of the NCUA”
    • Module 8, Topic 3, “The BSA and Other Regulations”
    • Module 8, Topic 4, “Actions, Letters, and CAMEL”

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

  • Credit Unions: NCUA, Topic 1, “NCUA”
  • Credit Unions: NCUA, Topic 2, “History of the NCUA”
  • Credit Unions: NCUA, Topic 3, “The BSA and Other Regulations”
  • Credit Unions: NCUA, Topic 4, “Actions, Letters, and CAMEL”

DOL - The Department of Labor (DOL) issued a final rule to update their definition of “investment advice fiduciary” and modify the prohibited transaction exemptions for investment activities to better reflect the new definition. The new rule will become applicable on April 10, 2017.

  • Focus on HR Compliance
    • Module 9, Topic 1, “DOL”
  • Focus on HR Compliance for Credit Unions
    • Module 9, Topic 1, “DOL”
  • Introduction to IRAs
    • Module 2, Topic 2, “History of IRAs”
  • Introduction to IRAs for Credit Unions
    • Module 9, Topic 2, “History of IRAs”

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

  • HR Compliance, Topic 3, “DOL”
  • IRAs, Topic 2, “History of IRAs”
  • Credit Unions: HR Compliance, Topic 3, “DOL”
  • Credit Unions: IRAs, Topic 2, “History of IRAs”

BSA Requirements Updated - to include information on how prepaid cards should be handled by financial institutions to remain compliant, as well as more nuanced information about existing topics such as property rights, and filing an SAR report. The following topics have been updated in the BSA courses below BSA/AML Compliance, Suspicious Reports Acts (SARs), and Customer /Member Identification Program (CIP/MIP)

  • Focus on Compliance
  • Focus on Compliance for Credit Unions
  • Focus on Compliance for Mortgage Lenders
  • Focus on Compliance for MSBs
  • Focus on BSA/AML for Board of Directors and Senior Management
  • Focus on BSA/AML for Branch Management
  • Focus on BSA/AML for Branch Management for Credit Unions
  • Focus on BSA/AML for Compliance and Financial Investigation Units
  • Focus on BSA/AML for Compliance and Financial Investigation Units for Credit Unions
  • Focus on BSA/AML for Capital Markets
  • Focus on BSA/AML for e-Banking
  • Focus on BSA/AML for e-Banking for Credit Unions
  • Focus on BSA/AML for Credit Union Executives
  • Focus on BSA/AML for International
  • Focus on BSA/AML for Lenders
  • Focus on BSA/AML for Lenders for Credit Unions
  • Focus on BSA/AML for Operations
  • Focus on BSA/AML for Operations for Credit Unions
  • Focus on BSA/AML for Platform Professionals
  • Focus on BSA/AML for Retail Support
  • Focus on BSA/AML for Small Business and Private Banking
  • Focus on BSA/AML for Tellers
  • Focus on BSA/AML for Tellers for Credit Unions
  • Focus on BSA/AML for Trusts
  • Focus on BSA/AML for Wholesale Banking

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

  • BSA/AML Requirements for Board of Directors and Senior Management
  • Credit Unions: BSA/AML Requirements for Board of Directors and Senior Management
  • BSA/AML Requirements for Branch Management
  • Credit Unions: BSA/AML Requirements for Branch Management
  • BSA/AML Requirements for Tellers
  • Credit Unions: BSA/AML Requirements for Tellers
  • BSA/AML Requirements for CSOs
  • Credit Unions: BSA/AML Requirements for CSOs
  • BSA/AML Requirements for Lenders
  • Credit Unions: BSA/AML Requirements for Lenders
  • BSA/AML Requirements for Operations
  • Credit Unions: BSA/AML Requirements for Operations
  • BSA/AML Requirements for Compliance Staff
  • Credit Unions: BSA/AML Requirements for Compliance Staff
  • BSA/AML Requirements for Trusts and Investments
  • Credit Unions: BSA/AML Requirements for Trusts and Investments
  • BSA/AML Requirements for Universal Bankers
  • Credit Unions: BSA/AML Requirements for Universal Bankers

Federal Credit Union Act - This course has been updated to include more detail, and clarity of the existing information.

  • Focus on Compliance for Credit Unions
    • Module 9, Topic 1, “Focus on Federal Credit Union Act”
  • Focus on BSA/AML for Credit Union Executives
    • Module 4, Topic 1, “Focus on Federal Credit Union Act”

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

  • Credit Unions: Federal Credit Union Act ,Topic, “Federal Credit Union Act”

Looking Ahead

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

  • The CFPB has added several new reporting requirements, clarified several existing requirements, and modified the existing institutional and transactional coverage of Regulation C. These changes will take effect beginning in 2018.

  • The FDIC has announced changes to the reserve ratio of the Deposit Insurance Fund as well as changes to the process of assessing small financial institutions for deposit insurance. These changes are scheduled to become effective throughout 2017.

  • Our course on AML for Lenders will be updated in 2017 to ensure that the specialized information within the course is current and precise.

  • 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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