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Compliance Updates

Compliance & Regulatory

Our 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. We issue what we call our “Compliance Blast,” which provides an in-depth summary of all compliance updates. 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 experts and research consultants have come together to bring you 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. The following list reflects what is new or currently being updated within our training.

What’s New?

Regulation Z – The Consumer Financial Protection Bureau (CFPB) adjusts the thresholds amounts annually for Regulation Z. This training now reflects the new adjusted amounts.

Regulation M - The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended the CLA by requiring that the dollar threshold for exempt consumer leases be adjusted annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Based on the annual percentage increase in the CPI-W, the exemption threshold will increase for 2018.

Regulation CC – The Federal Reserve Board amended check collection and return requirements under Regulation CC (Availability of Funds and Collection of Checks) to help the banking industry’s ongoing transition to a fully-electronic check collection and return process.

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 2018.

HMDA – The CFPB has issued a final rule amending Regulation C. The final rule changes the types of institutions, transactions, specific information that covered institutions are required to collect, report, record, and the processes for reporting and disclosing data.

TRID – The CFPB issued a subsequent rule in 2017 which amended and clarified certain mortgage disclosure provisions implemented in Reg Z. Compliance with the 2017 Rule is mandatory for all applications taken on or after October 1, 2018.

FSA – the Internal Revenue Service (IRS) released the annual contributions have increased for 2018.

HRAS – the Internal Revenue Service (IRS) released the annual contributions have increased for 2018.

FCRA - Penalties for violations increased for 2018. Institutions may face civil and criminal penalties if they do not comply with FCRA.

TCPA – The FCC allows voice service providers to proactively block certain types of robocalls that are more than likely to be fraudulent. For more information on how to prevent robocalls, please view the FCC’s Unwanted Calls Consumer Guide.

COPPA – COPPA now applies not only to websites and mobile apps but also to the growing list of connected devices that make up the Internet of Things.

E-SIGN – This training now has clarified and revised information regarding the consent and disclosure requirements.

FAIR LENDING – This training now has clarified and revised information regarding collecting applicant and other loan information which is reported in compliance with the Home Mortgage Disclosure Act (HMDA).

CAN-SPAM – Penalties for violations increased for 2018. Institutions may face civil and criminal penalties if they do not comply with the CAN-SPAM Act.

THE SAFE ACT – This training reflects the new HMDA LAR reporting requirements.

RESPA – This training now has clarified and revised information regarding the TILA-RESPA Integrated Disclosure (TRID) Rule, along with updated exempt and partial exempt transactions for certain mortgage loans.

AML Requirements - This rule adds a fifth pillar to an AML program, requiring financial institutions to now include beneficial owners of a legal entity as customers. Covered institutions will be required to provide and maintain written procedures to identify and verify beneficial owners of legal entity customers.

SCRA – Due to inflation, The SCRA rental properties have increased in 2018. The SCRA prohibits a landlord from evicting a Service member or the member's family from the rental property during a period of military service except by court order. The law requires the Department of Defense to adjust this amount annually to reflect inflation and to publish the new amount in the Federal Register.

HR COMPLIANCE – This training now has clarified and revised information regarding FMLA forms and increased civil penalties for ADA.

Looking Ahead

Take a look at regulatory changes and new content coming soon!

Bitcoin – New training about the origin, risks and benefits of cryptocurrencies.

NY Paid Family Leave Act – New training on New York State’s Paid Family Leave Law.

  • 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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