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TRID Effective Date Pushed to October

July 27, 2015 – On July 21st, it was announced that the Consumer Financial Protection Bureau (CFPB) issued its final rule confirming the delay of the effective date of the TILA-RESPA Integrated Disclosures (TRID) Rule, also known as Know Before You Owe. The original date of August 1st, 2015 was pushed to October 3rd, 2015.

In addition to the date change, the rule makes two technical corrections, including:

  • Amending 12 CFR § 1026.38(i)(8)(ii) and (iii)(A) to “include, in the amount disclosed as ‘Final’ for Adjustments and Other Credits, the amount disclosed under § 1026.38(j)(1)(iii) for certain personal property sales, thus conforming the calculation of Adjustments and Other Credits on the Closing Disclosure and Loan Estimate.”
  • Amending 12 CFR § 1026.38(j)(1)(iv) to “include, in the amount disclosed as Closing Costs Paid at Closing, lender credits disclosed under § 1026.38(h)(3), thus conforming the disclosure of the borrower’s cash to close in the Calculating Cash to Close and the Summaries of Transactions tables on the Closing Disclosure.”

The final rule can be viewed in its entirety through the CFPB's website.

Mortgage Loan Originators (MLOs) are hastening to prepare themselves to be compliance-ready even as they wonder what the effects of the TRID Rule will be.

In light of these concerns, more than twenty real estate industry trade groups have joined together in support of HR 3912, the Homebuyer Assistant Act, which provides an official hold-harmless period for enforcement of TRID for those that make good-faith efforts to comply. NAFCA and CUNA are among the supports who have signed off on a letter to the House Financial Services Committee calling for passage of HR 3912.

Edcomm Banker’s Academy helps financial institutions, organizations, and companies alike prepare for regulatory change, including changes such as these. One of our most popular course offerings is the “Fair Lending” course, which educates learners on fair lending procedures and regulations, discusses marketing and advertising requirements, and informs learners of the appraisal, interview, and underwriting processes. Rapid change in a compliance and regulatory law can be more easily achieved with a sophisticated, focused Consolidated Learning Management strategy.

Dodd-Frank Turns Five

July 24, 2015 -- Tuesday, July 21st, marked the five-year anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or Dodd-Frank Act (DFA) for short, and since then there have been a slew of posts on how the massive overhaul of regulations has been successful or unsuccessful. Either way, the Act has certainly changed the way we look at our financial position in the world.

According to one website, the changes wrought by the historic law can be summed up like so:

  • Big banks are bigger and have more capital reserves but are probably safer.
  • Consumers are more knowledgeable about credit but are less able to get it.
  • Restrictions on trading activities might create a worrisome liquidity problem.

Many critics worry that the law, the most sweeping reform of financial law since the New Deal, has created a “regulatory overreach” that makes things tougher for consumers to gain access to credit while small credit unions and banks shutter their doors and big banks get bigger. CNBC notes that “the banking system’s assets have swelled 30% since the financial crisis [of 2008], and the top five institutions control nearly 50% of the total.”

The DFA was designed to address the excesses in financial markets and mortgage lending that triggered the financial crisis and forced massive bailouts of Wall Street firms. NPR states that even after half a decade, regulators have only implemented two-thirds of the mandated DFA regulations.

Edcomm Banker’s Academy is the best source for information and updates concerning the DFA as laws and regulations continue to evolve in light of this game-changing law. Our most popular curricula address the compliance regulations most effective by the DFA, helping to keep you informed of every substantive change that takes place!


Cox, Jeff. “5 years later, 5 things to know about Dodd-Frank.” CNBC. NBCUniversal, 21 July 2015. Web. 24 July 2015.

Ydstie, John. “5 Years Later, Legacy of Financial Overhaul Still Being Weighed.” NPR. NPR, 23 July 2015. Web. 24 July 2015. 

PNC Bank Still Cutting Hundreds of Branches

July 21, 2015 -- In the past few years, the banking and financial conglomerate has shut down hundreds of retail branches. In 2013, the Group disclosed plans to close about 200 branches as part of a plan to reduce expenses by almost $700 million, while in 2014 PNC announced plans to remodel its branches by converting over 300 locations to its tellerless “universal” concept by March of 2015.

However, in the first quarter of 2015, PNC has already closed more branches than any other financial institution in the country, bringing its total number of branches to only 2,790 across the United States.

In June of this year, during the bank’s second-quarter earnings call, CEO William Demchak told financial analysts about further cuts and consolidations. The CEO cited a plan to reduce its network by ten percent (approximately 400 branches) due to the exponential increase in online and mobile banking, which reduces the need for in-branch services.

In response to these new ways of customer banking, PNC unveiled its new branch concept back in 2014. The new concept calls for about 1,800 square feet per location, as opposed to traditional locations of 3,500 square feet. In addition to the reduced space, many branches are going “tellerless,” instead making use of a solution center with PNC customer service personnel trained to handle banking needs. Further online and automated accessibility at branches are being added, though traditional features such as safe-deposit boxes will continue to be maintained.

These changes are set to improve efficiency while reducing errors and overall business costs.

Edcomm Banker’s Academy helps companies navigate such profound shifts as these with efficient eLearning delivery systems. One of our most popular offerings is the “Universal Teller” curriculum which helps a bank define the new role of a teller, helping to shape a Teller’s job description into one more of elite service rep and revenue generator. Rapid change in a corporate culture and methodology can be more easily achieved with a sophisticated and focused consolidated Learning Management strategy.



Blumenthal, Jeff. “PNC cutting 100 branches this year.” Philadelphia Business Journal. Philadelphia Business Journal, 17 July 2015. Web. 21 July 2015.

Fleisher, Chris. “300 PNC branches to become tellerless.” TribLive. Trib Total Media, 10 December 2014. Web. 21 July 2015.

Olson, Thomas. “PNC to shut 200 branches as part of $700 million in cuts.” TribLive. Trib Total Media, 5 March 2013. Web. 21 July 2015. 

Money Laundering A Growing Issue In Midst of Chinese Stock Market Collapse

July 20, 2015 -- At the beginning of June, the Dow Jones Shenzhen Index fell harder than the Shanghai Composite, and, according to one Forbes contributor, is currently under its uptrend line as well as the 600 to 660 resistance zone that must be surpassed to reverse the recent breakdown.

Since the crash, mainland China’s stock market has fluctuated wildly. To combat the chaos, Chinese authorities have taken several aggressive, and some say reckless, countermeasures, including bank reserve requirements and interest rate cuts, curbing Initial Public Offerings (IPOs), loosening margin requirements, allowing the use of property as collateral for margin loans, and encouraging brokerage firms to buy stocks with cash from the People’s Bank of China, the central bank of the People’s Republic of China. The government also asked major brokerages to form a fund worth $19 billion to buy shares, which helped only a few stocks while the majority continued to fall.

Furthermore, the Chinese government has created a state-run margin trader worth over $483 billion in its attempt to stem the stock market rout threatening to assail the economic sector. Even more troubling, the Chinese police ministry and the China Securities Regulatory Commission (SRC) announced a probe to investigate evidence of “malicious” short selling of stocks and indexes.

Amidst the chaos of the stock market, the Chinese government should be monitoring money laundering more closely than ever, as current and potential investors, who would rather move assets to safer havens in foreign countries, increase currency outflows.

Not only is China a leading source of illicit capital flows, as reported in the 2015 International Narcotics Control Strategy Report (INCSR) of the United States’ Bureau of International Narcotics and Law Enforcement Affairs, but China has consistently failed to cooperate with other countries while resolving cross-border money laundering cases.

Edcomm Banker’s Academy offers both domestic and foreign Anti-Money Laundering (AML) Compliance programs in our course catalogs. Sample some of our innovatve training tutorials today!


“China Unleashes $483 Billion to Stem the Market Rout.” Bloomberg Business. Bloomberg, 17 July 2015. Web. 20 July 2015.

Denyer, Simon and Steven Mufson. “A rejuvenated China? Stock market crash punches a hole in Xi's dream.” The Washington Post. The Washington Post, 8 July 2015. Web. 20 July 2015.

Lubman, Stanley. “Dirty Dealing: China and International Money Laundering.” The Wall Street Journal. Dow Jones & Company, Inc., 13 July 2015. Web. 20 July 2015. 

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