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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 - Based on the annual percentage increase in the CPI-W, the exemption threshold will remain the same for 2021.

IRAs - The 2021 limit for contributions to Roth and traditional IRAs is $6,000, or $7,000 if you are aged 50 or older, remaining unchanged from 2021. But there are restrictions that could affect how much you can contribute and what you can deduct on your tax return. 

FSAs – The contribution limits for flexible spending accounts (FSA) have increased for 2021.

FCRA - Penalties for violations increased for 2021. Institutions may face civil and criminal penalties if they do not comply with FCRA.

HSAs – The contribution limits for health savings accounts (HSA) have increased for 2021.

CAN-SPAM – Penalties for violations increased for 2021. Institutions may face civil and criminal penalties if they do not comply with the CAN-SPAM Act.

SCRA – Due to inflation, The SCRA rental properties have increased in 2021. 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 CompliancePenalties for violations increased for 2021. Institutions may face civil and criminal penalties if they do not comply with HR Compliance laws.

HMDA – This training now has clarified and revised information regarding the specific data that covered institutions are required to collect, record, and report.

Regulation E - The Consumer Financial Protection Bureau (CFPB) took action to ensure that consumers can use remittance transfers without disruption during the COVID-19 Pandemic.

E-Sign - This training now has clarified and revised information regarding consumer consent.

 

Looking Ahead

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

COVID-19 – New training about how to stay safe during the pandemic.

 

  • 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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