Links in “Compliance Tips”

A former CFPB enforcement lawyer gives ten tips to help institutions successfully navigate CFPB enforcement investigations. [7/18/14]

Employment-related claims and investigations are on the rise, while regulations are becoming increasingly complex. Learn how you can better protect your credit union and how you can ease the regulatory burden. [7/15/14]

Although cybersecurity is a relatively new topic, there is already a healthy mythology about how to do it properly. Unisys President Bob Olson dispels 5 myths about bank IT security. [7/11/14]

The speed with which hackers can create new strains of viruses is shocking. We already have some new attackers like HijackRAT and Svpeng that are causing mischief for institutions of all shapes and sizes. This article delineates five ways financial institutions can defend themselves against this mobile malware. [7/10/14]

In addition to being among the regulations whose framers worked extra hard to come up with a pronounceable and relevant acronym (along with E-SIGN and the USA PATRIOT Act), the Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act, is also among regulations with violations that can be readily avoided. AffirmX's Senior Analyst Coppelia Padgett has compiled a list of the five most common violations of the SAFE Act she's observed from her audits for financial institutions across the country. [7/9/14]

Recently, Director Cordray issued a memo to staff clarifying that, to the extent permitted by federal law, it is our policy to recognize all lawful marriages valid at the time of the marriage in the jurisdiction where the marriage was celebrated. [7/9/14]

Young adults in their 20s and 30s are the prime candidates for loans and related services—from student loans to home mortgages—which is why credit unions with a limited young adult membership are missing out. And that might apply to most credit unions, seeing as the average membership age for credit unions in the United States is 47. Read the article to find out what your institution can do to lower that number. [7/3/14]

Many home equity lines of credit taken out during 2004-2009, on properties that were overinflated, featured balloon payments that are beginning to come due. The agencies have issues guidance to help financial institutions address the touchdown. [7/3/14]

The HELOC guidance promotes an understanding of potential exposures and describes consistent, effective responses to HELOC borrowers unable to meet their contractual obligations. The appropriate accounting and reporting procedures for HELOCs nearing their end-of-draw periods are also discussed. [7/2/14]

Based on recent compliance news, regulatory scrutiny regarding discrimination is on the rise, resulting in enforcement action after enforcement action. The CFPB, HUD, and other agencies are taking no prisoners, and while the fines are not always huge, they are seeking to make some examples. For the sake of your institution’s reputation and checkbook, we've put together a list of recent examples of discrimination-related enforcement actions and some possible takeaways they can provide. [7/1/14]