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Banks Score a Win in the First Ability-to-Repay Case to be Adjudicated

At the end of March 2019, the U.S. District Court for the Southern District of Ohio gave the banking industry its first win in cases involving the ability-to-repay (ATR) and qualified 
mortgage (QM) rules that were enacted under the Dodd-Frank Act. In Elliot v. First Federal Community Bank of Bucyrus, the court rejected the plaintiff’s attempt to block foreclosure based on the ATR/QM rules.

Regulators Citing First HELOC Statement Violations

It has come to our attention that regulatory agencies have been citing banks for failing to itemize finance charges on the first periodic statement in a Home Equity Line of Credit (HELOC) arrangement.  These findings result in reimbursable violations of the rule, and the examiners are citing a bank’s ignorance of this rule as a hole in its Compliance Management System (CMS).  Read on for our analysis of this situation.
 

Part Two – Making Sure Your Compliance Armor is Strong!

Just as a soldier would have dressed for battle hundreds of years ago, in the 21st century we, as banks and compliance officers, can “dress” ourselves to prepare for a different type of battle. It is a battle where we are working towards a process to avoid the pains associated with civil money penalties and enforcement actions.

Independent Newsletter - Summer 2019 Edition

The UBB Independent Newsletter - General interest news about UBB featuring issue updates, product reviews, employee news, and more.

International Payments Brochure

Overview of UBB's International Wire and Payment Services - a solution for simple and efficient domestic and international payments.

Independent Newsletter - Fall 2019

The UBB Independent Newsletter - General interest news about UBB featuring issue updates, product reviews, employee news, and more.

Making Sure Your Compliance Armor is Strong!

The words “enforcement actions” and “civil money penalties” generally cause a banker to have many aches, and sometimes, real pains. Unfortunately, this has been a somewhat regular occurrence with many bankers over the years. Compliance Officers and Compliance Committees can help to alleviate those aches with proper preparation, prevention, and protection, before the pain becomes real.

Regulation CC Changes

The Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection amended Regulation CC, which implements the Expedited Funds Availability Act (EFA), to implement a statutory requirement in the EFA to adjust dollar amounts under the EFA for inflation.

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