While attending the MBA’s Legal Issues And Regulatory Compliance Conference last week, several of the speakers spoke about controlling risk throughout the process. Legal and Compliance should be involved in the risk management process from beginning to end. The Legal and Compliance department has the global perspective on risk while the business line has a better day-to-day perspective. Putting these two together in a risk management strategy insures that all risks will be considered. You should use this approach for launching new products, updating training materials or changing business initiatives.
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Filed under - BSA/AML, CRA, Fair Lending, HMDA, Predatory Lending No Comments so far. Add yours now
Previous Posts
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Apr 30, 2009
No CommentsExcellent article on Red Flags compliance for Mortgage Brokers
I just read with interest a great article in the May Scotsman Guide on what the May 1st Red Flags deadline set by the FTC really means for mortgage brokers. In addition to covering the basics of the regulations, the article delivers solid detail on specific steps that firms should take to create a compliant Red Flags program,...
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Mar 26, 2009
No CommentsYour CRA Exam is a Story: Write a Masterpiece
By Edward Kramer During PCi’s Your CRA Exam is a Story: Write a Masterpiece Webcast earlier this week focusing on Performance Context, two very timely questions were posed by participants. I wanted to share them, and my responses: Q. Given the state of the economy and the troubled banking system, how will regulators view the...
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Mar 11, 2009
No CommentsHigher Priced Mortgage Loan Operational Consideration
By Amy Downey Last week I was discussing the process flow to test all applications early and frequently throughout the loan life cycle to ensure that they are properly identified as higher priced mortgage loans under Regulation Z. The timely designation will be critical to properly approve loans using the new requirements. A collegue pointed...
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Feb 24, 2009
No CommentsReg Z and Reg C Changes Take Effect October 1: Banks Prepare Now for Operational Impact
By Amy Downey Banks are acting now to ready systems and update policies and procedures in advance of the October 1, 2009 effective date. October 1 will mark a significant change in the Regulation C reportable rate spread and the addition of a new lower predatory lending threshold under Regulation Z (Higher Priced mortgages). In...
