In light of the recent TD Bank Consent Order concerning its overdraft activities, it may be a good time to revisit your institution’s overdraft program. Overdraft programs continue to be a major focus of the regulators and are on Accume’s compliance “hot topics” honor roll!
Compliance Monthly Newsletter
Compliance Monthly is intended to keep you informed of regulatory changes in advance of their effective date. With current information, your institution can prepare the necessary policies, procedures, and processes and be compliant at the time of enactment.
Over the past few months, FinCEN, the FTC and other regulatory agencies have been alerting financial institutions to various frauds, schemes and other illegal activity brought about by the COVID-19 pandemic. This article highlights some of the recent scams.
On June 29, 2020, the OCC released its updated examination procedures concerning the UDAP/UDAAP booklet. The booklet provides expanded procedures to assist examiners in evaluating UDAP and UDAAP risks and in assessing associated risk management (including evaluating a bank’s CMS).
On April 16, 2020, the Consumer Financial Protection Bureau (Bureau) issued a final rule amending Regulation C. This final rule adjusts Regulation C’s institutional and transactional coverage thresholds for closed-end mortgage loans and open-end lines of credit.
On Friday, April 24th, the Board of Governors of the Federal Reserve System published the amended Regulation D (Reserve Requirements of Depository Institutions) to eliminate transaction limitations on certain kinds of transfers and withdrawals that may be made each month from “savings deposits.”