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CFPB Publishes Resources on HMDA Final Rule

The CFPB has published a webinar and other resources on its website to help bankers comply with the HMDA final rule. The resources address institutional and transactional coverage, the data disclosure and submission process and key dates. Bankers can view the webinar on the bureau’s website or on YouTube. Access the resources.

FDIC Updates Video Resources on ATR, QM Rules

FDICThe FDIC released updated videos on the Ability to Repay and the Qualified Mortgage rules. The updated videos provide bank management and compliance staff with resources to better help them understand the rule, and reflect changes in federal laws and regulations since their original release in 2014. Specifically, the updated videos reflect changes with respect to small creditors and operations in rural areas. Access the videos.

Free Webinar on Malware 101

sbsSBS will offer a free webinar 0n Wednesday, August 17 from 2:00 – 3:00 p.m. titled,  “Malware 101 – Understanding Recent Malware and Ransomware.”

Malware and ransomware incidents are a common occurrence in today’s security space, but many people do not understand the basics of malware and how it could effect their organization or relationships.

Join SBS as we bring in an expert on malware engineering and learn the basics about how malware works and what you can do to help prevent an incident at your organization.Click here to register.

CFPB Updates TRID Resources

CFPBThe Consumer Financial Protection Bureau has updated its resource page for the TILA-RESPA integrated disclosures to include updates to its question index. The updates include questions that were addressed during two TRID webinars held by the bureau this spring. View the resource page.

FDIC Updates Community Bank Corporate Governance Video

FDICThe FDIC released an updated video on corporate governance designed to help community bank directors and officers develop sound frameworks for corporate governance at their institutions. The video discusses the importance of effective corporate governance, and highlights key elements to consider in developing a strong program, including understanding the bank’s risk profile; establishing an appropriate risk appetite; recruiting and retaining qualified management; strategic planning; and implementation. Watch the video here.

IBA offers second training for new FLSA requirements

money1The new Fair Labor Standards Act (FLSA) minimum salary requirements have changed the salary level that determines whether employees are exempt from overtime pay. On Dec. 1, this amount will rise from $23,660 to $47,476, or $913 per week. The Iowa Bankers Association (IBA) is offering a second training opportunity to help banks comply with the new rules related to the overtime provisions. The training will take place from 10 a.m. to 2 p.m. on Aug. 25, at the IBA offices in Johnston. The training will include presentations by Jill Jensen-Welch and Mike Staebell to discuss the impact of the Final Rule on the Salary Test, the test that must be met for a position to qualify as exempt; the implications for business; and tips on how to communicate with impacted employees. Jensen-Welch and Staebell will also conduct a job description workshop giving samples of bank job descriptions that commonly are misclassified. Click here to learn more or to register.

CECL Standards Guidance

magnifying-glass2-150x150The federal banking agencies issued guidance in June on implementing the Financial Accounting Standards Board’s new loan loss accounting standard, which uses a current expected credit loss, or CECL, model. Under CECL, banks will be required to record, at the time of origination, credit losses expected throughout the life of the asset portfolio on loans and held-to-maturity securities – in contrast to today’s “incurred loss” accounting. The regulatory guidance provides information on CECL’s key elements, noting areas where it differs from current U.S. generally accepted accounting principles and emphasizing that they expect CECL to be “scalable to institutions of all sizes.”  While the agencies said they did not expect that “smaller and less complex” banks will need to adopt “costly and complex models” to meet the new requirement, they noted that “institutions would need to consider how to adjust historical loss experience not only for current conditions as is required under the existing incurred loss methodology, but also for reasonable and supportable forecasts” of the future. The agencies also provided guidance on how they will apply the new standard to different classes of assets at the effective dates of 2020 and 2021 and outlined steps to take to remain in compliance as CECL is implemented. Watch the American Bankers Association’s introductory video on CECL.