Category Archives: Compliance

ADA Website Accessibility Tools

checkmarkThe Department of Justice recently published an “ADA Best Practices Tool Kit,” which includes website accessibility guidance and a checklist that can be used to verify compliance with the Americans with Disabilities Act.

While the tool kit is primarily geared toward state and local governments, which are governed by Title II of the ADA, it will be helpful to banks working on improving website accessibility. The DOJ has indicated that the Title II rulemaking will significantly impact the website accessibility standards ultimately promulgated under the Title III regulations, which are expected to be issued in 2018. For additional background on DOJ expectations see the February “The Disclosure” article, “Is Your Website Accessible to the Visually Impaired” here.

The guidance identifies common website accessibility problems and proposes solutions and other considerations that are useful in developing ADA compliant websites. It also includes a detailed action plan for making existing web content accessible. The checklist is intended to guide preliminary assessments of website accessibility, and policies and procedures for maintaining website accessibility.

New HMDA Tools

house.1jpgThe Consumer Financial Protection Bureau (CFPB) has made available a second webinar on the 2015 HMDA final rule (which in large part becomes effective Jan. 1, 2018) that discusses identifiers, as well as other data points including those related to applicants and borrowers. The webinar is pre-recorded and can be viewed on-demand on YouTube here.

In addition, the CFPB has created and made available on its website a chart to illustrate the options a financial institution has for collecting and reporting ethnicity and race information under current Regulation C, Regulation C effective Jan. 1, 2018, and the CFPB’s Official Approval Notice (issued on Sept. 23, 2016). The new one-page chart, titled “Collection and Reporting of HMDA Information about Ethnicity and Race” can be found on the CFPB HMDA implementation page here.

CFPB Incentive Compensation Bulletin

moneyThe Consumer Financial Protection Bureau (CFPB) issued a bulletin (CFPB Compliance Bulletin 2016-03 on Nov. 28, 2016) outlining expectations for incentive compensation programs. The bulletin compiles guidance previously issued by the CFPB and highlights examples from the agency’s supervisory and enforcement experience. The CFPB said that properly managed incentive programs can benefit both companies and customers, and that the types of incentive programs used by banks vary widely, but cautioned that inadequate oversight or setting unrealistic goals could lead to consumer harm. To ensure consumer protection, the CFPB reiterated its expectation that banks using incentive programs have proper compliance management systems in place to monitor and quickly respond to any potential violations of consumer protection laws.

Mortgage Servicing Compliance Guide Updated

CFPBThe Consumer Financial Protection Bureau (CFPB) has published an updated version of its Small Entity Compliance Guide for Mortgage Servicing. The revised guide incorporates the changes to Reg. X and Reg. Z that were made as a result of the CFPB’s servicing final rule issued earlier this year.

NEW OnDemand Training – Just in Time for MLO Registration

moneyUnder the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act), banks are required to ensure that their Mortgage Loan Originators (MLOs) are properly registered with the Nationwide Mortgage Licensing System and Registry (NMLSR). Each fall, every MLO is required to renew their registration between November 1st and December 31st. The SAFE Act requires all employees who are MLOs be informed of the registration requirements. In addition, Regulation Z requires all Loan Originators (LOs) including MLOs be properly trained to perform their jobs and to understand the prohibitions under the law. As you are working on registration renewals, are you confident that your LOs and MLOs have received the training required under the SAFE Act and Regulation Z? Worry no longer! The IBA has developed OnDemand training just for this purpose. This comprehensive webinar defines who is a Loan Originator, who is a Mortgage Loan Originator, MLO qualifications, prohibited activities, registration renewal requirements, LO compensation rules, and an overview of state and federal regulations. The cost of this training for IBA members is only $150.

To purchase this valuable training, click here or go to the Iowa Bankers Association website and visit the Compliance section. Select OnDemand Training and then click the link to register. As with all the IBA OnDemand training sessions, banks can reuse the training for annual, period or even new employee training at no additional cost.

CFPB Updates Mortgage Servicing Compliance Guide

CFPBThe Consumer Financial Bureau published an updated version of small entity compliance guide for mortgage servicing. The revised guide incorporates the changes to Regulation X and Regulation Z that were made as a result of the bureau’s servicing final rule issued earlier this year. Read the guide.

Regulators Host Free Military Lending Act Compliance Webinar

moneyThe federal banking agencies will host a free compliance webinar on changes to the Military Lending Act rules that recently took effect in early October. The webinar, to be held on Dec. 1 at 2 p.m. CT, will focus on the amended regulation’s scope, its optional safe harbor processes, the cost-of-credit limitations and required disclosures. Register for the webinar here.