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Entries in Compliance Management Systems (3)


CFPB Issues Bulletin On ECOA Risks In Indirect Auto Lending

The Consumer Financial Protection Bureau (“CFPB”) recently issued a compliance bulletin warning financial institutions that they may face potential liability as indirect lenders for fair lending violations in the process of making indirect loans through automobile dealerships (the “Bulletin”). Indirect auto lending is a process where an automobile dealership will typically collect credit information from a consumer seeking financing and then forward the information to prospective lenders....

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FDIC Launches Regulatory Calendar for Community Banks

The Federal Deposit Insurance Corporation (FDIC) recently announced the official launch of its Regulatory Calendar for Community Banks.  The online calendar is intended to help community banks stay up-to-date with changes in federal banking laws, regulations, and supervisory guidance.  The calendar will include notices of rulemakings, effective dates for regulations, and guidance issued by various federal regulators of interest to FDIC-regulated entities.  The calendar will also provide information on FDIC outreach initiatives and other regulatory information of interest.  Links to underlying documents and resources will be provided in the calendar entries.  The calendar release follows the FDIC’s publication of an earlier beta version last summer that was used to solicit public feedback.


Examinations of High-Yield Accounts by FDIC Gives Insight into Compliance Issues in New Product Development

An article in the winter edition of the FDIC’s Supervisory Insights Journal discusses a number of common regulatory violations found in advertising, website, and disclosure materials used with high-yield checking accounts. In addition, the article provides insight into how and why compliance issues arise in the development of new financial products, such as potential violations of Truth-in-Savings and Section 5 of the FTC Act (Unfair or Deceptive Trade Practices).

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