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Bank Compliance Center

In today’s banking environment as soon as one big new regulation is implemented another pops up. ICBA’s compliance training opportunities and exceptional resources, online and offline, will help your community bank stay informed and one step ahead of the regulators.

Recent Compliance News

CFPB updates rules with agency contact info

Mar 20, 2023 | NewsWatch Today

The Consumer Financial Protection Bureau issued a final rule to make non-substantive corrections and updates to federal agency contact information in Regulations B, E, F, J, V, X, Z, and DD.

House committee starts flood insurance reauthorization process

Mar 13, 2023 | NewsWatch Today

The House Financial Services Committee kicked off its efforts to reauthorize the National Flood Insurance Program before it expires Sept. 30.

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May 2, 2023 | Seminar - Virtual

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Jun 5, 2023 | Webinar

Regulatory Compliance Updates: Q2

Jun 6, 2023 | Seminar - Virtual

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Compliance Question of the Week

Question: An employee has recently sought accommodations based on migraines stating it is covered under Americans with Disabilities Act. What is considered a disability under ADA?

ANSWER:

In general, the ADA defines disability to include in part, “a physical or mental impairment that substantially limits one or more major life activities of such individual” (The complete definition should be consulted to ensure proper context.)

When making such a determination, ensure that proper consultation by qualified individuals is sought e.g., bank’s HR, legal counsel, etc.

Reference: Americans with Disabilities Act of 1990 (ADA), including changes made by the ADA Amendments Act of 2008 (P.L. 110-325): Title 42 Chapter 126 section 12101 “definition of disability”.

Question: What are the record retention requirements under the E-Sign Act?

ANSWER:

Under the E-Sign Act, if a financial institution is legally required to maintain copies of a contract or other records of a transaction, the institution may rely on an electronic record of the information that accurately reflects the information in the contract or other record, and that remains accessible to all persons who are legally entitled to access the information in a form that can later be reproduced.

Reference: Fed. Consumer Compliance Outlook, 4th Quarter 2009; 15 U.S.C. 7001(d).

Question: What is definition of affirmative consent under CAN-SPAM?

ANSWER:

The term "affirmative consent", when used with respect to a commercial electronic mail message, means that

(A) the recipient expressly consented to receive the message, either in response to a clear and conspicuous request for such consent or at the recipient's own initiative; and

(B) if the message is from a party other than the party to which the recipient communicated such consent, the recipient was given clear and conspicuous notice at the time the consent was communicated that the recipient's electronic mail address could be transferred to such other party for the purpose of initiating commercial electronic mail messages.

Reference: Controlling the Assault of Non-Solicited Pornography and Marketing (CAN-SPAM) 15 USC 7701.

Question: Under the Homeowners Protection Act, when must unearned premiums be returned for cancelled insurance?

ANSWER:

Unearned premiums must be returned not later than 45 days after the termination or cancellation of a private mortgage insurance requirement under this section, all unearned premiums for private mortgage insurance shall be returned to the mortgagor by the servicer.

Reference: Homeowners Protection Act 12 USC 4902(f)

Question: How is a promotional savings account defined and what can and can’t a bank do in regard to that type of account? Are FDIC banks permitted to have this type of account?

ANSWER:

The OCC, FED, and FDIC all have revised their laws to include the term ‘savings promotion raffle’ which means a contest in which the sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a savings account or other savings program, where each ticket or entry has an equal chance of being drawn, such contest being subject to regulations that may from time to time be promulgated by the appropriate prudential regulator (as defined in section 1002 of the Consumer Financial Protection

Act of 2010 (12 U.S.C. 5481)).’’. As stated Under the Law,

(a) LIMITATION OF APPLICABILITY.—Sections 1301, 1302, 1303,

1304, and 1306 shall not apply—

(1) to a savings promotion raffle conducted by an insured depository institution or an insured credit union; or

(2) to any activity conducted in connection with any such savings promotion raffle, including, without limitation, to the—

(A) transmission of any advertisement, list of prizes, or other information concerning the savings promotion raffle;

(B) offering, facilitation, and acceptance of deposits, withdrawals, or other transactions in connection with the savings promotion raffle;

(C) transmission of any information relating to the savings promotion raffle, including account balance and transaction information; and

(D) deposit or transmission of prizes awarded in the savings promotion raffle as well as notification or publication thereof.

Reference: OCC 12 USC 25a; FED Section 9a of Federal Reserve Act; FDIC section 20 of Federal Deposit Insurance Act.

The American Savings Promotion Act of 2014 (PUBLIC LAW 113–251), limitations on applicability.

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Compliance Resources

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Online Training Plans - CBU

Community Banker University offers a variety of online training options with courses that build knowledge and a strong foundation within key areas of the banking industry and professional development.

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Compliance Certificate Program

The courses in the Community Banker Compliance Certificate Program are designed to give community bankers the knowledge and skills they need to become experts in regulatory compliance. The certificate program consists of four critical learning areas.

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Compliance Working Papers

One of the three elements of an effective compliance program is monitoring and corrective action. These compliance working papers are essential for monitoring your financial institution’s compliance with federal consumer compliance laws and regulations.

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Compliance Deskbook and Bulletin Service

The Compliance Deskbook is a compliance officer’s one-stop-shop for accessing compliance regulations, important dates, agency guidance, questionnaires, updates, and other resources.

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Bank Policies

Alleviate the tedious task of developing bank policies from scratch. These policies provide a quick reference with thorough, easy-to-read instructions to guide your bank through the policy development or revision process.

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Check Your Ad Program

The Check Your Ad Program takes the guesswork out of determining the appropriate requirements for deposit and lending advertisements so that you can ensure your advertisements are compliant before an auditor or examiner finds a violation.

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