Blog Entries for Nancy Derr-Castiglione

KEEP PROPER RECORDS FOR POSTERITY, OR SUFFER POSTERIORLY

nderr — Fri, 10 May 2013 00:00:00 +0100

Increasingly regulators seems to be biting banks for record retention errors

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Just about every regulation has a record retention component.

Sometimes the regulation requires the retention of specific documents for a specific period of time, like adverse action notices under Regulation B (for 25 months) or HUD-1 Settlement Statements [...]

SUBPRIME MORTGAGES UNDER A NEW NAME

nderr — Fri, 08 Mar 2013 00:00:00 +0100

Is "Dignity Mortgage" seeds of future trouble?

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Recently I saw an article in the Denver Post's business section that gave me a bit of a chuckle. I had to go back and look at the date of the paper and make sure it wasn't April Fools' Day.

The headline:

"Activ [...]

FDIC'S COMMUNITY BANK STUDY TACKLES COMPLIANCE

nderr — Fri, 08 Feb 2013 00:00:00 +0100

"Data-driven" study defaults to interviews due to dearth of data

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In December, FDIC published its Community Bank Study, which explores some of the major issues facing community banks today, including structural changes, capital formation, and financial performance. It was also a fundamental component of the study to tackle the definition of "community bank" itself. A community bank i [...]

TRADING COMPLIANCE RECIPES: IF ONLY IT WERE THAT EASY ...

nderr — Fri, 18 Jan 2013 00:00:00 +0100

Increasingly even the "simple" issues seem to require a "master chef"

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When I was starting out in the compliance field (albeit many many moons ago), I was taught that you probably should consult with the bank's outside legal counsel when the answer to a problem wasn't found in black and white in the regulation, and there was interpretation of the regulation or law neede [...]

TOP CIVIL MONEY PENALTY TIER HIKED BY FED AND OCC

nderr — Mon, 10 Dec 2012 00:00:00 +0100

Quadrennial review sees increase for worst offenses

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This blog falls under the category of "news we hope you'll never need to use." Civil money penalties have been updated by the regulators.

Every four years the agencies are required by the Federal Civil Penalties Inflation Adjustment Act of 1990 to review the penalt [...]

COMPLIANCE AND THANKSGIVING: SOMETHING TO BE THANKFUL FOR

nderr — Wed, 21 Nov 2012 00:00:00 +0100

Anybody put any gravy on your plate lately?

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It is the season of Thanksgiving, when we are all thinking about what we are thankful for and sharing that with family and friends at the turkey day feast. But it's also a time to consider that being thankful is something we probably should be doing on a more regular basis.

I recently read an article abo [...]

A STROLL DOWN MEMORY LANE: REMEMBER PAPERWORK REDUCTION?

nderr — Fri, 02 Nov 2012 01:00:00 +0100
The non-legacy of "EGRPRA"

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I was taking a stroll down memory lane recently (actually, I was cleaning out some old files) and ran across a Joint Report to Congress, dated July 31, 2007, on the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA). The Federal Financial Institutions Examination Council published the report in the Federal Register o [...]

WHO ARE YOU TALKING ABOUT UDAAP WITH?

nderr — Fri, 28 Sep 2012 01:00:00 +0100
Who is training your front-line in this critical area? (Anybody, anybody?)

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Recently, I gave a presentation on compliance to a group of bank marketing professionals at ABA's 2012 Marketing Conference in San Diego, Calif.

Not surprisingly, it was the only compliance session at the three-day conference. But it was a chance to speak about the importance of compl [...]

REVISED STANDARD FLOOD HAZARD DETERMINATION FORM (MAYBE)

nderr — Fri, 07 Sep 2012 01:00:00 +0100

Taking a look at a perennial trouble spot

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There's been lots of news about the most recent legislation passed to extend and reform the National Flood Insurance Program. The NFIP was scheduled to expire on July 31, but Congress passed and the President signed the Biggert-Waters Flood Insurance Reform Act of 2012 just in time. The Act extends the NFIP authority until Sept. 30, 2017.
[...]

THE BEST INTENTIONS: WHY REG B ERRORS KEEP ON HURTING

nderr — Wed, 15 Aug 2012 01:00:00 +0100

Joint signature issues keep plaguing lenders
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One of the most common questions I'm asked about bank compliance from colleagues and clients is "What are the most common compliance violations?"

And, then, of course, "How do you avoid them?"H

Even after all these years (38 years in fact), violations of Regulation B continue to make my list of top compliance violations. One particular [...]

MORE COMPLIANCE T-SHIRT SLOGANS

nderr — Tue, 17 Jul 2012 01:00:00 +0100

Submit yours by July 30 for a shot at a $50 Amazon gift card

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It's hot everywhere around the country this summer. Record-setting temps. Often above 100 degrees. And that means it's t-shirt season.

And that means it's Compliance T-Shirt Slogan time again!

A couple of years ago we asked for your i [...]

DON'T FORGET THE LITTLE DETAILS

nderr — Mon, 25 Jun 2012 01:00:00 +0100
Don't miss small cracks while watching the big picture

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We spend much of our time these days trying to figure out how to focus our attentions on the significant, high-risk, big-ticket compliance items that are most crucial to our institutions and that can present the greatest potential for compliance risk. Everyone in the compliance profession is short on time, and long on problems to solve and issues to ta [...]

A COMPLIANCE OFFICER'S VIEW ON EXAM TRENDS

nderr — Fri, 04 May 2012 01:00:00 +0100
Reviewing findings from ABA's feedback project

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Recently, ABA and participating state bankers associations published summary reports of their regulatory feedback surveys, which asked bankers for their anonymous opinions of their experiences with examiners and the regulatory examination process. The surveys covered OCC, FRB, FDIC, and OTS examinations. A total of 1,100 institutions responded to the survey.

G [...]

HUD REVISES FAIR-LENDING REGULATIONS

nderr — Thu, 15 Mar 2012 01:00:00 +0100

New discrimination prohibited bases added for HUD programs

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Last
month the federal Department of Housing and Urban Development finalized
some changes to its regulations relating to fair housing (or equal
access to housing, using HUD's terminology). The changes impact HUD loan programs, including FHA-insured mortgage lending, and were effective on March 5, 2012.

[...]

CFPB'S TAKE ON THE FUTURE OF MONTHLY MORTGAGE STATEMENTS

nderr — Fri, 17 Feb 2012 01:00:00 +0100
Banks should review prototype and make comments, suggestions

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Diversity is generally encouraged, but not when it comes to mortgage loan statements.

The Consumer Financial Protection Bureau has just released a draft monthly mortgage loan statement prototype that could become the model periodic statement for mortgage loans in the not so distant future. Th [...]

NANCY'S TURN: ANOTHER ANSWER TO CFPB'S CALL FOR STREAMLINING SUGGESTIONS

nderr — Thu, 12 Jan 2012 01:00:00 +0100
Nancy takes a dual Compliance-consumer look at regs

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Last month, Lucy discussed her suggestion for the Bureau of Consumer Financial Protection for regulatory streamlining-Home Mortgage Disclosure Act/Regulation C reporting. Now, it's my turn.

Unfortunately, Lucy picked a really good one, and I can't be a copycat. There were also some really good suggestions [...]

CONSIDERING THE CFPB'S CARD COMPLAINTS DATABASE...

nderr — Thu, 15 Dec 2011 01:00:00 +0100

The Bureau has an interesting concept, but are there risks?

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The Consumer Financial Protection Bureau is proposing to disclose certain credit card complaint data that it collects through its complaint system. The Bureau is proposing a new Policy Statement to describe this information-sharing process, and seeks comments by Jan. 30, 2012.

Considering the B [...]

BRAND-NEW HUD CASE ILLUSTRATES HOW MATERNITY CARRIES FAIR-LENDING RISKS

nderr — Thu, 17 Nov 2011 01:00:00 +0100
5 steps to keep your bank out of trouble

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On Nov. 3, the U.S. Department of Housing and Urban Development announced a fair-lending settlement between a mortgage company and a loan applicant who alleged illegal discrimination in the denial of a mortgage loan based on gender and familial status. The applicant claimed that she was denied a loan because she was on maternity leave at the time of the application. She also claimed that he [...]

HOW TO FAKE IT AS A COMPLIANCE OFFICER

nderr — Sun, 09 Oct 2011 01:00:00 +0100

Step one, fill your bookshelf with tomes

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I was listening to the radio the other day and heard an interview of a famous TV foodie personality. He was talking about how to fake it as a wine connoisseur.

Now, I like to drink wine, but I'm no wine connoisseur. But I do know compliance. My mind began to wander. Since I'm always thinking about compliance, I immediately start [...]

NEW FLOOD LEGISLATION AFLOAT

nderr — Thu, 15 Sep 2011 01:00:00 +0100
As deadline looms, duplicative disclosure issue raises its head yet again

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Just about every year there are devastating floods somewhere in the U.S., from a multitude of causes, and 2011 has been beyond classic. I have family who live very close to the Susquehanna River in Pennsylvania. They are high and dry, but many people in that community have been flooded out, in one of the latest spots to suffer.

Fo [...]