Compliance

This page serves to highlight just a few details of the compliance related pages. View a summary of each topic below, or access the full pages on these subjects to go into more detail.

Our Alerts Now service can help you keep track of the most recent regulatory updates being made in the compliance world. We review major announcements from the following regulatory agencies on a weekly basis: CFPB, FDIC, IRS, OCC, Federal Reserve, NCUA, FinCEN, and HUD.

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Published monthly, 90 day regulatory outlook identifies recent regulatory announcements and key dates for the upcoming 90 days. It also identifies related BAI course updates and resources. Read the most current issue below, browse important recent and upcoming changes, or check out some of our past monthly issues.
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In December 2020, the CFPB released a final rule that updated the definition of Qualified Mortgages. While the rule is effective March 1, 2021, compliance is not mandatory until July 1, 2021. The new definition eliminates the Debt-to-Income requirement and replaces it with price-based thresholds that compare a loan’s APR to the APOR.

As a result, BAI needs to immediately retire course Reg Z: Appendix Q, 20507BCMN as the portion of the regulation it covers is now obsolete.

Recommended courses:

FinCEN Seeks Comments on Enhancing the Effectiveness of AML Programs (November 28th, 2020)

The Financial Crimes Enforcement Network (FinCEN) today issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a wide range of questions pertaining to potential regulatory amendments under the Bank Secrecy Act (BSA). The proposals under consideration are intended to provide financial institutions greater flexibility in the allocation of resources and greater alignment of priorities across industry and government, resulting in the enhanced effectiveness and efficiency of anti-money laundering (AML) programs.

Course Updates:  BAI will release new and updated courses upon finalization of rules. (Release Date TBD)

FinCEN Issues Final Rule to Require CIP, AML Program, and Beneficial Ownership Requirements for Banks Lacking a Federal Functional Regulator  (March 28th, 2021)

To ensure consistent Bank Secrecy Act (BSA) coverage across the banking industry, the Financial Crimes Enforcement Network (FinCEN) today issued a final rule that requires minimum standards for anti-money laundering programs for banks lacking a Federal functional regulator. The final rule also extends customer identification program and beneficial ownership requirements to those banks.

Agencies Issue Final Amendments to Regulation CC Regarding Funds Availability  (July 1st, 2020)

The Consumer Financial Protection Bureau and the Federal Reserve Board today jointly published amendments to Regulation CC that implement a statutory requirement to adjust for inflation the amount of funds depository institutions must make available to their customers. The amendments apply in circumstances ranging from next business day withdrawal of certain check deposits to setting the threshold amount for determining whether an account has been repeatedly withdrawn.

Course Updates: (Various Release Dates, All Updates Completed By Mid February)
4020B / 4020C – Reg CC: Delaying Funds Availability
20020 / 20020C – Reg CC: How to Comply
20021 / 20021C – Reg CC: Exceptions and the Next-Day Rule
20022 / 20022C – Reg CC: Customer Disclosures
20054 / 20054C – New Account Orientation: Regs and Disclosures
20088 / 20088C – Reg CC: An Overview of Check Fraud Prevention
20089 / 20089C – Reg CC: New Account Security
20090 / 20090C – Reg CC: Check Kiting
30301B / 30301C – Regulation CC: The Essentials
30302B / 30302C – Regulation CC: Comprehensive
31102B / 31102C / 31102N – Frontline: Providing Disclosures
31137B / 31137C / 31137N – Frontline: Regulation CC and Funds Availability
31206B / 31206C – Sales Leadership: Consumer Transactions
31301B / 31301C – Deposit Operations: Deposit Processing
31909B / 31909C / 31909M / 31909N – Contact Center: Consumer Transactions

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Fostering stronger collaboration across your organization while enhancing productivity and audit readiness, BAI Training Insights, combined with our flexible courseware, gives you confidence that you are effectively managing your organizational risk with your annual training.

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This easy-to-use tool will enable you to collaborate throughout your organization as you plan, assign and report your compliance training and provide an audit trail for regulatory reporting.  The Value to you:

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BAI’s Compliance Courseware contains all the compliance and regulatory information your organization needs to train employees. To complement our compliance libraries, we offer mini-courses to highlight important updates to regulatory topics, as well as tailored role-based courses intended for specific job functions within your organization.
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Stay ahead in today’s fast-paced regulatory environment with these concise summaries of prominent regulatory changes highlighting key points and translating implications of new regulatory mandates.

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Quickly find relevant industry websites including key regulations and regulatory bodies, audit/examination guidelines, state agencies and more.

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If you have any compliance questions or challenges, we have experts on hand to provide you with direct feedback. Please submit your questions to [email protected] and our experts will deliver compliance support straight to your inbox.

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