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Regulatory Updates – Second Quarter 2024
Below is a link to the Regulatory Updates as of the end of Q2 2024. TCA provides A Better Way for you to track Compliance updates and keep your organization on track. You can download the updates in a PDF form here.As always, TCA is here to help with A Better Way to answer all […]
AML Programs and Recent Consent Orders: What Questions Should you be Asking?
Last year’s news headlines screamed about financial crimes: the riveting cryptocurrency saga of Sam Bankman-Fried (SBF), Binance’s landmark $4.3 billion settlement with the Department of Treasury, and Deutsche Bank’s additional fines for anti-money laundering and sanctions failings. Other noteworthy stories entailed a parade of cybercrimes like ransomware and email scams. For those working in the […]
A New Federal Holiday and an Old Federal Holiday – Alleviate The Confusion
So, if this article looks familiar, that’s because we sent out a similar version in the past three years and there can still be some confusion as some institutions are open and some are closed. On June 17, 2021, the US got its first national holiday in 38 years. June 19 has been designated as […]
Planning for a successful Automated Monitoring System (AMS) Validation by Understanding Common Findings
Your AMS plays a crucial role in helping financial institutions detect and prevent illicit activities. However, to ensure the effectiveness and compliance of these solutions, regular model validations are necessary and prescribed by Guidance on Model Risk Management from the prudential regulators. During validations, common findings often emerge and highlight opportunities for improvement. Here, TCA […]
CFPB Funding Mechanism Determined Valid
The Supreme Court released their decision in the Consumer Financial Protection Bureau v. Community Financial Services Assn. of America, Ltd. case, which was brought to challenge the funding of the CFPB as inconsistent with the Appropriations Clause. The challengers argued that this funding mechanism violated the appropriations clause, which provides that “no money shall be […]
Regulation CC Updates Coming in 2025
When Regulation CC was updated back in 2019, one of the changes attached the dollar amounts to be made available to adjust every five years based on changes to the Consumer Price Index (CPI-W) similar to annual changes in Regulations M and Z, rounded to the nearest $25. Well, that far-off five-year timeframe has arrived. […]
Your Dream AML/CFT Home Starts with Good Bones
Build A Solid Foundation That Will Help You Detect and Combat Financial Crimes Prospective homebuyers want properties with “good bones,” whether buying new construction loaded with smart technology or a 200-year-old historic farmhouse that needs tender loving care. Good bones assure buyers that a property is structurally sound, provides a safe environment, and will be […]
HOEPA VS HPML (High-Cost and Higher Priced Mortgage Loan)
The Home Ownership and Equity Protection Act (HOEPA) was enacted in 1994 as an amendment to the Truth-in-Lending Act (TILA) to address abusive practices in refinances and closed-end home equity loans with high interest rates or high fees. Higher Priced Mortgage Loans (HPML) were implemented as part of the Mortgage Disclosure Improvement Act in 2009 […]
Tips for a Successful Offsite Review
The saying goes that the only constant is change, which is true. In this post-pandemic environment, TCA continues to complete most engagements remotely. Technology advancements have made the process easier, but offsite engagements create different challenges. Please take a moment to review some tips for an efficient, effective TCA remote review. Ensuring a Successful Remote […]
Mitigate Risk: Understand Your Lending Patterns
Examiners are more carefully scrutinizing banks’ lending penetration in low- and moderate-income census tracts for CRA and in substantially minority census tracts for Fair Lending in banks’ designated assessment areas. Examiners also expect banks to demonstrate a thorough understanding of their lending patterns. For example, they analyze HMDA loan data and Small Business/Small Farm loan […]
