Steve H. Powell & Company

  • Contact
  • About us
  • Management
  • Services
    • Loan Review
    • Compliance
    • Due Diligence
    • ALLL Methodology
    • Strategic Planning
  • Newsletter
  • Blog
  • Contact
  • About us
  • Management
  • Services
    • Loan Review
    • Compliance
    • Due Diligence
    • ALLL Methodology
    • Strategic Planning
  • Newsletter
  • Blog

​

2017 DBF Final Rulemaking

8/17/2017

1 Comment

 
On June 29, 2017 the Georgia Department of Banking and Finance (DBF) adopted Final Rules that were originally proposed in May 2017.  The issued rulemaking addresses a wide range of changes to State banking regulation.  A link to the rules can be found here. 

One BSA related change of note, the DBF slightly amended when state-chartered institutions must send a copy of a filed Suspicious Activity Report (SAR) to the Department.  The DBF removed the requirements to forward the SAR when the report involves a loss or potential loss of $100,000 or more and when filing on a money-service business (MSB) that is a customer of the institution.  The DBF also added additional notification requirements.  See below for the current notification requirements.

Chapter 80-9-1-.02 (1) A state chartered financial institution filing a suspicious activity report (SAR) with a federal authority must send a copy of such report to the Department promptly after filing the SAR if:

(a) The SAR involves a director, officer, employee, or principal shareholder of the state chartered financial institution, or a known immediate family member, related interest, or an affiliate of a director, executive officer, or principal shareholder of the state chartered financial institution;

(b) The SAR indicates that a financial institution is a suspect or otherwise indicates the possibility that such financial institution violated the law; or

(c) The SAR involves an affiliate or subsidiary of the financial institution.

(2) Along with any SAR forwarded to the Department, a financial institution shall also notify the Department when law enforcement or the financial institution's insurers, including, but not limited to surety companies, have been notified of the underlying activity.
​
It is recommended that state-chartered institutions update their BSA procedures for the changes. 
1 Comment

CFPB Finalizes Arbitration Rules

8/9/2017

0 Comments

 
By: Jeremy Clifton, CRCM, CAMS

On July 10, 2017 the CFPB issued its final rule which limits financial institutions’ ability to utilize arbitration agreements.  The rule prohibits the compulsory waiver of class action suits via pre-dispute arbitration agreements.   The rule takes effect on September 18, 2017 but compliance is not mandatory until on or after March 19, 2018.  Institutions should review consumer deposit, credit card, and loan agreements as pre-dispute arbitration agreements are quite common.  It may be necessary for institutions to update these documents manually or to contact providers to determine if these forms are available without the pre-dispute language.  If an institution is to retain allowable types of pre-dispute arbitration agreements, such agreements must now contain new model language and require submission of certain arbitration records to the CFPB.  See the CFBP’s page for further guidance here. 

​While the House passed a resolution on July 26, 2017 to override the arbitration rule, there is no word from the Senate on an impending vote.  We will provide updates on any changes of the status of these rules. 

0 Comments

    Past Articles

    All
    2017 DBF Final Rulemaking
    2017 TRID Final
    2017 Updated Guide For Servicing Rules
    2018 Compliance Updates
    April 2018 TRID Rule
    Beneficial Ownership Relief Extension
    Cashing Checks
    CFPB Annual Privacy Notice
    CFPB Prepaid Account Rule
    Commercial Real Estate
    CRA Lobby Notice
    CRE Concentrations
    Final Arbitration Rules
    FinCEN Finalizes Beneficial Ownership Relief
    HMDA Proposed Changes
    New HMDA Interpretive Rule
    Reg CC Reminder
    Regulation CC Final
    Restoration Of PTFA
    Rising Interest Rates Reg E
    SARs Data Fields
    SARs On Cyber Crime
    Second FAQs For Beneficial Ownership
    The Military Lending Act
    Visa Gross Negligence Change
    Visa & MasterCard Card Updater Services

    Archives

    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    July 2021
    May 2021
    February 2021
    January 2021
    October 2020
    August 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    March 2019
    January 2019
    September 2018
    August 2018
    June 2018
    May 2018
    April 2018
    February 2018
    January 2018
    October 2017
    August 2017
    July 2017
    June 2017
    March 2017
    February 2017
    October 2016
    September 2016
    August 2016
    June 2016

    RSS Feed

Powered by Create your own unique website with customizable templates.