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Today is: February 20, 2019  
 

 

Upcoming BCG Webinars

BCG Webinars are an optional resource offered once a month over the Web. Topics include Levies and Executions, New Accounts Documentation, Flood Insurance and Doing Business with Family Trusts. Additional Webinars will be posted below as their respective dates approach. To view past Webinar schedules and descriptions, click here or contact us if you have additional questions.  To order past Webinar CD-Roms, click here.

Upcoming BCG Webinars        

 

 

 

Regulatory Compliance Training for Loan Originators

Thursday, February 21, 2019

10:00 a.m. - 12:00 p.m.

Under rules that became effective in 2014, all “loan originators” of dwelling-secured credit must receive training on state and federal laws applicable to their job duties. This requirement appears as part of the loan originator qualification requirements in Regulation Z. It applies to all residential mortgage loan originators, both employees and third-party mortgage brokers. The training requirements apply to a loan originator regardless of whether he or she meets the definition of a “mortgage loan originator” under the SAFE Act. Under Regulation Z, the term “loan originator” is defined broadly and includes any employee who takes an application for a residential mortgage or offers, arranges or assists a consumer in obtaining or applying for a dwelling-secured, closed-end loan. The rule is limited to closed-end mortgages; home equity lines of credit are not covered.

This two-hour Webinar will provide training that is relevant to all loan originators and will help fulfill their training requirements under Regulation Z. Under Regulation Z, training must cover both federal and state law applicable to the LO’s job responsibilities. This Webinar will cover both state and federal law.

 

 

 
 
 
 
 
 
 

 

ACH Processing: ODFI and RDFI Rights and Responsibilities

Wednesday, February 27, 2019

10:00 a.m. - 12:00 p.m.

Financial institutions that process automated clearing house (ACH) transactions are exposed to various types of risk when providing ACH origination services or receiving ACH transactions. For example, in providing ACH origination services as an originating depository financial institution (ODFI), one of the primary sources of risk generally comes from the warranties that ODFIs provide to other ACH participants, including that all ACH transactions are properly authorized and that the information in the ACH entries is correct. ODFIs are required to indemnify other ACH participants for losses incurred due to a breach of this warranty.

As a receiving depository financial institution (“RDFI”), institutions are exposed to risk in the form of unauthorized ACH transactions, misrouting ACH transactions, untimely returns, as well as general credit and operational risks. Both ODFIs and RDFIs also have risk exposure for non-compliance with the NACHA Rules, including potential fines and penalties.

This Webinar will discuss various ACH risks presented to institutions functioning as ODFIs and RDFIs and discuss how financial institutions can manage those risks. We will also discuss some of the recent and upcoming changes to the NACHA Rules that may impact a financial institution’s ACH risk exposure.

 

 

 
 
 
 
 
 
 
 

 

Lotteries, Sweepstakes and Other Deposit Promotions

Thursday, March 21, 2019

10:00 a.m. - 12:00 p.m.

This comprehensive webinar will cover various forms of deposit promotions and their compliance considerations, including lotteries, sweepstakes and more.

California recently made it easier for financial institutions to offer lottery promotions in connection with savings accounts.  We will cover lotteries, legal and illegal.  The presentation will also address pressing questions related to other promotions.  When is an account really “free” and what are the risks associated with these promotions?  We will take a closer look at the “lessons learned” by other institutions.  Privacy and other considerations impacting “refer a friend” promotions will be addressed.  The creative and ever changing programs used to entice CD deposits will be explored as well.

We will also review the regulatory compliance expectations, including Regulation DD advertising disclosure requirements and IRS information reporting.

 

 
 
 
 
 
 
 

 

 

Documenting Your Customers

Tuesday, March 26, 2019

10:00 a.m. - 12:00 p.m.

With all the different types of business entities, lenders and new accounts personnel have challenges in properly identifying their customers or members and understanding the entities’ legal structures. Customer Identification Program (CIP) rules impose specific regulatory requirements for identifying borrowers. In addition, the Beneficial Ownership Rule applies. For example, a failure to identify a borrower properly may not only impair the lender’s security interest and put the collectability of the entire loan at risk due to UCC Article 9’s requirements, but also could result in compliance violations. The same can be said if an institution fails to properly identify a new customer opening a deposit account — it could result in any number of compliance violations, including violations of OFAC, BSA and IRS information reporting regulations.

This Webinar will address these issues in a “workshop” format providing checklists for the types of documents that financial institutions should obtain from the various types of business entities.

 

 

 

 
 
 
 
 
 
 

 

 

 

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