With the summer winding down, the kids will be heading back to school and facing tests and the dreaded pop quizzes. But they are not the only ones. Compliance pros also must be ready for regulators’ tough questions.
If your regulator were to give you a pop quiz, would you be ready? See if you are prepared to answer these fifteen questions.
- Do all our loans in a flood zone have current coverage and the correct amount of coverage?
- Are we handling Reg E errors in the proper time frame?
- Have we completed a SAFE Act review?
- Are we correctly reporting Regulation O (Insider) loans?
- Is our website compliant in terms of advertisements, disclosures, and privacy policy?
- Are we calculating Certificate of Deposit penalties correctly?
- Do our HELOC Statements match the Credit Agreement?
- Are canceled Escrow accounts provided with an Escrow Cancellation Notice?
- Are we removing PMI once loans reach 78%?
- Are our lending census tracts in our assessment area?
- Are we ready to report 1071 information?
- Have we defined “trigger events” for a CDD refresh in our written CDD Program?
- Have we reviewed our AML/CFT monitoring software to validate the data feeding into it is accurate and complete and tuned the alert rules?
- Is our AML/CFT Risk Assessment up-to-date and are we ready to address the National Priorities?
- Do our SARs provide meaningful, actionable, accurate information to law enforcement that also include information required (e.g., keywords and Notes to FinCEN) according to FinCEN Advisories?
If you answered “No” or “I don’t know” to any of these questions, it may be time for some tutoring. Call us and we will show you how to pass with flying colors!
TCA delivers A Better Way to ace your upcoming exams.
TCA – A Better Way!
