We provide support to confirm that your garnishment practices aren't heightening financial, regulatory, or reputational risk for your bank.
No one wants to face the financial penalties, reputational harm, or other consequences of mishandling garnishments.
But staying on top of the regulations is demanding. Laws vary by jurisdiction and can change, you must manage each garnishment order accurately and on time, and you have to accommodate the rights of creditors and your customers.
But sometimes, you're short on staff, expertise, and time for such an intense and complicated task.
That's why it's a smart move to partner with TCA Compliance.
We devote our expertise and time to reviewing your garnishment policies and practices in detail.
In addition to advising you on what to do to pass your next exam, we recommend ways to make your daily process more efficient, effective, and less painful.
During our reviews, we follow the procedures that your bank examiner will follow.
That includes assessing your approach to handling new garnishment orders, identifying your approach's risks, and recommending other, better options.
Also, reviewing your technology can reveal whether your current software is helping or hindering you in managing your garnishment responsibilities.
In addition, we evaluate whether you're making the correct calculations, withholding the proper amounts, and if you're dispersing the money to the right creditors on time.
How you protect customers’ privacy and data, whether you’re treating them fairly, and if your long-term record-keeping is sufficient to satisfy regulators are also part of our work.
In appraising your garnishment procedures, TCA's A Better Way helps you reduce your risk exposure.
Key deliverables include:
- Evaluating your policies and procedures for managing garnishment orders.
- Ensuring that you respect customers' rights.
- Sharing the latest regulatory changes at the federal and state level that affect your bank.
- Offering advice on streamlining your garnishment approach.
Additional Compliance Topics
B Prepared for Compliance in Commercial Lending
It’s common for many lenders to believe that commercial lending is exempt from federal compliance regulations. However, this would be untrue – commercial loans are subject to the following compliance regulations: Regulation C/HMDA, Flood Disaster Protection Act, and Regulation B/ECOA. This article will focus on only one the regulations above – Regulation B. Under this […]
2022 Census Tracts Changes What it May Mean for Your Assessment Area
The 2020 Census data has been released by the US Census – and it may impact your Assessment Area for CRA and your Lending Area for Fair Lending. The Federal Financial Institutions Examination Council (FFIEC) which provides uniformity and consistency in the supervision of financial institutions, incorporates the US Census data in a format that […]
A Refresh on Regulation B’s Special Purpose Credit Program
On April 26, 2022, Wolters Kluwer conducted a webinar “Special Purpose Credit Programs: Everything You Always Wanted to Know”. The speakers included: Patrice Ficklin, Fair Lending Director of the Consumer Financial Protection Bureau Pamela Perry, Vice President, Single-Family Equitable Housing, Freddie Mac Kenneth Scott, Citibank Anand Raman, Skadden Arps The speakers discussed the credit needs […]
Regulatory Updates – Second Quarter 2022
Below is a link to the Regulatory Updates as of the end of Q2. 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 […]
Identifying Higher Risk Customers using Keyword Searches
Financial institutions are facing increased regulatory pressure on Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) procedures, particularly regarding inherently higher-risk customer types. CDD is critical to identifying and monitoring customers involved in higher-risk activities. Identification of higher-risk customers starts at account opening and your account opening procedures should incorporate this due diligence. Some […]
Regulatory Updates – First Quarter 2022
Below is a link to the Regulatory Updates as of the end of Q1. 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 […]
