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Winter 2018 Compliance News

Thursday, February 01, 2018

by RSM US LLP

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NEWSLETTER

AML & Regulatory Compliance News

Regulatory compliance news, ideas, education and updates for financial institutions

Welcome to our newly aunched Anti-Money Laundering (AML) and compliance newsletter. The year ahead is sure to be a year of change. Our aim is to bring to you the latest in AML and regulatory compliance news as it happens. Therefore, moving forward this newsletter will be called AML & Compliance News and will now be available in your inbox on a bimonthly occasion. As always, you can manage your newsletter preference by visiting our Preference Center.

For more information on the topics in this newsletter or to learn more about our services, contact Rob Farling, national leader of AML & regulatory compliance.

	New year brings significant changes to HMDA guidelines Understand how the new reporting requirements will impact your organization. Read more. Join our webcast on Feb.13, 2018.
Consumer regulation updates
	CFPB approves revised Uniform Residential Loan Application Residential loan application redesign approved, confirming compliance with the Equal Credit Opportunity Act. Read more.
	CFPB guidance on indirect auto lending is subject to congressional review Indirect auto lenders need to be aware of potential new rules for fair lending compliance. Read more.
	CFPB updates TRID Guide CFPB released an updated version of the TILA-RESPA Integrated Disclosure (TRID) Guide to the Loan Estimate and Closing Disclosure having made multiple changes to sections of both the Loan Estimate and Closing Disclosure. Read more.
	CFPB Regulation Z thresholds effective Jan. 1, 2018 Understanding the new annual thresholds required by the CFPB. Read more.
	Congress blocks CFPB Arbitration Agreement Rule Financial institutions and credit companies to continue including arbitration clause in consumer contracts. Read more.
	Public comment for policy changes affecting daylight overdrafts Federal Reserve Board request public comment on policy changes. Read more.

AML updates
	Further guidance possible for FinCEN’s beneficial ownership rule Clarification pending ahead of effective date for new beneficial ownership rule. Read more.
	FinCEN updates frequently asked BSA questions FinCEN makes informative changes to its “Answers to Frequently Asked Bank Secrecy Act (BSA) Questions” resource located on its website. Read more.
Annual privacy notice distribution clarification
	House passes privacy notification legislation Bill clarifies organizations’ obligation to send annual privacy notices to consumers. Read more.
Hot topic
	Potential financial stability issues from cryptocurrency usage Consumer trust in effectiveness of payment systems key in rise of cryptocurrency. Read more.