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Latest Compliance News

  • Bureau Updates E-Regulation Platform

    Sep 14, 2018
    The Bureau of Consumer Financial Protection released a new version of its electronic regulations platform. Previously known as eRegulations, the new Interactive Bureau Regulations platform now allows the bureau to more quickly and efficiently amend the content of regulations on its website. It also allows users to select multiple regulations when conducting a search.
  • Bureau Includes Right to Security Freeze in Model Disclosures

    Sep 13, 2018
    The Bureau of Consumer Financial Protection issued an interim final rule updating two model disclosures to reflect changes to the Fair Credit Reporting Act. S. 2155 requires national consumer reporting agencies to provide “national security freezes” free of charge to consumers. The interim final rule includes a notice of the new security freeze right in the FCRA notices on consumer and identify theft rights.
  • Fed Amends Rules on Check-Collection Disputes

    Sep 13, 2018
    The Federal Reserve Board approved final amendments to the liability provisions of Regulation CC, which governs availability of funds and collection of checks. The amendments affect disputes between banks when original paper checks are unavailable for inspection.
  • FinCEN Makes Beneficial Owner Relief Permanent

    Sep 11, 2018
    The Financial Crimes Enforcement Network made permanent exceptive relief from beneficial owner requirements for certain account rollovers and renewals.

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Sep
30
September 30 - October 05, 2018
October 05, 2018
Compliance Institute* - TN SOLD OUT
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Executive C-Suite Training, Compliance Certification, Compliance
Nashville, TN
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BSA/AML Institute* - MN
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Location: 
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05/15/18
ICBA Member: $1,295*
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BSA/AML Institute* - MO
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Location: 
MO
07/30/18
ICBA Member: $1,295* 
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BSA/AML Institute* - TX - SOLD OUT
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11/14/18

ICBA Member: $1,295* 
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Compliance Institute* - TX
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02/25/18
ICBA Member: $2,395*
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Compliance Institute* - MN
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06/10/18
ICBA Member: $2,395*
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Oct
22
October 22 - October 25, 2018
October 25, 2018
Annual Current Issues Certification Conference - AZ
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Auditing Certification, Information Technology Certification, BSA Certification, Bank Security Certification, Compliance Certification, Executive C-Suite Training, Leadership Development, Compliance, Auditing, Certification
Phoenix, AZ
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Question of the Week

  • QUESTION: In regard to UDAAP, what is meant by "the injury must not be outweighed by countervailing benefits to consumers or to competition"?

    ANSWER: 

    To be unfair, the act or practice must be injurious in its net effects — that is, the injury must not be outweighed by any offsetting consumer or competitive benefits that are also produced by the act or practice. Offsetting consumer or competitive benefits may include lower prices or a wider availability of products and services. Nonetheless, both consumers and competition benefit from preventing unfair acts or practices because prices are likely to better reflect actual transaction costs, and merchants who do not rely on unfair acts or practices are no longer required to compete with those who do. Unfair acts or practices injure both consumers and competitors because consumers who would otherwise have selected a competitor’s product are wrongly diverted by the unfair act or practice.  Costs that would be incurred for remedies or measures to prevent the injury are also taken into account in determining whether an act or practice is unfair. These costs may include the costs to the institution in taking preventive measures and the costs to society as a whole of any increased burden and similar matters. 

    Reference: CFPB Exam Manual V. 2, October 2012