COMMUNITY BANK UNIVERSITY

Bank Compliance Center

In today’s banking environment as soon as one big new regulation is implemented another pops up. ICBA’s compliance training opportunities and exceptional resources, online and offline, will help your community bank stay informed and one step ahead of the regulators.

Recent Compliance News

CFPB encourages collaboration to combat elder financial abuse

Jun 6, 2023 | NewsWatch Today
The Consumer Financial Protection Bureau encouraged participation in Elder Fraud Prevention and Response Networks, which it has helped establish alongside state and local organizations.

ICBA continues 1071 grassroots campaign

Jun 5, 2023 | NewsWatch Today
ICBA continues calling on community bankers to urge their members of Congress to support a House resolution to nullify the Consumer Financial Protection Bureau’s Section 1071 rule to establish data collection and reporting standards for small-business loan applicants.

Upcoming Compliance Training

Aug 7, 2023 | Seminar - Live

BSA/AML Institute


Sep 7, 2023 | Webinar

Regulatory Compliance Updates: Q3


Oct 1, 2023 | Seminar - Live

Compliance Institute


Compliance Question of the Week

Question: What do I need to focus on right now regarding the new Small Business Lending Rule (1071)?

ANSWER:

The new Small Business Lending Rule has a staggered/tiered implementation date depending on the number of covered loans that the bank originated in 2022 and 2023 (Tier 1: 2,500+ = October 1, 2024; Tier 2: 500-2,499 = April 1, 2025; Tier 3: 100-499 = January 1, 2026). Most community banks will fall into the third tier and will not have to begin collecting data until January 1, 2026. While there are still many questions to be answered by the CFPB, such as, how are banks going to report the data, what data points are going to be made public, and what effect the new CRA modernization rule will have on 1071, this doesn’t mean you should be just sitting and waiting it out. You should be working on the following right now:

• Determine if your bank is a covered financial institution and if so, what date must collecting and reporting begin. Do determine this, you must learn what transaction types (“covered transaction”) count toward the 100-loan origination threshold as well as the definition of a small business.

• If your bank must collect and report data, a commercial application is going to be needed. If you do not already have a commercial application, begin creating one. Work with your lenders and marketing department to develop this. 

• Determine how your bank will handle the firewall requirement. Determine in your bank, who makes decisions on loan applications and whether you have a feasible way to keep that person from accessing customer demographic information.

If you have not read the final rule yet, we suggest starting with the CFPB’s Small Entity Compliance Guide. It provides thorough information on the rules as well as many examples of practical application. The details of the safe harbors, data points, reporting, and disclosures can be learned in time as your effective date approaches. 

 


 

Compliance Vault

The ICBA Compliance Vault is now available as a member benefit to all ICBA members.

The Compliance Vault is a reliable search tool that helps you find answers to your regulatory compliance questions, with access to over 2,500 Q&As, select online courses, and documents.

Learn more & open the vault

Compliance Resources

Online Training

Online Training Plans - CBU

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Community Banker University offers a variety of online training options with courses that build knowledge and a strong foundation within key areas of the banking industry and professional development.

Prices vary by plan, check the plan comparison chart for more information!

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Online Training

Compliance Certificate Program

Online Certificates

The courses in the Community Banker Compliance Certificate Program are designed to give community bankers the knowledge and skills they need to become experts in regulatory compliance. The certificate program consists of four critical learning areas.

$499 / ICBA Members

$1,499 / Non-Members

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Compliance Working Papers

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One of the three elements of an effective compliance program is monitoring and corrective action. These compliance working papers are essential for monitoring your financial institution’s compliance with federal consumer compliance laws and regulations.

Initial Price
ICBA Member: $599
Nonmember: $799

Annual Digital Renewal
ICBA Member: $399
Nonmember: $499

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Compliance Deskbook and Bulletin Service

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The Compliance Deskbook is a compliance officer’s one-stop-shop for accessing compliance regulations, important dates, agency guidance, questionnaires, updates, and other resources.

Initial Price
ICBA Member: $499
Nonmember: $799

Annual Digital Renewal
ICBA Member: $349
Nonmember: $649

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Bank Compliance Checkup Program

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The Bank Compliance Checkup Program provides a comprehensive system for on-going monitoring of your bank’s compliance with Deposit, Lending, Administrative and IT/Tech/Security regulations. It also contains a series of training materials and tests to assist in educating staff where there are compliance deficiencies found.


Initial Price:
ICBA Member: $399
Nonmember: $799

Annual Digital Renewal:
ICBA Member: $249
Nonmember: $649

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