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



May 23, 2024 | NewsWatch Today
CFPB rule says BNPL lenders are credit card providers

The Consumer Financial Protection Bureau issued an interpretive rule that says “buy now, pay later” lenders are credit card providers.

May 20, 2024 | NewsWatch Today
CFPB plans to extend 1071 compliance deadline following court ruling

The Consumer Financial Protection Bureau said it plans to extend the compliance deadline on its 1071 small-business data collection and reporting rule following a Supreme Court ruling that ended a temporary injunction on the rule.

May 17, 2024 | NewsWatch Today
Supreme Court finds CFPB funding structure constitutional

The Supreme Court upheld the constitutionality of the Consumer Financial Protection Bureau’s funding structure, reversing the appellate court’s decision that held the CFPB’s funding violates the constitution’s appropriations clause.

May 6, 2024 | NewsWatch Today
Agencies issue community bank guide on third-party relationships

The federal banking regulators released a guide for community banks on managing risk in third-party relationships.

Upcoming Compliance Training

Compliance Question of the Week

Question: What information must be included in a Garnishment notice?

ANSWER: 

If the institution is required to notify an account holder under 31 C.F.R. §212.7(a), the notice must contain the following information in “readily understandable language”:

  • the institution’s receipt of a garnishment order against the account holder;
  • the date on which the institution was served the garnishment order;
  • a succinct explanation of garnishment;
  • an explanation of the institution’s requirement, when a covered benefit is deposited into one of the account holder’s accounts within the last two months, to calculate and establish a protected amount and ensure that the protected amount is made available to the account holder;
  • the account or accounts subject to the garnishment order;
  • the protected amount the institution established;
  • the institution’s requirement to freeze funds in excess of the protected amount, if applicable, pursuant to state law to satisfy the garnishment order;
  • the amount of any garnishment fee charged to the account, consistent with 31 C.F.R. §212.6(h);
  • a list of all federal benefit payments covered by the Garnishment Rule, as identified in 31 C.F.R. §212.2(b);
  • the account holder’s right to assert exemption for amounts above the protected amount against the creditor that initiated the garnishment order by taking an action customarily applicable in a given jurisdiction, such as completing exemption claim forms, contacting the court of jurisdiction, or contacting the creditor;
  • the account holder’s right to obtain legal aid in asserting exemption against the creditor that initiated the garnishment order;
  • the name of the creditor, and
  • the means of contacting the creditor if contact information was included in the order.
Reference: Fed. Consumer Compliance Outlook, 3rd Quarter 2013; 31 CFR 212.7(b).

 

 
 

 

 


 

Compliance Vault



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Compliance Resources



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Compliance Certificate Program

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The ICBA Education Compliance Certificate Program is designed to give community bankers the knowledge and skills they need to become experts in bank compliance. They will learn to explain the role of community bankers in bank compliance, identify the regulations governing community banking, and identify the requirements of the laws governing community banks.

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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.

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Compliance Deskbook and Bulletin Service

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The ICBA Compliance Deskbook is the industry’s premier resource for compliance information. Access regulations, important dates, agency guidance, questionnaires, and other resources in one place.

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Nonmember: $549

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Bank Compliance Check Up

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The Bank Compliance Check Up Program provides a comprehensive system and checklists for monitoring and determining the bank’s compliance with deposit, lending, administrative regulations, and other banking laws. Also included are over 40 training agendas and quizzes!

Initial Price
ICBA Member: $499
Nonmember: $799

Annual Digital Renewal
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