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The Final Piece of the Flood Puzzle

Jeff Thompson, UBB’s Vice President and Compliance Services Managing Consultant, explains the rules regarding the acceptance of private flood insurance policies issued in January 2019.

MLO Compensation at Community Banks

The Dodd-Frank Act brought the banking world a slew of new requirements, including changes to Regulation Z that limit the amounts and types of compensation that can be paid to mortgage loan originators (MLOs).

Making Sure Your Compliance Armor is Strong!

The words “enforcement actions” and “civil money penalties” generally cause a banker to have many aches, and sometimes, real pains. Unfortunately, this has been a somewhat regular occurrence with many bankers over the years. Compliance Officers and Compliance Committees can help to alleviate those aches with proper preparation, prevention, and protection, before the pain becomes real.

United Bankers’ Bank Announces Management Transitions

John Peterson, Interim President and CEO of United Bankers’ Bank (UBB), announces the retirement of Conrad Newburgh, Executive Vice President, Chief Credit Officer, along with the promotion of his successor, Dawn Tollefsrud.

Independent Newsletter - Spring 2019 Edition

The UBB Independent Newsletter - General interest news about UBB featuring issue updates, product reviews, employee news, and more.

CFPB Proposes Higher HMDA Thresholds and Other Changes

On May 2, 2019 the CFPB issued a Notice of Proposed Rulemaking (NPR) that proposes to raise the coverage thresholds for smaller reporters. The NPR proposes two alternatives that would permanently increase the threshold from the current 25 reportable closed-end originations, to either 50 or 100.

Part Two – Making Sure Your Compliance Armor is Strong!

Just as a soldier would have dressed for battle hundreds of years ago, in the 21st century we, as banks and compliance officers, can “dress” ourselves to prepare for a different type of battle. It is a battle where we are working towards a process to avoid the pains associated with civil money penalties and enforcement actions.

Banks Score a Win in the First Ability-to-Repay Case to be Adjudicated

At the end of March 2019, the U.S. District Court for the Southern District of Ohio gave the banking industry its first win in cases involving the ability-to-repay (ATR) and qualified 
mortgage (QM) rules that were enacted under the Dodd-Frank Act. In Elliot v. First Federal Community Bank of Bucyrus, the court rejected the plaintiff’s attempt to block foreclosure based on the ATR/QM rules.

Regulators Citing First HELOC Statement Violations

It has come to our attention that regulatory agencies have been citing banks for failing to itemize finance charges on the first periodic statement in a Home Equity Line of Credit (HELOC) arrangement.  These findings result in reimbursable violations of the rule, and the examiners are citing a bank’s ignorance of this rule as a hole in its Compliance Management System (CMS).  Read on for our analysis of this situation.
 

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