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• W344202478 abstract "of the problems inherent in compliance is that it is a detail-oriented discipline. Many banking laws regulations require extreme attention to minutiae, sometimes compliance officers can become so entwined that they miss the bigger picture. And that's how some banks wind up getting into trouble. There are two ways of looking at compliance consultant Lucy Griffin told bankers at ABA's recent Regulatory Compliance Conference. One is to ask, 'What did we get caught at last time?' The other is to ask, 'What is next year's problem going to be?' Griffin, president of Compliance Resources, Inc., Reston, Va., believes that the latter question will be essential to surviving the regulatory gauntlet in the future. We are at a point when the things that have been written-up by examiners are of less concern than the areas we have uncharted territory, said Griffin. The list of high-visibility, overarching issues of concern to compliance staffers continues to grow. Griffin ticked off three privacy, predatory lending, other unfair deceptive practices. In such an environment, compliance with section paragraph will no longer be good enough, Griffin maintained. Instead, she said, banks must ask, How are we treating our customers? Are we being honest with them? Are we intentionally trying to trick our customers into accepting our products? Continuing, Griffin added, That is the real risk is. Once broad patterns develop, the bank risks more than reprimands fines, including bad press legal liability. We've already seen that happen in the insurance field, said Griffin, where they have been sued for force-placed insurance of various kinds. The way the consumerists win is to make your organization look like a bad actor. What Griffin suggests is that compliance staffers begin to take a of their work: Pay attention to the detail, but rise above it, too, to see small movements could add up to worrisome trends. This should be a matter of common sense, but if that isn't enough, Griffin pointed out that others are already looking at banks this way. an example, she noted that one of the various bills introduced in Congress regarding predatory lending would require inclusion of a borrower's annual percentage rate on the Home Mortgage Disclosure Act Loan Application Register. The theory there, she said, would be to correlate high APRs with alleged discrimination. To demonstrate the dual view approach, Griffin reviewed some of the leading sources of compliance violations, from the perspective of longer-term concerns. Truth-in-lending Griffin said the biggest risk in this traditional area of minutiae is product development--official unofficial. As we develop new fees new ways to charge them, as well as complex partnering relationships that hopefully don't violate the Real Estate Settlement Procedures Act, we are creating problems in the calculation of the finance said Griffin, and at the same time, the definition of what constitutes a finance charge is changing. More stuff is getting added in. In fact, the Federal Reserve has actually suggested to Congress that maybe the finance charge ought to include everything. Griffin added that there are risks that can arise from unofficial product design, too. This can take the form of loan officers coming up with ad hoc fees on loans. Sometimes this can involve commercial loan officers, who may think, erroneously, that all loans they make are exempt from consumer compliance requirements (a business loan seconded by only primary residence, for example). If an examiner can demonstrate some illegal pattern to the charging of the fees or the corresponding misstatements of APR or finance charge, charges of predatory lending or other fair-lending violations could result. …" @default.
• W344202478 created "2016-06-24" @default.
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• W344202478 date "2000-08-01" @default.
• W344202478 modified "2023-09-25" @default.
• W344202478 title "Watch the Small Stuff, but Don't Ignore the Big Picture" @default.
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