Federal Regulatory Agencies Release Compliance Guidance

The Federal Reserve Bank (“FRB”) and the Federal Deposit Insurance Corporation (“FDIC”) have recently released the Consumer Compliance Outlook and the Supervisory Insights, respectively.

The FRB s Consumer Compliance Outlook addresses the following topics:

  • Vendor risk management focuses on the types of risks to be considered, examples of compliance deficiencies, and best practices for vendor risk management programs.
  • Error resolution procedures and consumer liability limits for unauthorized electronic fund transfers reviews the provisions of the Electronic Funds Transfer Act.
  • Home Mortgage Disclosure Act (“HMDA”) Data Collection and Reporting answers frequently asked questions posed to examiners by financial institutions related to HMDA.

The FDIC s Supervisory Insights addresses the following topics:

  • Mobile payments describes the trends in mobile payments and best practices in managing risks associated with this technology.
  • High-Yield Checking Accounts discusses how the promotion of these types of accounts can be deceptive.

To discuss your institution s compliance management function or the compliance topics mentioned above, contact Mike Shamblin at (800) 270-9629.

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Learn more about PYA’s Financial Institutions Advisory Services and Financial Institutions Audits & Accounting Services

WE ARE REQUIRED BY IRS CIRCULAR 230 TO INFORM YOU THAT THE FOLLOWING DISCUSSION WAS NOT INTENDED OR WRITTEN TO BE USED, AND IT CANNOT BE USED, NOR RELIED UPON, BY ANY TAXPAYER FOR THE PURPOSE OF AVOIDING ANY PENALTIES THAT MAY BE IMPOSED UNDER FEDERAL TAX LAW. THE ADVICE WAS WRITTEN TO SUPPORT THE PROMOTION OR MARKETING OF THE TRANSACTIONS OR MATTERS ADDRESSED IN THE DISCUSSION. EACH TAXPAYER SHOULD SEEK ADVICE BASED ON ITS PARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT TAX ADVISOR.


Mike Shamblin

Mike Shamblin

Managing Principal of Audit & Assurance Services

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