The Smart Compliance Blog

Don't Get Caught Without This Breaking Compliance Information

Hello and welcome to TruPoint Partner's first Smart Compliance^TM Blog.  At TruPoint our goal is to keep compliance officers and senior management at banks, credit unions and mortgage companies up to date with the latest news around Community Reinvestment Act, Home Mortgage Disclosure Act, Gramm Leach Bliley Act and Fair Lending.  The past two years have been tumultuous and we know what institutions are going through trying to survive increased scrutiny by regulators and the public, while adjusting to a far less profitable business climate.  Some compliance officers have even shared with us that it has become painful to go to work every day. 

Well, we don't like pain any more than the next guy, so we've made it our mission to find easier ways to meet all the requirements pulling you in different directions, with less effort and less cost.  We call it Smart Compliance^TM.  And since we're all in this together, we've created our blog to share breaking news and deeper insights into those regulations and Washington moves that may impact your ability to operate with less risk in the areas of CRA, HMDA, GLBA and Fair Lending.

Each week the experts here at TruPoint Partners will make sure you get the latest scoop on the ins and outs of regulation and policies that could affect your institution.  We want to make it less stressful, and yes, less painful to do your job in compliance.  The Smart Compliance^TM Blog will give you the facts you need, doused with a little insight, so you can proactively prepare your institution for any changes coming your way. And occasionally, we will have guest bloggers that have a unique perspective to offer. So you don't want to miss a post.

For instance, a few short weeks ago the Department of Justice announced it was forming a special Fair Lending Unit to pursue residential lenders and brokers that engage in what the government calls "toxic and discriminatory" loans.  Thomas Perez, the DOJ assistant secretary said the new Fair Lending Unit "will pursue cases of reverse redlining - where predatory lenders have targeted toxic products to minority communities, resulting in unprecedented numbers of foreclosures and the resulting disinvestment and blight."  They will also review Home Affordable Modification Program data for signs of discrimination in modifications and appropriate monthly payment reductions.

So how could this new enforcement unit affect your business?  That is one of the subjects that our blog will explore over the next few weeks.  We'll also look at the revisions to Fair Lending and what examiners will be looking for during your next review.  And we'll update you on new discussions around the proposed Consumer Protection Agency.

So, add our RSS feed to your online reader or bookmark this blog so you never miss a post. We've even made it easy for you to forward this to your colleagues that may have an interest.

We put the word "Partners" in our name because that is what we want to be for you- a trusted business partner.  We invite your comments and feedback on this blog-and what you'd like to see discussed and highlighted in future columns.  Feel free to tell us what is most on your mind, because we want this to be a source of open information and knowledge sharing that makes us all a little better prepared every time we read it.  And there are no better experts than those of you managing your institutions day to day, through challenging operations and examinations.

Until next time,

TruPoint Partners