As 2019 heats up, we're focused on making sure that you have the resources you need to be successful. Here are 11 valuable compliance resources you'll want to bookmark. Make sure that you check back periodically. As time passes, we'll be updating this post with new content!The new year has just begun and, if you're like most people, you're focused on making sure that it's a great one for you and your financial institution. Part of that process is probably making sure that you're up-to-speed on all of the relevant compliance regulations, and prepared to manage the requirements in 2019. That's where this post comes in.
Here are 11 compliance resources that we think you'll find valuable as you prepare for compliance success in 2019.
And we're doing things a little differently this time; you'll be able to request some of these materials directly from this page!
In December, we released the results of our survey of compliance professionals nationwide. The results of this survey were eye-opening. Hundreds of compliance officers, risk managers, and bank presidents told us about priorities, expectations, and concerns for the new year. (If you provided your insights, thank you!) One such insight: only 30% of respondents feel they have enough support from leadership.
This is a resource that you’re probably already familiar with: the online CRA ratings database. We use this one all the time. It's just a great way to gain detailed insights about how the regulators are approaching CRA compliance.
The tool itself is relatively easy to use and navigate. You can quickly sort through all of the data to quickly find CRA ratings, sorted by institution, exam year, rating, asset size, and other important metrics.
Last fall, we released this Ultimate Compliance Glossary. It contains the definitions for 200+ compliance key terms, all accessible for free. For example, here are just a few of the words defined that start with A: Regulation A, Regulation AA, Advertisement of Membership, Adverse Action & Adverse Action Notice, Anti-Money Laundering, Alternative Mortgage Transactions Parity Act of 1982, Annual Review, Applicant, and Audit.
You can gain clearer insight into your HMDA data by analyzing it compared to the national benchmarks. These national benchmarks will help you understand how your data compares to peer institutions, and provide valuable context to help you identify risk. In this free report, you can see the national benchmarks for 2017.
In October, the CFPB released their Consumer Complaint Snapshot report. This report is a summary of the complaints they receive from consumers over the course of a year. For example, in this report, you’ll learn that in the period between January 2015 and June 2018, most complaints came from California.
In this free resource, we outline some of the basics of Customer Due Diligence and Beneficial Ownership. You’ll learn the key requirements, changes to expect, and more in this free eBrief. Plus, you’ll get links to other BSA/AML-related resources.
We recently released this great little resource, which outlines a lot of good information about the Community Reinvestment Act and compliance requirements. It also describes how CRA and Redlining are related, the impact of Fair Lending on CRA and vice-versa, and much more. Particularly now that CRA modernization is on the horizon, this is a good resource for compliance pros involved in CRA compliance.
Get it here:
10. Regulatory Compliance Resource List from the NCUA
There are lots of non-Consumer Compliance resources from the NCUA here that you may also find valuable.
11. 7 Steps to Take After Filing HMDA
Get this free checklist to learn the seven steps you need to take after you file HMDA data. Use it to get a quick sense of your Fair Lending compliance program’s strength, and identify potential gaps. Plus, since it’s a quick one-pager, you can easily print and share it with colleagues!
Get it here:
TRUPOINT Viewpoint: We hope you find these valuable! Almost all of the TRUPOINT-created resources linked here were created this year, and we're looking forward to providing even more great content in 2019. Please let us know if you have any questions or comments about any of the above, or would like more resources about something we didn’t cover here.
As always, know that we are here to help you with your compliance and growth goals!
After graduating from Clemson University, I moved to Charlotte, NC, where I live now with my fiance and our dog. My favorite part of my job is building relationships and getting to know people - it's energizing to hear from new folks all over the US. Outside of work, I enjoy doing anything outdoors, from competitive rock climbing to backpacking, mountain biking, fly fishing, etc. On a recent backpacking trip through the Nantahala National Forest, I came (literally) face-to-face with a black bear in the dead of night.