A Regulatory & Legislative Advisory for Compliance Professionals
Inside . . .
2 Alternative to
3 Other CFPB News
4 Guidance on HELOC
4 Questions on
4 Other Consumer
Bank Secrecy Act
5 Hearings on
6 New SARS STATS
6 GAO Report on
6 FFIEC Cybersecurity
6 FS-ISAC CAPP
7 Senate Committees
A VIEW FROM THE CENTER:
KEEP PACE – AND A CFPB TOOL TO HELP
By ABA’s Richard Riese.
There is no doubt that compliance professionals are faced with a slew of regulatory
challenges as rules are issued, revised and interpreted. This underscores our need to
keep PACE. In other words, we need to keep
ADAp Ting in a
Not only do we need to make sure we are performing to current standards, we need to
ADAp Ting to how rules are changing and causing our compliance programs to be
updated. Analyzing how and when rules are changing is an important part of this
To help on this front, the Consumer Financial Protection Bureau has recently released
an online tool: eRegulations. This is more than a dormant electronic copy of the
published regulation. It is a suite of inter-related features that allow you to trace
regulatory changes over time, to obtain official interpretations and access a glossary of
defined terms. A nifty feature is the "wayfinder" in the header of a regulation that allows
you to see where you are in the rule as you scroll through. You can learn more about
the features eRegulations has to offer on the About page.
So far eRegulations has been applied to Regulation E and Regulation Z. This latter is a
sizeable undertaking given the new mortgage regulations. The CFPB has put the
project on hold pending feedback from the public.
ABA urges you to explore eRegulations and take the time to complete the survey.
eRegulations represents both a technological and agency support achievement – and
whether CFPB maintains and expands this service to help you keep PACE will depend
on your feedback and encouragement.
CFPB TO PUBLICIZE CONSUMER STORIES IN COMPLAINT
DATABASE, ADD PREPAID CARD COMPLAINTS
The CFPB on July 16 proposed adding consumers’ narratives to the publicly available
material in its Consumer Complaint Database. The CFPB said that narratives would