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Are These Top 3 Compliance Priorities for 2017 on Your List?

author Kinsey Sullivan
2 min read
Dec 15, 2016

2016 is coming to a close, and preparations for 2017 are in full swing. Many compliance officers go through the exercise of prioritizing their compliance goals. After asking around, we've determined three big compliance priorities for 2017. Are they on your list?

It's that time of year again - time to start thinking about 2017. 2016 is drawing to a close, and we look forward to a fresh start in 2017.

If you're like most compliance officers, you're focused on defining next year's goals, developing strategies, and budgeting your time and resources. All of those activities rely on defining your compliance priorities for 2017, so that you can effectively prep for success. 

We've identified three areas of compliance that we expect to be priorities for most financial institutions in 2017, based on conversations with customers, colleagues, consultants and industry leaders. Are these on your list?

1. Fair Lending and HMDA Compliance

Fair Lending applies to much more than just mortgages, but in 2017, we expect compliance with the Home Mortgage Disclosure Act (HMDA) to take center stage. The upcoming HMDA Plus changes are vast, involving more institutions and lots more data.

Your Fair Lending compliance was already important. With HMDA Plus, it's even more so. (Stay tuned for more blog posts that are focused exclusively on HMDA Plus.)

Remember that data analysis is essential for Fair Lending compliance - for residential mortgage (HMDA and non-HMDA), credit card, auto, commercial, consumer and agricultural lending. Analyze your data for disparities that would be a focal point for examiners, and may indicate discrimination. 

 

2. Managing Redlining Risk

The rise in Redlining scrutiny has been one of the biggest compliance stories of the year. In fact, regulators have levied more than $240M in Redlining-related fines, enforcement actions and settlements since May 2015. We're anticipating Redlining to continue to grab headlines in 2017. 

3. AML Compliance, including BSA

Anti-Money Laundering compliance continues to be a major priority for financial institutions. Rumors indicate that regulators will refocus on bank secrecy and anti-money laundering risk in 2017. This comes in part due to the new beneficial ownership requirements that will take effect on May 11, 2018.

TRUPOINT Viewpoint: We know that compliance is a tough job. You're facing pressure from the regulators, from your management, from your board, from your team, and a never-ending flow of new guidance. We're here to help you.

If you have ideas for specific content you want to see next year, are looking for guidance on specific compliance questions, or are simply looking to learn more about how we can help, please reach out.

Bonus Content...

We've pulled together a 2017 Compliance eBrief that will provide more information on these three areas of compliance, key statistics about the compliance landscape, why your compliance culture matters, and two worksheets to help you plan for 2017.

Just submit the form below to get it today!

 

Thank you! Happy Holidays, and have a wonderful New Year!

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