Lending in NY State? Make Sure Your Fair Lending CMS Is Strong
The lending industry is buzzing about how the Biden administration may influence fair lending enforcement at the Consumer Financial Protection Bureau (CFPB), but that’s not the only hot spot on the fair lending horizon. The New York Department of Financial Services (NYDFS) has increased its scrutiny of fair lending and redlining this year, making it more important than ever to have a strong fair lending compliance management system (CMS).
UDAAP Compliance: Defining Unfair, Deceptive, & Abusive Acts and Practices
UDAAP is an important area of focus for compliance officers and financial institutions, and continues to make headlines. One of the most challenging areas is how to define unfair, deceptive, and abusive acts and practices for UDAAP compliance. If that's a challenge you're facing, this post is for you! In this post, you'll learn how to define UDAAP, and a few best practices for managing your UDAAP compliance risk.
Contingency Planning Definition
All businesses are vulnerable to some amount of risk. Contingency planning can be effective in mitigating these risks.
Bank Audit | Ncontracts
A bank audit is a routine procedure designed to review the services of financial institutions to ensure they are in compliance with laws and industry standards. An accounting specialist known as a bank auditor carries out the review. Bank or credit union audits can be internal audits or external audits.