American Bar Association (ABA) – 2018 Annual Business Law Section Meeting
On Thursday, September 13th, Monika L. McCarthy, managing director and general counsel, moderated a general counsel roundtable. This dynamic panel from banking, mortgage, and fintech companies discussed current risks they face and mitigate, their expectations and requirements for outside counsel, and best practices for in-house counsel.
BankWebinars.com 2018 Webinar – HMDA Data – Trust but Verify
On August 21st Heidi Wier presented a webinar on the methods lenders can use to ensure that their HMDA data is accurate. This webinar was beneficial for anyone with responsibility for HMDA data integrity or analyzing the information to help manage fair lending risk, including senior management, compliance officers, attorneys and auditors.
Mortgage Bankers Association (MBA) – 2018 Regulatory Compliance Conference
On Sunday September 16th, Mike Forester, managing director, participated on the Anti-Money Laundering, Know Your Customer and Fraud panel at the MBA’s Regulatory Compliance Conference in Washington D.C. This panel was part of the Emerging Compliance Risk Track.
Mitigating Fraud Risk Through the Loan Life Cycle
In the August 2018 issue of Mortgage Compliance Magazine, Tim McWay and Todd Krell’s article “Mitigating Fraud Risk Through the Loan Life Cycle,” highlights the need for a comprehensive fraud prevention program. With mortgage fraud on the rise, as indicated by increasing reports from CoreLogic and Fannie Mae, the authors identify contributing factors such as a stable economy and a shift from refinancing to higher-risk purchase transactions. They emphasize the importance of fostering a culture of fraud prevention that starts at the application stage and extends through processing and closing.
Western Bankers Association – 2018 Webinar – Understanding and Controlling UDAAP Compliance Risk
On August 2nd, Karen Cullen and Heidi Wier presented a webinar for the Western Bankers Association on the topic of UDAAP compliance risk. In this webinar, participants learned the best practices for incorporating UDAAP into a compliance management program, how to develop a UDAAP risk assessment and measure UDAAP risk, and how applying customer service can help operationalize UDAAP.
Northern Illinois Compliance Association – 2018 Summer Meeting
On July 20th, Karen Cullen, director in the Regulatory Compliance and Fair Lending practices presented on Fair Lending: Strong Compliance Management and Understanding/Controlling Risk. This meeting was held at Giovanni’s in Rockford, Illinois.
Leveraging Technology to Improve the Accuracy of HMDA Data
The July 2018 article “Leveraging Technology to Improve the Accuracy of HMDA Data” by Heidi Wier in Housing Wire addresses the challenges financial institutions face in ensuring accurate Home Mortgage Disclosure Act (HMDA) data. Wier highlights the importance of systemic data integrity reviews, suggesting that technology can enhance accuracy and reduce costly manual file reviews. As regulators increase scrutiny, particularly for 2018 HMDA data, she outlines a multi-step integrity process that includes omissions testing and conflict/error testing. While systemic reviews are not infallible, they allow lenders to efficiently analyze their entire Loan Application Register (LAR), proactively managing risk and maintaining data accuracy to meet regulatory expectations and improve fair lending practices.
Are You Leaving Money on the Table? – Using Regulation E More Effectively can Reduce Operating Losses
The special supplement to Illinois Banker, 2018 Banking Trends: Management and Operations, includes the article “Are You Leaving Money on the Table? – Using Regulation E More Effectively can Reduce Operating Losses,” in which Kelli Schoon-Saxsma and Heidi Wier highlight the potential risks financial institutions face when neglecting Regulation E in the wake of evolving regulations. With the rise of electronic payments, inadequate focus on claims processing can lead to operational losses and compliance challenges. By implementing robust procedures and staff training, banks can not only mitigate errors but also enhance customer service and safeguard the integrity of their HMDA data.
State Attorneys General Ramping Up – Are You Ready?
In the Summer 2018 issue of California Mortgage Finance News, Monika McCarthy’s article “State Attorneys General Ramping Up – Are You Ready?” discusses the increased supervision and enforcement by state regulators following a decline in CFPB activity under the Trump Administration. She highlights the significant power of State Attorneys General (AGs) as both legal advisors and law enforcement leaders. With 27 Republican AGs and 22 Democratic AGs, the political landscape can impact regulatory focus. McCarthy emphasizes the importance for lenders to engage with regulators, adapt compliance strategies, and prepare for potential state-level enforcement, particularly regarding consumer protection and fair lending practices.
Controlling the Narrative – Now is the Time to Understand Your Data
Karen Cullen’s article in the June 2019 issue of Mortgage Compliance Magazine “Controlling the Narrative – Now is the Time to Understand Your Data” highlights the necessity for financial institutions to understand their Home Mortgage Disclosure Act (HMDA) data in the evolving mortgage landscape. The article encourages evaluating lending demographics, marketing effectiveness, and loan processing times to uncover growth opportunities. Cullen advocates for proactive risk management to mitigate risks while enhancing business development, urging institutions to assess disparities in lending practices and benchmark performance against peers to improve community service and regulatory compliance.
Conference on Consumer Finance Law (CCFL) – 2018 Spring Consumer Financial Services Conference
At the Conference on Consumer Finance Law, held in Chicago, Illinois at Loyola University, Chicago School of Law May 31-June 1, 2018, Monika McCarthy, managing director and general counsel, moderated a panel on Cybersecurity.
Wisconsin Bankers Association (WBA) – 2018 Lending Boot Camp
Heidi Wier, managing director, presented on Lending Compliance at the WBA’s Lending Boot Camp which was held in Madison, Wisconsin May 15-17, 2018. Her topics included fair lending, HMDA, Regulation Z, Regulation X, flood insurance, SAFE Act, Regulation B, FACTA, FCRA and UDAAP.
Wisconsin Bankers Association (WBA) – 2018 Real Estate Compliance School
Heidi Wier, managing director, and Jim Treacy, director, taught at the WBA’s Real Estate Compliance School held March 13-15, 2018. Their topics included Regulation Z and HMDA, the 2018 requirements and early lessons learned.
2018 Financial Institutions Conference (FIC)
On Tuesday, May 8, 2018, at the Sheraton Milwaukee Brookfield Hotel, Jim Treacy presented a regulatory compliance update. Jim is a CPA and a director in CrossCheck’s regulatory compliance and internal audit practices. His presentation included a discussion of the current regulatory environment and recent regulatory changes impacting banks, including the July 2017 updates to the TRID requirements, Bank Secrecy Act – Beneficial Ownership, mortgage servicing and HMDA.
Texas Mortgage Bankers Association – 102nd Annual Convention
On Tuesday, May 1, 2018, at the JW Marriott San Antonio Hill Country, Todd Krell, managing director, moderated a panel on fraud for the Texas Mortgage Bankers Association’s 102nd Annual Convention. During this session, the panel addressed the potential for the increase of fraud with the growth of electronic document processes.
Mortgage Bankers Association (MBA) – 2018 Legal Issues and Regulatory Compliance Conference
On Monday, April 30, 2018, at the MBA Legal Issues and Regulatory Compliance Conference in Los Angeles, California, Karen Cullen, director in CrossCheck’s compliance and fair & responsible lending practices was on a panel entitled Controlling the Narrative: Using Internal Data for Better Market Penetration.
Florida Bankers Association (FBA) – 2018 Consumer Compliance Seminar
Mollie Sudhoff, a manager in CrossCheck’s regulatory compliance and internal audit practices moderated three sessions at the 33rd Annual Consumer Compliance Seminar, April 11-13, 2018 in Orlando, Florida. The first session was the Regulator Panel: Current Examination & Enforcement Focus, Findings & Expectations”. The second was the “Florida Attorney Panel Potpourri: ADA, Collections, Florida TCPA, Litigation Update”. The third was a “Compliance Officer Discussion Panel”.
Staffing Up for CMS
In her “Staffing Up for CMS” article from the March/April 2018 issue of ABA Bank Compliance (now ABA Risk and Compliance), Liza Warner highlights the necessity for financial institutions to evolve their compliance teams to strengthen their Compliance Management System (CMS). Warner outlines the “three lines of defense” model—business lines, risk and compliance, and internal audit—emphasizing the importance of clear roles. She also stresses the need for ongoing training, management support, and a collaborative culture to enhance compliance effectiveness and build trust with customers and regulators.
Wisconsin Bankers Association (WBA) – 2018 Residential Lending School
Heidi Wier, managing director, taught compliance for residential mortgage lenders at the WBA’s Mortgage Lending School on February 20, 2018. The topics she covered included ECOA (Regulation B), TILA/RESPA (Regulation Z), Ability to Repay and Qualified Mortgages, Fair Lending, HMDA (Regulation C) and the SAFE Act. Students gained the knowledge they need to be successful in this complex and highly competitive field.
Avoiding Surprises – Servicing Quality Assurance and Quality Control Monitoring Systems can be Management’s Best Friend
‘In the February 2018 issue of Mortgage Compliance Magazine, Bill Tyner and Jim Shankle highlight the importance of internal Quality Assurance (QA) and Quality Control (QC) systems in loan servicing in their article “Avoiding Surprises – Servicing Quality Assurance and Quality Control Monitoring Systems can be Management’s Best Friend.” As servicers navigate heightened regulatory scrutiny and competitive pressures, these systems not only ensure compliance with regulatory requirements but also enhance operational efficiency. By distinguishing between QA’s preventive focus and QC’s detective function, the authors advocate for a robust internal control framework that proactively identifies potential issues before they escalate, safeguarding both operational integrity and organizational reputation.
