CrossCheck Compliance LLC Added to S&P Global Ratings List of Third-Party Due Diligence Firms
CrossCheck Compliance LLC, a leading provider of regulatory compliance and due diligence services, announced today that the firm has been added to the S&P Global Ratings’ (S&P) list of reviewed firms that conduct third-party due diligence for U.S. residential mortgage-backed securities (RMBS).
Mitigating Risks of Banking Money Service Businesses – Building an Appropriate BSA/AML/OFAC Compliance Program
In the November/December issue of ABA Bank Compliance, Jim Treacy addresses how banks can build an appropriate BSA/AML/OFAC Compliance Program. Jim covers performing an enterprise-wide BSA/AML/OFAC risk assessment, as well as developing a customer risk profile for each individual money service business (MSB). He also describes ongoing monitoring of MSB customers and MSB red flags that raise potential concerns. Although banking MSB customers comes with BSA/AML risks, these risks can be managed through a strong and effective BSA/AML/OFAC Program.
Best Practices for Choosing a Fintech Lending Partner
In this article, published in the Utah Banker, Tracey Levandoski discusses the risks to consider and the decisions to be made as banks accelerate their digital strategies through partnerships with fintech lenders. In addition to reviewing the regulatory guidance for managing third-party risk, she addresses the evaluation process in terms of lending experience and expertise as well as regulatory compliance considerations such as the fintech’s CMS. Other topics include evaluation of the fintech’s credit model, the use of alternative data, and considerations for marketing and advertising.
Utah Bankers Association (UBA) – 2020 Virtual Compliance Conference
At the Utah Bankers Virtual Compliance Conference, Liza Warner moderated the Compliance Officers Roundtable. The panel discussed hot topics that compliance officers are facing. Overall the conference offered a mixture of general and breakout sessions designed to help compliance professionals stay current with and function confidently in the rapidly changing regulatory environment.
Utah Bankers Association (UBA) – 2020 Virtual Compliance Conference
Tracey Levandoski presented at the Utah Bankers Compliance virtual conference at one of the breakout sessions on Tuesday October 27, 2020. Tracey’s topic was Developing a Fintech Compliance Roadmap. Her presentation focused on the factors bank management should consider in selecting a fintech lending partner, and then after making the selection, how the bank can help their fintech strategic partners develop a compliance roadmap and compliance infrastructure that meets the regulators’ requirements as well as the bank’s expectations under its third-party risk management program.
American Credit Union Mortgage Association (ACUMA) – 2020 Virtual Annual Conference
On September 22nd, 2020 Todd Krell participated on a quality control panel for ACUMA’s Annual Conference. The theme, “Celebrating Credit Union Mortgage Heroes”, was dedicated to all the front-line financial workers who play a vital role in making it possible to put people in homes every day, especially during the pandemic. Panelists included Todd Krell, Managing Director at Cross Check Compliance, Duane Gilkison, Director of Credit Risk at Fannie Mae, and Michael Christians, attorney and VP of Risk Management at myCU Mortgage in Dayton OH, a mortgage CUSO serving credit unions across the nation. The panel was moderated by Russell Francom, the Mortgage Compliance and QC Manager at Mountain America Credit Union in Salt Lake City, UT.
ABA 30th Edition of the Reference Guide to Regulatory Compliance
CrossCheck Compliance was honored to work with the American Bankers Association (ABA) as the author of the 30th edition updates to the Reference Guide to Regulatory Compliance. This guide is a comprehensive and detailed resource for compliance professionals and those preparing for the CRCM exam. This latest edition is available at https://www.aba.com/news-research/references-guides/reference-guide-regulatory-compliance.
Avoiding Surprises in Mortgage Servicing
In the September/October issue of ABA Bank Compliance, the authors address the importance of establishing internal monitoring systems for servicing. The article includes a comparison of quality assurance and quality control as well as considerations for reporting results and exceptions, the regulatory change control process for servicing, servicing transfers and loan boarding, and managing consumer complaints. Eliminating the surprise element related to regulatory, legal, financial, and reputational risks benefits the servicer and demonstrates a strong commitment for maintaining an effective internal control system.
Northern California Compliance Association (NICA) – 2020 Common Compliance Findings: TRID & Beyond Webinar
On July 17, 2020 Tracey Levandoski and Jim Treacy presented a webinar for the Northern California Compliance Association (NICA) about TRID, including TRID challenges, common regulatory findings and recent TRID updates.
Choosing Your Fintech Mortgage Partner Wisely – Vendor Management: Best Practices in a World of Numerous Options
In this article, published in the Summer 2020 issue of ACUMA Pipeline, Patti Katzban and Liza Warner discuss the best practices for credit unions in vetting financial technology partners (fintechs) to optimize the overall mortgage experience. There are many risks to consider and decisions to be made. Learn more about the key considerations from these knowledgeable experts.
American Bankers Association (ABA) – 2020 Risk and Compliance Virtual Conference
A part of the ABA’s Risk and Compliance Virtual Conference, July 28-30, 2020 Karen Cullen participated in an on-demand webinar regarding how servicers can manage the risk of fair lending and UDAAP concerns as they navigate through the COVID-19 national emergency and its aftermath – Fair Servicing During the COVID-19 Emergency and Beyond. Karen was joined by Greg Schwager, Senior Counsel, PNC Bank. The panel was moderated by Kitty Ryan, Vice President, Senior Counsel, Fair and Responsible Banking, Regulatory Compliance and Policy, American Bankers Association. You can also read about fair servicing in an article Karen co-authored for ABA Bank Compliance.
Davis+Gilbert LLP – 2020 Subprime Auto Market Webinar
On July 15, 2020 Todd Krell was a Special Guest in a subprime auto market webinar offered by the Davis & Gilbert Insolvency, Creditors’ Rights & Financial Products practice group. The focus of this webinar was on how subprime RMBS serves as a roadmap for future subprime auto ABS litigation. Davis & Gilbert speakers included Joseph Cioffi, Chair of the practice, and Seiji Newman, Partner.
Monitoring in the Time of COVID-19 – Keeping Pace with Change
In the July/August issue of ABA Bank Compliance, Mollie Newsome Sudhoff discusses compliance monitoring in the time of COVID-19. Learn more about the best practices in keeping pace with change, especially in some of the key impact areas.
How to Audit Compliance Effectively
In the July/August issue of ABA Bank Compliance, Heidi Wier discusses how auditors can partner with compliance, while still maintaining independence, ease the impact of ongoing regulatory changes and emerging issues such as COVID-19, increase audit effectiveness and add additional value to the organization.
California Mortgage Bankers Association (California MBA) – 2020 Mortgage Podcast
Check out the latest episode of the California MBA’s Connect podcast program. Monika McCarthy spoke with Dustin Hobbs, about her journey in the mortgage industry, how the new forbearance requirements have impacted lenders and servicers, what to look out for in the legal/regulatory space, and much more!
Central Florida Compliance Association (CFCA) – 2020 Common Compliance Findings: TRID and Beyond Webinar
On June 18th, 2020 Tracey Levandoski, CRCM, and Jim Treacy, CPA and Certified BSA Officer, presented a webinar for the Central Florida Compliance Association (CFCA). Both Tracey and Jim have deep compliance backgrounds in the financial services industry.
Financial Service Centers of America (FISCA) – 2020 Unmasking Key Considerations for Small Dollar Lenders Webinar
On June 3rd, 2020 Debbi Roberts participated on a panel discussing initial considerations for the small dollar lending businesses as consumers re-enter the world. The issues discussed include qualifying consumers who were recently unemployed or underemployed, addressing forthcoming consumer bankruptcies and having policies and procedures in place for the future. The other panelists included Jeremy Pope of Pope/Partners LLC, Blake Sims of Hudson Cook, LLP and Justin Hoise, also of Hudson Cook, LLP. This webinar was presented in conjunction with the Financial Service Centers of America (FISCA).
How to Help Your Fintech Partners Develop a Compliance Roadmap
In this article published in the May/June 2020 issue of ABA Bank Compliance, Tracey Levandoski, CRCM, describes how banks can help their fintech partners develop an effective path to building a compliance infrastructure. She addresses the various points of the “journey” to the destination of a fully functional compliance management system (CMS) that meets the regulators’s requirements as well as the bank’s expectations under its third-party risk management program.
Fair Lending Audit – Seeing the Forest for the Trees
In this new ABA Bank Compliance article, Fair Lending Audit – Seeing the Forest for the Trees, Liza Warner discusses how a fair lending internal audit helps an institution gain a clear and objective understanding of fair lending compliance risk. As a key area of regulatory scrutiny, and one that garners a lot of public attention, financial institutions must proactively manage fair lending risk exposure. This can be challenging because the requirements and principles touch all aspects of the lending process and require attention, not just to the trees – the technical regulatory details, processes, systems, and data, but to the forest – the attitudes, behaviors, and actions of its employees.
2020 Fair Lending Webinar – CFPB’s Focus on Redlining and Marketing Discrimination
On February 19, 2020 Karen Cullen of CrossCheck Compliance LLC and Richard Horn of Garris Horn PLLC led a one-hour webinar regarding the CFPB’s fair lending focus on redlining and marketing discrimination claims. The CFPB has noted in recent public reports that its fair lending efforts in the mortgage industry are focused on redlining and marketing discrimination. This webinar covered what a redlining or marketing discrimination claim looks like under the Equal Credit Opportunity Act and Fair Housing Act, past cases by the CFPB and DOJ, and potential steps you can take to evaluate and mitigate your risk.
