ABA's Center for Regulatory Compliance is your gateway to support for meeting the challenges of managing compliance risk. We provide direct access to regulatory expertise, up-to-date reports on agency initiatives, and the resources to assist you in keeping pace with the demands of supervisory oversight.
FDIC Offers Consumer Tips on Online Banking (3/15/10) The latest issue of FDIC Consumer News offers tips to consumers on how to protect themselves against theft and errors when banking online. Consumers who bank online should frequently check their deposit accounts and lines of credit to spot and report unauthorized transactions, the FDIC says. In addition, consumers shouldn't open attachments or click on links in unsolicited e-mails from anyone they don't know or otherwise aren't sure about, because doing so can infect computers with "spyware." Other articles on this issue include topics on ways to limit overdraft costs, manage medical debts and finance a small business.
ABA Suggests Alternatives to Mandatory Escrow Requirements for Smaller Banks (3/15/10) New Truth in Lending rules requiring banks to establish escrow accounts for "higher-priced mortgage loans" are so burdensome that many banks may be forced to curtail mortgage lending, ABA said in a letter to Federal Reserve Chairman Ben Bernanke. The new rules, which take effect April 1, will affect many markets but will hit small and rural communities particularly hard, ABA said. ABA suggested that the Fed establish a limited exemption from mandatory escrow for institutions that originate 50 or fewer higher-priced mortgages a year and hold such transactions in portfolio. In addition, customers would sign a waiver explicitly informing them about the potential risks of advancing without establishing an escrow account. For more information, contact ABA's Rod Alba.
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