Even if you are not supervised or regulated by the FDIC, it is very helpful for all financial institutions to be aware of compliance violations identified in the document. FDIC-regulated banks are certainly not the only financial institutions to violate these regulatory requirements.
The most frequently cited violations involved the following:
Truth in Lending Act (TILA)
Truth in Savings Act (TISA)
Flood Disaster Protection Act (FDPA)
Electronic Funds Transfer Act (EFTA)
Real Estate Settlement Procedures Act (RESPA)
The report indicated 40% of all violations pertained to TILA, while 10% related to TISA.
In 2020, the FDIC initiated eight formal enforcement actions and 16 informal enforcement actions for consumer compliance violations.
If you need assistance keeping your financial institution in compliance with the various regulations, contact Doeren Mayhew’s regulatory compliance specialists.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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