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Weathering the Storm of Rising Inflation
In June of 2019, the Federal Deposit Insurance Corporation (FDIC) released its Consumer Compliance Supervisory Highlights. The document provides a high-level overview of consumer compliance issues identified by examiners. Even though credit unions are not examined by FDIC examiners, the issues identified by the FDIC examiners are common violations seen in credit unions too. The most common issues identified by FDIC examiners were in the following areas:
The single most commonly cited compliance violation was failure to properly calculate or disclose the finance charge or annual percentage rate for mortgage loans under Regulation Z, and disclosing fees on the closing disclosure that exceeded the tolerances permitted by Regulation Z.
John Zasada, JD, CAMS – Regulatory Consulting Director, Financial Institutions Group. John can be reached at firstname.lastname@example.org.
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