Let us put our years of compliance experience to work for you on an ongoing basis. Through our compliance outsourcing program, our highly skilled professionals provide onsite, offsite, electronic and ongoing consulting on a monthly, quarterly or semi-annual basis, depending on the needs of your financial institution. As a cost-effective solution, this service is completely customizable to fit your compliance system, including the size, complexity and internal resources of your organization.
The Bank Secrecy Act (BSA) requires that any financial institution establish an anti-money laundering (AML) program to identify and report any suspicious activity in an accurate and timely manner. We provide an independent review of your BSA/AML program that adheres to the requirements set by the Office of Foreign Assets Control (OFAC). This holistic risk assessment examines your procedures and policies for:
We have extensive experience and experts to assist financial institutions with BSA/AML/OFAC reviews. Whether your bank or credit union is subject to regulatory actions or simply needs annual training for personnel, we can provide the service you need.
Our compliance management reviews and assessments provide a thorough analysis of your financial institution’s compliance program. As we evaluate the effectiveness of your system, we examine key areas of compliance oversight, including management and board supervision, policies, daily administration, and internal controls. A compliance management review offers a deep dive and detailed analysis of your loan files, deposit accounts and other compliance documentation. Through these reviews, we can pinpoint the causes of compliance challenges within your organization and provide specific recommendations to improve your systems to minimize errors and remedy deficiencies.
Gain direct assistance from one of our experienced compliance consultants for the completion of your Compliance Risk Assessment. Through facilitation, we offer guidance on the purpose of the risk assessment, who should be involved, clarification of key aspects of each regulation and documentation to demonstrate the consideration of required elements as the risk assessment is completed. The completed risk assessment will support scheduling compliance monitoring or reviews, independent compliance audits and compliance-related training on a risk-focused basis.
The Home Mortgage Disclosure Act requires that financial institutions and mortgage lenders collect and report data on loan applications to ensure fair lending practices. Through HMDA reviews, we can provide your organization with an assessment of your procedures for accurately gathering and reporting this data, as well as perform any necessary data validation.
Fair lending laws ensure the fair and equitable treatment of borrowers. Financial institutions face intense scrutiny to ensure that their lending policies adhere to fair lending regulations. Our fair lending reviews are modeled after the fair lending examination procedures issued by the federal regulatory agencies. These reviews are fully customizable to the needs of your financial institution based on regulatory requirements, asset size and the complexity of your organization. The process typically includes a loan policy review, a comparison of loan officer questionnaires regarding their underwriting practices, a comparative file analysis, an adverse action review or a consumer loan pricing review. Through these reviews, we can help your financial institution manage all fair lending risks. A fair lending risk assessment will help the financial institution determine their overall fair lending risk. As part of this risk assessment, our compliance professionals will also review approval policies, advertising policies and procedures, along with training records.
Through an Unfair and Deceptive Acts and Abusive Practices (UDAAP) Review, our compliance professionals will identify any potential acts or practices within your organization that may increase the risk of consumer customers being treated in an unfair, deceptive or abusive manner. We assess the quality of your financial institution’s compliance risk management systems, including your internal controls and policies and procedures for avoiding UDAAP issues. These reviews also include an advertising component, where we review brochures, documents and social media authored for publication by your institution and staff that are used as part of your overall operations.
Under the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act), financial institutions must ensure that the institution and individual mortgage loan originators register with the federal registry and maintain their registration. During a SAFE Act review, we analyze your policies and procedures to ensure compliance with this regulation.
Receive access to all of the invaluable compliance tools and services that we have to offer through our Virtual Compliance Consultant (VCC) Program. This annual membership includes monthly compliance coaching, discounts on our professional fees (for consulting, reviews and audits), compliance products and policies, automatic updates on those policies, regulatory manuals, a weekly compliance blog and an online forum to ask questions. Learn more about everything this membership has to offer and contact us for pricing options and multi-year discounts.