Western Banker - November/December 2016 - 18

Everything Old is New Again - Updating FCRA Compliance in a CFPB World By Linnea Solem, VP, CPO, Deluxe Corporation F air Credit Reporting Act Compliance is an "oldie but a goodie" in terms of the compliance classroom for consumer protection compliance. While created back in 1970 before most of today's new loan candidates were likely even born, it was designed to promote accuracy, fairness and privacy of consumer information contained in the records of consumer reporting agencies. Post Dodd Frank with the creation of the Consumer Financial Protection Bureau (CFPB), oversight of consumer reporting agencies shifted to a new superintendent for the compliance school district. 18 www.wib.org Western Banker Within CFPB complaint monitoring, credit reporting represents roughly 16 percent of total complaints, making it the third most complained about product or service, after debt collection and mortgages. Themes within these complaints tended to involve incorrect information on credit reports, with a focus on data accuracy in credit report information. The volume of regulatory changes has increased the compliance costs across the industry; however the costs to comply impact community banks more significantly based on the scale, staff, training and administrative burden to meet heightened compliance regulations. Mortgage reform post the Great Recession has refocused lending compliance in many areas, from disclosure to disparate treatment of customers. Recent surveys have spotlighted the increased costs within lending and mortgage servicing. Increased concerns regarding the Ability to Repay/Qualified Mortgage rule standards have triggered some organizations to scale back on certain types of lending activity due to liability concerns. Balancing lending compliance with ongoing mortgage disclosure changes and the dialogue on new rules for small http://www.wib.org

Table of Contents for the Digital Edition of Western Banker - November/December 2016

A Message from the President & CEO
Back to the Future to Manage Portfolio Performance
The WIB App Store
Managing Your Bank’s Reputation by Taking an “Inside-Out” Approach to Communicating News
Interest Rate Risk and ALM: Most Institutions Are Doing it Wrong
Everything Old is New Again — Updating FCRA Compliance in a CFPB World
Professional Development
Secrets to Employee Engagement for Bank Managers
March of the Millennials: Cultivating Relationships Within the Digital Generation
Welcome New Members
Index of Advertisers
Western Banker - November/December 2016 - cover1
Western Banker - November/December 2016 - cover2
Western Banker - November/December 2016 - 3
Western Banker - November/December 2016 - 4
Western Banker - November/December 2016 - A Message from the President & CEO
Western Banker - November/December 2016 - Back to the Future to Manage Portfolio Performance
Western Banker - November/December 2016 - 7
Western Banker - November/December 2016 - 8
Western Banker - November/December 2016 - 9
Western Banker - November/December 2016 - The WIB App Store
Western Banker - November/December 2016 - 11
Western Banker - November/December 2016 - 12
Western Banker - November/December 2016 - Managing Your Bank’s Reputation by Taking an “Inside-Out” Approach to Communicating News
Western Banker - November/December 2016 - 14
Western Banker - November/December 2016 - Interest Rate Risk and ALM: Most Institutions Are Doing it Wrong
Western Banker - November/December 2016 - 16
Western Banker - November/December 2016 - 17
Western Banker - November/December 2016 - Everything Old is New Again — Updating FCRA Compliance in a CFPB World
Western Banker - November/December 2016 - 19
Western Banker - November/December 2016 - 20
Western Banker - November/December 2016 - Professional Development
Western Banker - November/December 2016 - Secrets to Employee Engagement for Bank Managers
Western Banker - November/December 2016 - 23
Western Banker - November/December 2016 - March of the Millennials: Cultivating Relationships Within the Digital Generation
Western Banker - November/December 2016 - 25
Western Banker - November/December 2016 - Index of Advertisers
Western Banker - November/December 2016 - cover3
Western Banker - November/December 2016 - cover4
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