Regulatory Compliance Audits
Scope includes an analysis of the Compliance Management System, compliance risk assessment, and the review and testing for compliance of consumer regulations related to Lending and Deposit operations. Also included are other miscellaneous consumer regulations.
Lending | Deposit | Other
The scope of this service focuses on compliance with various consumer regulations. Institutions can select full, limited or risk based approaches, depending upon their needs. For instance, the following presents an example of the regulations covered under different approaches:
Lending Compliance Regulations
Equal Credit Opportunity Act (Reg. B) *
Reg Z - Truth in Lending Act (TILA)
Reg X - Real Estate Settlement Procedures Act (RESPA)
TILA / RESPA Integrated Disclosure Rule (TRID)
Home Ownership Counseling Procedures
Reg H - Flood Disaster Protection
Fair Lending: Reg B - Equal Credit Opportunity Act (ECOA), & the Fair Housing Act
Reg C - Home Mortgage Disclosure Act (HMDA)
Reg V - Fair Credit Reporting Act (FCRA and FACT Act)
Secure and Fair Enforcement for Mortgage Licensing Act (SAFE)
Reg BB - Community Reinvestment Act
Homeowners Protection Act (HOPA)
Reg F - Fair Debt Collection Practices Act (FDCPA)
The Servicemembers Civil Relief Act (SCRA)
Military Lending Act (MLA)
Unfair, Deceptive, or Abusive Acts or Practices (UDAAP)
Regulation O – Loans to Executive Officers
Deposit Compliance Regulations
Advertising and Internet Website
Unfair, Deceptive, or Abusive Acts or Practices (UDAAP)
Reg P - Privacy of Consumer Financial Information (GLBA)
Lobby and Public Disclosures
Reg CC - Expedited Funds Availability Act
Reg D - Reserve Requirements of Depository Institutions
Reg DD - Truth in Savings (TISA)
Reg E - Electronic Funds Transfer Act (EFTA)
Overdraft Privileges
Right to Financial Privacy
Reg GG - Unlawful Internet Gambling Enforcement Act
* The Equal Credit Opportunity Act (Reg. B) scope might include a “technical” or "substantive" scope review of the bank’s compliance with Fair Lending Laws and Regulations associated with that regulation. A "technical" scope is limited only to tests for certain technical provisions of Fair Lending (disclosures, terms, etc.). A "substantive" scope is in far more detailed in assessing Fair Lending risk and the probability the institution will treat applicants and borrowers differently on a prohibited basis, treat applicants in an unfair or deceptive manner, or subject applicants to predatory or abusive lending or overdraft practices.
Our final report will offer an overall Compliance Risk Rating for each individual regulation within the scope of the audit.