Podcast
Questions and Answers
What is the purpose of the Bank Secrecy Act (BSA)?
What is the purpose of the Bank Secrecy Act (BSA)?
The BSA aims to facilitate the investigation of cases of suspected money laundering, fraud, and other illegal financial activities.
What is required of each bank in relation to the BSA/AML compliance program?
What is required of each bank in relation to the BSA/AML compliance program?
Each bank must establish a BSA/AML compliance program that includes procedures for detecting, preventing, and responding to identity theft and suspicious activities.
When do banks file Suspicious Activity Reports (SARs)?
When do banks file Suspicious Activity Reports (SARs)?
Banks file SARs when they detect known or suspected criminal violations or suspicious transactions related to money laundering.
What is emphasized by the BSA in terms of customer relationships?
What is emphasized by the BSA in terms of customer relationships?
What are some of the key recordkeeping requirements for entities subject to the BSA?
What are some of the key recordkeeping requirements for entities subject to the BSA?
How does the Red Flags Rule contribute to safeguarding sensitive information?
How does the Red Flags Rule contribute to safeguarding sensitive information?
What is the purpose of TRID?
What is the purpose of TRID?
What are the two key forms introduced by TRID?
What are the two key forms introduced by TRID?
How do Loan Estimate and Closing Disclosure forms help borrowers?
How do Loan Estimate and Closing Disclosure forms help borrowers?
What does TRID regulate in relation to lenders' fees?
What does TRID regulate in relation to lenders' fees?
Which types of loans are covered under TRID regulations?
Which types of loans are covered under TRID regulations?
What is the significance of TRID for borrowers as the mortgage matures?
What is the significance of TRID for borrowers as the mortgage matures?
What is the main purpose of Regulation N?
What is the main purpose of Regulation N?
Who does Regulation N apply to?
Who does Regulation N apply to?
Define 'Commercial Communication' as per Regulation N.
Define 'Commercial Communication' as per Regulation N.
Who is considered a 'Consumer' under Regulation N?
Who is considered a 'Consumer' under Regulation N?
What does 'Dwelling' refer to in Regulation N?
What does 'Dwelling' refer to in Regulation N?
Why are certain representations related to mortgage credit products prohibited in advertising according to Regulation N?
Why are certain representations related to mortgage credit products prohibited in advertising according to Regulation N?
What types of financial institutions does the Safeguards Rule apply to?
What types of financial institutions does the Safeguards Rule apply to?
What is required of covered financial institutions under the Safeguards Rule?
What is required of covered financial institutions under the Safeguards Rule?
What approach does the Safeguards Rule emphasize when assessing customer relationships?
What approach does the Safeguards Rule emphasize when assessing customer relationships?
When were the 2021 amendments made to the Safeguards Rule?
When were the 2021 amendments made to the Safeguards Rule?
Give examples of financial institutions that fall under the Safeguards Rule.
Give examples of financial institutions that fall under the Safeguards Rule.
Under what Act is the Safeguards Rule established?
Under what Act is the Safeguards Rule established?
What federal agency do state regulators collaborate with to harmonize regulations and enhance consumer safeguards?
What federal agency do state regulators collaborate with to harmonize regulations and enhance consumer safeguards?
What role do state mortgage regulatory agencies play in the mortgage industry?
What role do state mortgage regulatory agencies play in the mortgage industry?
What is the purpose of the Nationwide Multistate Licensing System (NMLS)?
What is the purpose of the Nationwide Multistate Licensing System (NMLS)?
How many state or territorial governmental agencies manage NMLS?
How many state or territorial governmental agencies manage NMLS?
What types of licenses are managed by NMLS for nonbank entities?
What types of licenses are managed by NMLS for nonbank entities?
How many state agencies use NMLS for mortgage licensing?
How many state agencies use NMLS for mortgage licensing?
