ADI was engaged by a community bank to overhaul its BSA/AML customer risk-scoring model and provide tools so that it could more effectively manage its Enhanced Due Diligence (EDD) program for high-risk customers. Assessing the Challenge BSA/AML risk is dynamic and must be continuously managed. It is critical that risk ratings accurately reflect current risks, [...]
The Home Mortgage Disclosure Act (HMDA) file specifications for 2017 and 2018 are now available for download on the Resources for HMDA Filers page on the CFPB's website at:www.consumerfinance.gov/hmda/for-filers. Of note, the file format is being changed from a fixed field file to a delimited file format beginning with files submitted for 2017. The 2018 file [...]
On February 2, the Consumer Financial Protection Agency and the Department of Justice announced a $21.9 million dollar settlement with the Toyota Motor Credit Corporation. According to the CFPB and the DOJ, Toyota Motor Credit policy, which gives auto dealerships discretion in how much interest rate markup they pass along to consumers, resulted in higher rates [...]
