Independent Banker - June 2017 - 68

NASDAQ: NEWT
WE'RE THE
TECHNOLOGY
COMPANY
THAT SERVES
COMMUNITY
BANKS
&YOUR
COMMERCIAL
BANKING
CUSTOMERS
Solutions for your
institution or to resell
to your customers:
FREE WEBSITE CONSULTATIONS:
Security & Vulnerabilities
Marketing Performance
MANAGED TECHNOLOGY:
Web and Email Solutions
Secure Data Storage
Disaster Recovery
Application & Server Hosting
Why Newtek?
› SIMPLE: turnkey solution
to offer your clients
technology solutions
› EXPERIENCE: a technology
provider since 1997
› REGULATORY COMPLIANCE
PEDIGREE: FDIC, SOX, PCI DSS,
HIPAA, and more
CONTACT US TODAY
TO LEARN MORE
212.356.9504
INFO@NEWTEKONE.COM
WWW.NEWTEKONE.COM
_____________
____________
CoNetrix serves community banks
with compliance solutions such as:
IT/GLBA Audits, Penetration Testing,
Vulnerability Assessments, and tandem
software for Information Security
Program Development & Management.
806-687-8600
info@conetrix.com
conetrix.com/icba
____________
Wallaby Financial is a Bankrate
(NYSE: RATE) company, working for banks
and their customers since 1976. Score
& Report, a fully compliant, custombranded
mobile app, helps customers
manage their credit worthiness.
626-773-2939
kim.fraser@bankrate.com
walla.by/partners
____________
_________________
months from now. On Jan. 1, 2019,
Appendix A, which provides instructions
for completing and submitting
the HMDA loan application register
(LAR), is removed from Regulation C,
and covered institutions will report
the new dataset required by the
HMDA Rule, using a new electronic
submission tool and revised procedures
that will be available from the
CFPB. Beginning in 2020, the HMDA
Rule requires quarterly reporting for
covered institutions that reported
a combined total of at least 60,000
applications and covered loans in the
preceding calendar year.
Compliance game plan
A simple evaluation process can be
applied to these and other regulatory
announcements. The evaluation
should include products and services
currently offered by the bank
directly and those offered through
or administered by a third party. As a
prudent practice, keep a record of the
analyses and results.
1. Read each rule as soon as it is practical
to understand the incumbent
requirements.
2. Determine if the rule applies to
your bank.
3. If the rule applies to your bank:
» Confi rm the effective date(s)
and the specifi c requirements
for each. Monitor for subsequent
modifi cation.
» Identify key stakeholders,
and determine which systems,
procedures, and records may be
affected.
» Facilitate the changes to functional
areas.
» Update the compliance
management system (CMS), and
ensure follow-up reviews, monitoring
and auditing are included in
the support processes.
4. If the rule doesn't currently apply
to your bank but could in the
future (for instance, if the rule
applies to banks, but your bank is
not offering a covered product),
schedule a relook on a periodic
basis to monitor changes to your
bank, its products or services or its
third-party vendors.
Community banks can continue to
effectively analyze and implement
the variables in the regulatory landscape
by watching the road before
them while keeping a sharp eye on
the horizon.
Mary Thorson Wright is a former
Federal Reserve examiner and a writer
in Virginia.
ICBA Corporate Member Solutions:

http://www.qmags.com/clickthrough.asp?url=www.conetrix.com/icba&id=20263&adid=P68A1 http://www.qmags.com/clickthrough.asp?url=http://walla.by/partners&id=20263&adid=P68A3 http://www.qmags.com/clickthrough.asp?url=www.newtekone.com&id=20263&adid=P68A2

Independent Banker - June 2017

Table of Contents for the Digital Edition of Independent Banker - June 2017