Compliance Services
II. Compliance Review
1. Comprehensive Compliance Review
The comprehensive compliance review entails a full scope assessment of the extent of bank compliance with the applicable legal requirements for each major bank function or product.
A typical list of functional areas covered includes:
- Compliance Management Activities
- Residential Mortgage Lending
- Home Equity Accounts
- Consumer Lending
- Commercial Lending
- Deposit Account Origination and Servicing
- Electronic Banking Activities
- Bank Advertising and Marketing
- Financial Recordkeeping Activities
2. Targeted Compliance Review
The targeted compliance review is similar to a comprehensive review in content, but is limited in scope to the applicable legal requirements for only those specific bank functions or products targeted by bank management for review (refer to list above).
Alternatively, the targeted review also focuses on the applicable legal requirements for each specific banking regulation that bank management targets for review on a bankwide basis. The typical regulations covered are:
- Community Reinvestment Act
- Bank Secrecy Act
- Regulation O, Loans to Bank Insiders
- FIRIRCA (Financial Institution Regulatory Interest Rate & Control Act)
- Expedited Funds Availability Act (Regulation CC)
- TEFRA (IRS Interest Backup Withholding)
- Home Mortgage Disclosure Act
3. Annual CRA Performance Assessment
We will review and evaluate the bank's various CRA‑related activities and record of performance relative to established performance criteria of the Community Reinvestment Act.