Compliance Review


FRC’s staff have years of hands-on experience in conducting compliance reviews. Our engagements will evaluate the effectiveness of an institution’s compliance program by assessing overall performance with technical aspects of consumer protection and public interest topics.

During these engagements, FRC consultants will review a sample of transactions by employing the same methodology by regulatory examiners.

FRC consultants work with loan and deposit personnel to identify any systemic problems and in making necessary procedural changes to prevent recurrence of problems. FRC consultants facilitate meetings with management to review and engagement findings and to offer recommendations regarding the institution’s compliance program. At the conclusion of each engagement, a comprehensive report is prepared for the board of directors which identifies the scope of the review and findings of the engagement. Where appropriate, the report includes recommendations designed to enhance compliance performance.

While the scope of each review is defined after discussion with management, compliance with the following topics is usually monitored during these engagements:

  • Mortgage Disclosure Act – Regulation C
  • Truth in Savings Act – Regulation DD
  • Fair Credit Reporting Act
  • NOW Account Eligibility and Money Market Deposit Account Procedures – Regulation D
  • Community Reinvestment Act – Regulation BB
  • Insider Lending – Regulation O
  • Equal Credit Opportunity Act – Regulation B
  • Electronic Fund Transfer Act – Regulation E
  • Fair Housing Act and Implementing Regulations
  • Expedited Funds Availability Act – Regulation CC
  • Truth in Lending Act – Regulation Z
  • Consumer Protection for Depository Institution Sales of Insurance
  • HUD’s Homeownership Counseling
  • Right to Financial Privacy
  • Financial Recordkeeping/Bank Secrecy Act
  • Flood Disaster Protection Act
  • Homeowners Protection Act of 1998
  • Real Estate Settlement Procedures Act – HUD’s Regulation X
  • Privacy of Consumer Financial Information – Regulation P
  • Home Ownership and Equity Protection Act of 1994 (HOEPA)
  • Unfair Deceptive Credit Practices Act – Regulation AA
  • Fair and Accurate Credit Transaction Act (FACT Act)
  • Fair Debt Collection Practices Act
  • Disclosure and Reporting of CRA-Related Agreements – Regulation G
  • Consumer Protection in Sales of Insurance – Regulation H
  • Obtaining and Using Medical Information in Connection with Credit – Regulation FF

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Recent Insight

Regulatory Bulletin: August 2017

August 21st, 2017 by rfriedman