Regulatory Revisions Prompt Most Changes to Compliance Processes (8/19/19)
Regulatory revisions were the most widely cited reason institutions made changes their compliance systems, policies or practices, according to ABA’s biannual Survey of Bank Chief Compliance Officers released this week. Of the 339 respondents, 76.8% said that revised regulations, regulatory guidance or interpretations prompted internal changes, while just over half made changes as a result of exam findings (52.2%) and compliance staff recommendations (51%). Banks also made changes as a result of audit findings (43%) and consumer complaints (29.6%). The latter have been a growing influence over compliance system changes over the past several surveys; in 2011, only 8% of respondents cited complaints as a factor. Contact Rick Freer (rfreer@aba.com) for more information.
CFPB Appoints Private Education Loan Ombudsman (8/19/19)
The Consumer Financial Protection Bureau on Friday announced the appointment of Robert G. Cameron to serve as the CFPB's private education loan ombudsman. Cameron is a Colonel and Staff Judge Advocate for the Pennsylvania Army National Guard and has served in the United States Army for 29 years. In his position as private education loan ombudsman, Cameron is responsible for resolving complaints from private student loan borrowers. The ombudsman is also responsible for compiling and analyzing complaint data on private education loans and making appropriate recommendations to the Secretary of the Treasury, the Bureau Director, the Secretary of Education, and Congress.