Regulatory Compliance: Alphabet Soup
Grow to greater heights. Stay on top of changing regulations with Baker Tilly’s regulatory compliance specialists.
Regulatory Compliance: Alphabet Soup
Kevin Schalk
CPA
Principal
Mark J. Boettcher
CPA, CISA, CBCP
Principal
Spend less time worrying about compliance, and more time achieving your organization’s future.
It can be easy to get lost in the vast sea of compliance regulations. Baker Tilly’s dedicated professionals keep track of the ever-changing compliance landscape, understand the ins-and-outs of every regulation, and can assist you in preparing for your next regulatory examination.
Baker Tilly’s compliance services
Our team is available to you as a resource to answer any questions you have regarding compliance and beyond. As your financial institution continues to grow and regulations change, Baker Tilly will act as a consultant in order to better help you and any new staff members you may have. You are required to achieve regulatory compliance — our goal is to help you maintain this.
- Compliance+
- Internal auditing
- BSA/AML
- CECL
Bringing you value beyond compliance
Compliance+
By utilizing our company approach, Compliance+, Baker Tilly’s team of industry professionals will help you improve governance, mitigate risk, and optimize internal controls. This will lead to far less redundancies, inconsistencies, and inaccuracies while simultaneously maximizing transparency.
Leverage industry-specialized internal audit for organizational success.
Internal auditing
Baker Tilly’s internal audit professionals are forward-looking and help clients to address risks, streamline business processes, and strengthen internal controls. With our industry-leading internal audit approach, our team brings innovative audit strategies and will collaborate with your organization’s management to identify and improve operations.
Evolve your risk program
BSA/AML:
Baker Tilly’s specialists regularly assist clients in detecting, preventing, responding to, and mitigating damages from financial crimes and suspected fraudulent activity. Our anti-money laundering (AML) programs are designed to protect organizations like yours that are subject to Bank Secrecy Act (BSA) regulations.
Simplifying CECL with a flexible approach and full suite of services
CECL
Baker Tilly CECL specialists navigate the complexities of current expected credit losses (CECL) with a flexible approach and full suite of services, including implementation, model validation, and outsourced third-party modeling.
What’s in the alphabet soup of regulation?
It’s easy to get confused by the great jumble of acronyms that make up compliance regulations. Our specialists have broken the list down to include all the regulations — and beyond.
- A) Extensions of credit by Federal Reserve Banks
- B) Equal Credit Opportunity Act; fair lending
- C) Home Mortgage Disclosure
- D) Reserve requirements of depository institutions and money markets
- E) Electronic fund transfers
- F) Interbank liabilities / Fair Debt Collection Practices Act
- G) Secure and Fair Enforcement for Mortgage Licensing (SAFE Act)
- H) Federal Reserve membership
- I) Issue and cancellation of Federal Reserve Bank capital stock
- J) Check collection
- K) International banking operations
- L) Management official interlocks
- M) Consumer Leasing
- N) Relationships with foreign banks and bankers / Mortgage Act and Practices - Advertising
- O) Insider loans / Mortgage Assistance Relief Services
- P ) Privacy of Consumer Financial Information
- Q) Capital adequacy of banking holding companies, savings and loan holding companies, and state member banks
- R) Exceptions for banks from the definition of Broker Securities Exchange Act of 1934
- S) Reimbursement to financial institutions for providing financial records; recordkeeping requirements for certain financial records
- T) Credit by brokers and dealers
- U) Credit by banks and persons other than brokers or dealers for purchasing or carrying margin stock
- V) Fair Credit Reporting Act; Incorporates Fair and Accurate Credit Transactions Act of 2003
- W) Transactions between banks and their affiliates
- X) Real Estate Settle Procedures Act / Borrowers of Securities Credit
- Y) Bank holding companies
- Z) Truth in lending
- AA)Unfair or Deceptive Acts or Practices
- BB) Community Reinvestment Act (CRA); data collection
- CC) Funds availability
- DD) Truth in Savings
- EE) Netting eligibility for financial institutions
- FF) Obtaining and using medical information in connection with credit
- GG) Prohibition on funding of unlawful internet gambling
- HH) Designated financial market utilities
- II) Debit card interchange fees and routing
- JJ) Incentive-based compensation arrangements
- KK) Swaps margin and swaps push-out
- LL) Savings and loan holding companies
- MM) Mutual holding companies
- NN) Retail foreign exchange transactions
- OO) Securities holding companies / Payday, Vehicle Title, and Certain High-Cost Installment Loans
- PP) Definitions relating to Title I of the Dodd-Frank Act
- QQ) Resolution plans
- RR) Credit risk retention
- TT) Supervision and regulation assessments of fees
- VV) Proprietary trading and relationships with covered funds
- WW) Liquidity risk measurement standards
- XX) Concentration limit
- YY) Enhanced prudential standards
- ZZ) Regulations Implementing the Adjustable Interest Rate (LIBOR) Act
- Americans with Disabilities Act (ADA)
- Bank Bribery Act
- Bank Protection Act (BPA)
- Bank Secrecy Act (BSA)
- Check Clearing for the 21st Century (Check 21)
- Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)
- Escheat – abandoned property
- Electronic Signatures in Global and National Commerce Act (ESIGN)
- Fair Credit Reporting Act (FCRA) incorporates the Fair and Accurate Credit Transactions Act of 2003 (FACTA)
- Fair Debt Collection Practices Act (FDCPA)
- FDIC – deposit insurance regulations; advertising regulations Fair Housing Act (FHA)
- Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA)
- Financial Crimes Enforcement Network (FinCEN)
- Floor Disaster Protection Act (FDPA)
- Gramm Leach Bliley Act of 1999 (GLBA)
- Homeowners Protection Act of 1998 (HOPA)
- HUD – homeownership counseling
- Military Lending Act (MLA)
- National Automated Clearing House Association (NACHA)
- Non-Deposit Foreign Asset Control (NDIP)
- Office of Foreign Assist Control (OFAC)
- Right to Financial Privacy Act (RFPA)
- Servicemembers’ Civil Relief Act (SCRA)
- The USA Patriot Act of 2001
Protecting your value
It can be tempting to view growth and profitability as more important than ethics and compliance. However, compliance failures can damage the financial institution’s reputation, lead to regulatory penalties and/or fines and the loss of customers. Baker Tilly’s team of seasoned professionals is proficient and up to date on all current compliance regulatory requirements. We can offer a fresh set of eyes to your compliance program and help you determine what changes need to be made to ensure your financial institution is complying with all applicable regulations.
Approaching the challenge
Baker Tilly’s compliance team consists of highly skilled professionals that have decades of experience in the banking industry. They can help you understand what regulators will be focusing on during your next regulatory exam.
Given the number of regulations there are to stay on top of — and the current staffing shortage — you can rely on Baker Tilly to take care of your regulatory needs and help to put your financial institution in a position to maintain compliance. Recently, many companies have been co-sourcing and outsourcing in order to alleviate internal staffing issues. Even if you already have a team of in-house regulatory specialists, we can serve as a sounding board for regulatory related questions and ensure your compliance program is in line with regulatory expectations.