The Compliance 911 Show

Dean Stockford - Len Suzio
  • 5.0 (9)
  • MANAGEMENT
  • UPDATED BIWEEKLY
The Compliance 911 Show Podcast

Welcome to Compliance 911, a no-nonsense, cut to the point, style show for today’s busy bank and credit union compliance professionals. With this series of bi-weekly shows our goal is to boil down some of today’s hottest regulatory compliance topics in quick and easy to digest 5-10 minute episodes so you can get the information you want and get on with your day. We’ll be discussing topics like CRA, HMDA, Fair Lending, Anti Money Laundering, and so much more. Don’t forget to subscribe and tell a friend about us! Follow M&M Consulting and GeoDataVision us on LinkedIn to get the latest updates.

  1. 3 DAYS AGO

    Red Warning on Redlining: Looking Ahead

    In Episode 81 of the podcast series "Red Warning on Redlining," Len and Dean continue their discussion with fair lending expert Lori Sommerfield, a partner at Troutman Pepper. They explore the future of redlining enforcement by DOJ and federal agencies through 2024 and beyond. Lori explains the Combatting Redlining Initiative's impact to date and coordination among the federal agencies, as well as advises financial institutions on best practices to monitor and manage redlining risks. Implications of the U.S. Supreme Court's recent Loper Bright decision for redlining cases is also discussed. The episode emphasizes preparation and fair lending compliance for financial institutions. Brought to you by GeoDataVision and M&M Consulting

    19 min

  2. AUG 14

    Red Warning on Redlining: Looking Back

    In Episode 80 of the podcast series on regulatory compliance, Len and Dean discuss the topic of redlining with Lori Sommerfield, a partner at Troutman Pepper, in a new two-part series “Red Warning on Redlining.” Lori, a seasoned fair lending attorney, explains the traditional and modern definitions of redlining, emphasizing how regulators now primarily use Home Mortgage Disclosure Act (HMDA) data to identify potential redlining activity without other evidence to support such claims. She also discusses the DOJ's "Combatting Redlining Initiative," which is a “whole of government” approach leveraging federal agencies, U.S. attorneys, and state attorneys general to eradicate redlining practices. The episode highlights the challenges financial institutions face under aggressive enforcement and the importance of monitoring for redlining risks. Brought to you by GeoDataVision and M&M Consulting

    17 min

  3. JUL 31

    Redlining Isn’t What it Used To Be

    In a recent podcast, Len and Dean discuss the June 10 article "Manufacturing Fair Lending" from National Mortgage Professional, which delves into the "Modern Theory of Redlining" introduced by  bank regulators after AG Merrick Garland's 2021 Combatting Redlining Initiative was announced. The article includes insights from notable figures like Paul Hancock former chief of the Housing and Civil Enforcement at the DOJ  and Brian Montgomery, former deputy secretary of HUD highlighting concerns about the government's push for racial balance in loan originations. Len also mentions his follow-up article, "Redlining Isn’t What it Used to Be," which criticizes regulators' use of statistics to allege redlining. They discuss the complexity of redlining enforcement, the legal battles, and the importance of banks proactively assessing their risk of redlining accusations. Len advises banks to conduct internal risk assessments and seek expert legal and consulting help if unfairly accused, while emphasizing the need for industry unity in opposing regulatory overreach. Brought to you by GeoDataVision and M&M Consulting

    12 min

  4. JUL 25

    Elder Abuse-Financial Exploitation and Fraud

    Len and Dean discuss the alarming issue of elder abuse in their 78th and 79th podcasts. Dean expresses concern, especially since he has elderly parents, and highlights recent statistics from FinCEN and the FBI on elder exploitation. Financial institutions reported over $27 billion in elder exploitation between June 2022 and June 2023. The abuse is categorized into elder scams and theft, with scams being more prevalent. The FBI's report for 2023 shows a significant increase in scams targeting individuals aged 60 and older, causing over $3.4 billion in losses. Dean recommends reviewing FinCEN and CFPB guidelines to combat elder financial exploitation and acknowledges the FBI's efforts in recovering some of the lost funds. Both agree on the seriousness of the issue and thank their listeners for tuning in. Brought to you by GeoDataVision and M&M Consulting

    11 min

  5. JUL 9

    The Court Decides But it Ain’t Over Till It’s Over

    In "Podcast 77: The Court Decides But it Ain’t Over Till It’s Over," Dean and Len discuss the recent Supreme Court ruling on the Consumer Financial Protection Bureau (CFPB)'s funding, which upheld its constitutionality, much to the disappointment of many bankers who hoped for its dissolution. Despite this decision, other legal challenges to CFPB's regulations remain unresolved. Specifically, the podcast delves into ongoing litigation concerning Section 1071, which involves the CFPB's new rules for small business lending data collection. The discussion covers the timeline for compliance, the complex issues around additional data points required by the CFPB, and the high costs of implementation. Len advises small business lenders to begin preparing their data collection systems and utilize the "free look period" to test these systems before mandatory reporting begins. The conversation highlights the ongoing legal battles and regulatory challenges facing the financial industry. Brought to you by GeoDataVision and M&M Consulting

    12 min

  6. JUN 25

    Flood Basics still causing pain for some

    This podcast discusses flood regulations for institutions lending money on properties. While there are many federal laws, some key ones being the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, institutions must comply to avoid penalties. This includes checking if a property is in a flood hazard area, notifying the borrower and requiring flood insurance if necessary, properly handling escrows and monitoring, and even force-placing insurance if the borrower lets it lapse. Common violations include weak internal controls, issues with contents coverage, mistakes in timing and notification, miscalculations of coverage amounts, and failing to properly monitor or force-place insurance. Brought to you by GeoDataVision and M&M Consulting

    13 min

  7. JUN 11

    Redlining Complications Caused by Implementation of 2020 Census Tracts

    In this podcast episode, Dean and Len discuss the complexities surrounding redlining accusations faced by banks, particularly focusing on the implications of the 2020 Census data. Len explains that the increase in the number of census tracts and changes in their minority status have created challenges for banks, especially since these changes were announced late into 2022. He highlights how these complications can impact a bank’s compliance with anti-redlining regulations, as loan applications could be affected by tract status changes during processing. Len advises banks to proactively analyze the impact of new and altered tracts on their lending practices to better prepare for examinations and mitigate potential criticisms. Brought to you by GeoDataVision and M&M Consulting

    12 min

  8. JUN 2

    Discrimination and Bias in Residential Lending

    In this podcast episode, Dean and Len discuss the timely issue of appraisal discrimination and bias within the context of Fair Lending. Dean highlights the FFIEC's recent guidance on mitigating risks related to discriminatory practices in property valuations and ensuring credible appraisals. Appraisal bias, which can result in minorities receiving lower property valuations, affects credit access and terms and violates anti-discrimination laws like the Equal Credit Opportunity Act and Fair Housing Act. The guidance is relevant for both financial institutions and examiners, emphasizing the importance of internal controls and compliance to avoid legal risks and ensure fair lending practices. Dean provides practical suggestions for lenders, including thorough vendor due diligence, risk assessments, training on bias red flags, and establishing clear processes for appraisal reviews and complaints. Both hosts stress the necessity for financial institutions to address and mitigate appraisal bias actively. Brought to you by GeoDataVision and M&M Consulting

    13 min
See All (81)

Ratings & Reviews

5
out of 5
9 Ratings

About

Welcome to Compliance 911, a no-nonsense, cut to the point, style show for today’s busy bank and credit union compliance professionals. With this series of bi-weekly shows our goal is to boil down some of today’s hottest regulatory compliance topics in quick and easy to digest 5-10 minute episodes so you can get the information you want and get on with your day. We’ll be discussing topics like CRA, HMDA, Fair Lending, Anti Money Laundering, and so much more. Don’t forget to subscribe and tell a friend about us! Follow M&M Consulting and GeoDataVision us on LinkedIn to get the latest updates.

Information

  • Creator
    Dean Stockford - Len Suzio
  • Years Active
    2021 - 2024
  • Episodes
    81
  • Rating
    Clean
  • Copyright
    © Copyright 2021 All rights reserved.
  • Show Website
    The Compliance 911 Show

You Might Also Like

To listen to explicit episodes, sign in.

Stay up to date with this show

Sign in or sign up to follow shows, save episodes, and get the latest updates.
Select a country or region

Africa, Middle East, and India

Asia Pacific

Europe

Latin America and the Caribbean

The United States and Canada