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Become a MemberCurrent News
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Algorithms, artificial intelligence, and fairness in home appraisals
June 1, 2023
Today, the CFPB is taking another step toward accountability for automated systems and models, sometimes marketed as artificial intelligence (AI). The CFPB is proposing a rule to make home appraisals computed by algorithms fairer and more accurate. This initiative is one of many steps we are taking to ensure that algorithms and AI are complying with existing law.
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CFPB Finds that Billions of Dollars Stored on Popular Payment Apps May Lack Federal Insurance
June 1, 2023
The Consumer Financial Protection Bureau (CFPB) published an issue spotlight on digital payment apps heavily used by consumers and businesses. The analysis finds that funds stored on these apps may not be safe in the event of financial distress, since the funds may not be held in accounts with federal deposit insurance coverage. The CFPB also issued a consumer advisory for customers holding funds in these apps and how they can make sure their funds remain safe.
Upcoming Events
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Comment Period: Regulation S-P: Privacy of Consumer Financial Information and Safeguarding Customer Information
June 05, 2023
AGENCY: Securities and Exchange Commission. ACTION: Proposed rule. SUMMARY: The Securities and Exchange Commission (“Commission” or “SEC”) is proposing rule amendments that would require brokers and dealers (or “broker-dealers”), investment companies, and investment advisers registered with the Commission (“registered investment advisers”) to adopt written policies and procedures for incident response programs to address unauthorized access…
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Live Membership Demo 06-06-2023
June 06, 2023
Join us for a live demonstration of the benefits of membership with Compliance Alliance. This interactive virtual tour will provide an in-depth look at each of our tool types and resource categories, as well as an overview of all of C/A’s additional services. This meeting is presented by our Membership team, and will last about an…
Member Success Stories
Success Story
Denise D. LaneWe engaged Compliance Alliance nearly four years ago to assist in managing the many new regulations and continuous changes to existing regulations. The tools C/A offered at that time were excellent and just continue to get better! We find the policy templates easy to customize, which is a tremendous help. Several employees at our bank utilize the online chat feature which is a GREAT tool! C/A’s representatives are experts, and will immediately respond to our request for information. If they are in chat with another client, they will even let you know, so you are not left wondering if they have received your request to chat. I have absolutely nothing negative to say about Compliance Alliance … GREAT resource in all areas of regulatory compliance!”
Bank of Ocean City, Berlin, MD
Success Story
Laurie GoodlockCompliance Alliance is a great fit for Farmers State Bank, a 70M bank in mid-Michigan. As the Chief Marketing Officer, I’m constantly developing new marketing pieces for the bank and Compliance Alliance is always right there with me keeping my promotional concepts up-to-date with the latest regulatory requirements. I can email my ideas directly to Compliance Alliance knowing that I’ll have a response the next day! This gives me the peace of mind I need to focus on our campaigns and other programs while not getting bogged down with regulatory worries. highly recommend a partnership with Compliance Alliance.”
Farmers State Bank, Munith, MI
Success Story
Jason CarrollThe chat feature’s quick turn-around time is what separates C/A from other compliance professionals. Not only is the response quick, in our experience, it is very detailed. And to have the transcript from the chat emailed for future reference—that has been very beneficial on many occasion. My compliance officers love the chat. Personally, I recall a time when in a meeting, our president had a question I could not answer. I logged into a chat session while the meeting was happening, got an answer, and was able to respond in minutes. I couldn’t do that with any other service.”
Heritage Bank, Hopkinsville, KY