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This file was generated by Descript 

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Samantha: Hello, this is Samantha Shares.

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This episode covers the F D I C's
Consumer Compliance Supervisory

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Highlights for July 2025

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The following is an audio
summary version of that document.

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This podcast is educational
and is not legal advice.

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We are sponsored by Credit Union
Exam Solutions Incorporated, whose

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team has over two hundred and
Forty years of National Credit

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Union  Administration experience.

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We assist our clients with N C
U A so they save time and money.

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If you are worried about a recent,
upcoming or in process N C U A

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examination, reach out to learn how they
can assist at Mark Treichel DOT COM.

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Also check out our other podcast called
With Flying Colors where we provide tips

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on how to achieve success with N C U A.

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And now the the F D I C's Consumer
Compliance Supervisory Highlights.

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Today we're going to explore what this
comprehensive report tells us about the

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state of consumer compliance in banking.

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Before we jump in, I want to note
that while this report focuses on F

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D I C-supervised institutions, the
principle-based guidance and compliance

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trends we'll discuss today serve as an
excellent tool for credit unions as well.

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The consumer protection laws and
regulations covered here apply broadly

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across the financial services industry,
making these insights valuable for

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any institution serving consumers.

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Let's start with the big picture.

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The F D I C supervises approximately 2,800
state-chartered banks and thrifts that are

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not members of the Federal Reserve System.

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Most of these institutions are
community banks that provide

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credit and services locally.

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The F D I C examines these supervised
institutions for compliance with federal

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consumer financial protection laws.

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What's encouraging is that the
F D I C's consumer compliance

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examinations are risk focused.

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As the report states, "As part of every
consumer compliance examination, F D I

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C examination staff review information
gathered about a financial institution

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to direct resources to those consumer
compliance areas that pose the greatest

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potential risks of consumer harm."

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So how did these
institutions perform in 2024?

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The results are actually quite positive.

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In 2024, the F D I C conducted
approximately 800 consumer

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compliance examinations.

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The F D I C uses the Federal Financial
Institutions Examination Council's

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Uniform Interagency Consumer Compliance
Rating System to evaluate supervised

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institutions' adherence to consumer
protection laws and regulations.

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Here's the key finding: as of December 31,
2024, 97 percent of all F D I C-supervised

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institutions were rated satisfactory
or better for consumer compliance.

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That means they received ratings
of 1 or 2 on the examination scale.

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Additionally, 97 percent were rated
Outstanding or Satisfactory for

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the Community Reinvestment Act.

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But what about the institutions
that didn't meet these standards?

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The report explains that "Institutions
rated less than satisfactory for consumer

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compliance had overall compliance
management system weaknesses, which often

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resulted in violations of law and either
potential or actual consumer harm."

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Now let's talk about violations.

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This is where things get really
interesting for compliance professionals.

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In 2024, F D I C consumer compliance
examiners identified regulatory

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violations that ranged in severity from
the highest to lowest level of concern.

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These are categorized as Levels 3,
2 and 1, with Level 1 representing

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the lowest level of concern.

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The F D I C cited 1,275 violations
of consumer protection statutes

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and regulations in 2024.

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The top five most frequently
cited violations represented 929

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violations or approximately 73
percent of the total violations cited.

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This concentration tells us where
institutions are struggling most.

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Let me break down these top five
violations for you, because understanding

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these patterns can help your
institution avoid similar pitfalls.

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Number one on the list is the Truth
in Lending Act, known as TILA, and its

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implementing regulation, Regulation Z.

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This accounted for a
whopping 470 violations.

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The report explains that "TILA requires
disclosures about mortgage costs,

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and if institutions do not comply
with TILA, consumers could be harmed

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and reimbursements may be required."

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The three most common TILA violations
were first, failing to provide proper

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periodic statements for open-end credit
plans that must disclose information

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like previous balance, transaction
details, credits, the balance on which

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finance charges are computed, periodic
rates, annual percentage rates, grace

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period, and other relevant information.

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Second, failing to provide good
faith estimates for closed-end

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transactions secured by real property
within specific timing requirements.

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And third, failing to provide a
detailed breakdown of all loan costs

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associated with closed-end credit
transactions secured by real property

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in the prescribed table format.

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These three violations alone
comprised 21 percent of the total

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TILA violations cited in 2024.

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The second most cited violation area was
the Flood Disaster Protection Act, or

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FDPA, and its implementing regulation,
12 CFR Part 339, with 143 violations.

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The report notes that "the flood
insurance provisions included in

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the FDPA ensure that consumers are
protected against certain risks related

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to flooding if the property is located
in a special flood hazard area."

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The most common FDPA violation was
institutions' failure to provide

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flood insurance when required.

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According to the regulation, "adequate
flood insurance must be in place

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at the time a loan secured by a
building or mobile home located in

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a special flood hazard area is made,
increased, extended, or renewed."

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This single issue represented
45 percent of the total FDPA

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violations cited in 2024.

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Third on the list is the Truth
in Savings Act, TISA, and

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its implementing regulation,
Regulation DD, with 129 violations.

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The report states that "TISA
requires banks to provide clear

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disclosures about the terms and
costs of consumer deposit accounts."

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The most common violations
involved institutions failing

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to provide accurate disclosures.

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The two most frequently cited issues
were first, failing to make required

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disclosures clearly and conspicuously in
writing, and second, failing to provide

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proper disclosures before opening an
account with all the required details

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about rates, compounding, crediting of
interest, balance computation, fees,

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transaction limitations, features
of time accounts, and bonuses.

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Together, these two issues represented
68 percent of the total TISA violations.

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Fourth is the Electronic
Fund Transfer Act, EFTA, and

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its implementing regulation,
Regulation E, with 122 violations.

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The most cited violation here
related to investigations of

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electronic fund transfer errors.

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The report explains that "financial
institutions must investigate

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allegations of electronic fund
transfer errors, determine whether

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an error occurred, report the results
to the consumer, and correct the

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error within certain timeframes."

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This requirement represented 47 percent of
the total EFTA violations cited in 2024.

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Finally, the fifth most cited violation
was the Home Mortgage Disclosure Act,

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HMDA, and its implementing regulation,
Regulation C, with 65 violations.

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HMDA requires financial
institutions to collect, report,

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and publicly disclose data about
their mortgage lending activity.

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The most common violations involved
institutions failing to provide

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sufficient data for one or more
of the required data fields.

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As the report notes, "financial
institutions must collect data

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regarding applications for covered
loans received, originated, and

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purchased for each calendar year.

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For example, data is reported on
the borrower such as ethnicity,

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race, sex, age, and income and on
the loan including amount, purpose,

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type, action taken, and location."

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This data collection requirement
represented 77 percent of the total

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HMDA violations cited in 2024.

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It's worth noting that this list
contains four of the same laws and

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regulations from the previous year's
report, but HMDA replaced Section 5

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of the Federal Trade Commission Act
as the fifth most cited violation.

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This shows us that while some
compliance challenges persist,

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others evolve over time.

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The report emphasizes an important point
about why these particular violations are

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so common: "Because the F D I C conducts
consumer compliance examinations using

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a risk-focused methodology, the most
frequently cited violations generally

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involve regulations that represent the
greatest potential for consumer harm."

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Now let's talk about enforcement
actions, because violations

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can have real consequences.

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In 2024, the F D I C initiated 31 formal
enforcement actions and 23 informal

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enforcement actions to address consumer
compliance examination findings.

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The F D I C issued civil money penalty
orders totaling approximately $5.6

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million against institutions to
address violations of the FDPA,

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Section 5 of the FTC Act, HMDA, and
unsafe and unsound banking practices

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related to an institution's compliance
with various consumer financial

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protection laws and regulations.

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But here's what's particularly
significant: supervised

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institutions provided voluntary
restitution payments totaling $33.3

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million to approximately 400,000
consumers for violations of various

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consumer protection laws and regulations.

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That's real money going back
to real consumers who were

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harmed by compliance failures.

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The F D I C also referred three matters
to the United States Department of

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Justice after having reason to believe
the institution engaged in a pattern or

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practice of discrimination in violation
of the Equal Credit Opportunity Act.

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This shows that fair lending violations
are taken very seriously and can

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escalate to federal prosecution.

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Now let's shift our focus to consumer
complaints, because these provide

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another lens into compliance performance.

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The F D I C's National Center for Consumer
and Depositor Assistance, Consumer

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Response Unit, closed 26,451 written
complaints and telephone call inquiries

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in 2024 compared to 23,290 in 2023.

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That's a 14 percent increase, which
suggests either growing awareness of

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complaint channels or increasing issues.

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The performance metrics
here are impressive though.

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In 2024, the Consumer Response Unit
acknowledged 100 percent of written

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complaints within 14 days and
investigated and responded to 98.6

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percent of complaints within
established performance goal timeframes.

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Of the 23,444 written complaints
closed in 2024, the unit retained and

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investigated 10,860 and referred 12,478
to other federal banking regulators.

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As a result of these investigations,
they identified 305 apparent errors

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made by institutions, 132 apparent
federal consumer protection regulation

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violations, and 59 cases requiring
escalation to the appropriate F D I

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C Regional Office for further review.

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There's an interesting trend regarding
third-party providers that's worth noting.

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One or more third-party providers were
identified among 4,282 consumer complaint

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cases in 2024, representing nearly a 13
percent increase from 2023 when 3,800

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complaints involved third-party providers.

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The report defines a third-party
provider as "a non-bank financial

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company that performs single or
multiple services on behalf of banks,

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such as credit card servicing and
processing, payment processing,

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and transaction error disputes."

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An apparent violation of a federal
consumer protection regulation was

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identified in 116 consumer complaint cases
involving a third-party provider in 2024.

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This trend toward increased third-party
provider involvement in complaints is

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something institutions should monitor
closely, as it suggests potential risk

00:12:29.658 --> 00:12:31.728
management issues in vendor oversight.

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The Consumer Response Unit's
interactions with consumers and

00:12:35.777 --> 00:12:41.427
banks resulted in consumers receiving
$2,044,071 in total voluntary

00:12:41.427 --> 00:12:44.137
restitution and compensation in 2024.

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While this was down from $7,091,241
in the previous year, the report notes

00:12:50.647 --> 00:12:54.977
that the large drop is attributed to
an outlier situation at one institution

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that resulted in approximately $4.5

00:12:57.577 --> 00:13:00.257
million in restitution in 2023.

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Beyond monetary compensation, the unit's
efforts resulted in 937 cases resulting

00:13:06.931 --> 00:13:11.601
in non-monetary compensation such as
updating credit reports, updating bank

00:13:11.601 --> 00:13:15.721
records, reinstating an account or
releasing a block on a card, ceasing

00:13:15.721 --> 00:13:20.471
collection calls or actions, forgiving
debt, and granting loan modifications.

00:13:21.156 --> 00:13:23.816
Let's look at what consumers
are complaining about most.

00:13:24.376 --> 00:13:28.116
The top four banking products that
generated complaints were credit cards

00:13:28.116 --> 00:13:34.286
with 4,733 complaints, checking accounts
with 3,152 complaints, installment

00:13:34.286 --> 00:13:39.326
loans and consumer lines of credit
with 2,708 complaints, and residential

00:13:39.326 --> 00:13:42.386
real estate loans with 844 complaints.

00:13:43.063 --> 00:13:46.323
When we look at the issues behind
these complaints, credit reporting

00:13:46.323 --> 00:13:49.643
disputes topped the list at
18 percent of all complaints.

00:13:50.293 --> 00:13:53.753
This was followed by discrepancy
transaction errors at 9 percent,

00:13:53.963 --> 00:13:57.793
accounts opened without knowledge
at 6 percent, disclosure issues at

00:13:57.793 --> 00:14:02.283
6 percent, and inability to provide
requested service at 5 percent.

00:14:03.000 --> 00:14:06.960
The five-year trend analysis in the
report shows some interesting patterns.

00:14:07.430 --> 00:14:11.520
Credit cards have remained consistently
high, representing 29 percent of

00:14:11.520 --> 00:14:17.550
complaints in 2024, down slightly
from 30 percent in both 2022 and 2023.

00:14:18.170 --> 00:14:23.370
Checking accounts have declined from 25
percent in 2020 to 19 percent in 2024.

00:14:23.970 --> 00:14:27.010
Installment loans and consumer
lines of credit have remained

00:14:27.010 --> 00:14:31.480
relatively stable at around 12 to 15
percent over the five-year period.

00:14:32.294 --> 00:14:35.884
For credit cards, the top three
issues were credit reporting errors

00:14:35.884 --> 00:14:40.294
at 38 percent, accounts opened
without knowledge at 13 percent, and

00:14:40.294 --> 00:14:42.474
collection practices at 11 percent.

00:14:43.004 --> 00:14:46.984
For checking accounts, the issues were
discrepancy transaction errors at 30

00:14:46.984 --> 00:14:51.744
percent, account closure at 14 percent,
and account blocks at 12 percent.

00:14:52.540 --> 00:14:56.211
What's particularly concerning is the
persistent issue of accounts opened

00:14:56.211 --> 00:15:00.990
without knowledge, which suggests ongoing
challenges with account opening procedures

00:15:00.990 --> 00:15:03.171
and customer identification programs.

00:15:03.901 --> 00:15:07.161
Fair lending complaints, while
representing a small portion of

00:15:07.201 --> 00:15:12.911
overall complaints, decreased
from 68 in 2023 to 62 in 2024,

00:15:13.101 --> 00:15:15.091
representing a 9 percent decrease.

00:15:15.661 --> 00:15:18.791
While this is positive, fair
lending remains an area of

00:15:18.791 --> 00:15:20.631
intense regulatory focus.

00:15:21.270 --> 00:15:23.870
So what can institutions
learn from all this data?

00:15:24.600 --> 00:15:27.770
First, the most frequently
cited violations tend to cluster

00:15:27.770 --> 00:15:29.390
around disclosure requirements.

00:15:30.040 --> 00:15:33.280
Whether it's TILA disclosures
for lending, TISA disclosures for

00:15:33.280 --> 00:15:37.930
deposits, or HMDA data collection
and reporting, getting the paperwork

00:15:37.970 --> 00:15:40.050
right remains a fundamental challenge.

00:15:40.728 --> 00:15:44.998
Second, operational issues like flood
insurance requirements and electronic

00:15:44.998 --> 00:15:49.618
fund transfer error resolution require
robust processes and staff training.

00:15:50.148 --> 00:15:54.338
These aren't one-time compliance tasks
but ongoing operational requirements

00:15:54.338 --> 00:15:55.888
that need consistent attention.

00:15:56.642 --> 00:15:59.792
Third, the rise in third-party
provider-related complaints

00:15:59.792 --> 00:16:03.582
suggests that vendor management
and oversight need continued focus.

00:16:04.142 --> 00:16:08.022
When you outsource functions, you don't
outsource compliance responsibility.

00:16:08.785 --> 00:16:12.775
Fourth, consumer complaint trends
can serve as an early warning system.

00:16:13.415 --> 00:16:16.995
The persistence of credit reporting
disputes and account opening issues

00:16:16.995 --> 00:16:21.375
suggests these are areas where proactive
compliance improvements could reduce

00:16:21.375 --> 00:16:23.255
both violations and complaints.

00:16:23.922 --> 00:16:27.392
The overall message from this
report is cautiously optimistic.

00:16:27.942 --> 00:16:31.802
With 97 percent of institutions
receiving satisfactory or better

00:16:31.802 --> 00:16:36.532
ratings, the vast majority of F D I
C-supervised institutions are meeting

00:16:36.532 --> 00:16:38.662
their consumer compliance obligations.

00:16:39.102 --> 00:16:43.242
However, the concentration of violations
in specific areas suggests that

00:16:43.242 --> 00:16:47.642
targeted improvements in disclosure
practices, operational procedures, and

00:16:47.642 --> 00:16:51.382
vendor oversight could significantly
improve the compliance landscape.

00:16:52.195 --> 00:16:55.795
For credit unions and other
financial institutions, this data

00:16:55.795 --> 00:16:59.655
provides valuable benchmarking
information and identifies areas for

00:16:59.655 --> 00:17:01.485
proactive compliance enhancement.

00:17:02.105 --> 00:17:06.055
The principle-based approach used
by the F D I C in identifying and

00:17:06.055 --> 00:17:10.165
categorizing these violations can
inform compliance risk assessments and

00:17:10.165 --> 00:17:12.265
training programs across the industry.

00:17:13.019 --> 00:17:17.009
Remember, compliance isn't just about
avoiding violations and penalties.

00:17:17.489 --> 00:17:20.619
It's about protecting consumers
and maintaining the trust that's

00:17:20.619 --> 00:17:22.419
essential to our financial system.

00:17:23.029 --> 00:17:26.789
The institutions that view compliance
as a competitive advantage rather

00:17:26.789 --> 00:17:30.519
than a regulatory burden are the ones
that will thrive in an increasingly

00:17:30.519 --> 00:17:32.449
complex regulatory environment.

00:17:33.255 --> 00:17:37.415
That wraps up our deep dive into
the F D I C's Consumer Compliance

00:17:37.415 --> 00:17:40.055
Supervisory Highlights for July 2025.

00:17:40.645 --> 00:17:44.015
I hope this analysis helps you
better understand current compliance

00:17:44.015 --> 00:17:47.765
trends and identify areas for
improvement in your own institution.

00:17:48.325 --> 00:17:50.515
Thanks for listening, and
we'll see you next time.

00:17:51.221 --> 00:17:55.431
If your Credit union could use assistance
with your exam, reach out to Mark Treichel

00:17:55.431 --> 00:17:58.131
on LinkedIn, or at mark Treichel dot com.

00:17:58.691 --> 00:18:01.321
This is Samantha Shares and
we Thank you for listening.