Compliance Education | Michael Christians Consulting, LLC

Compliance Education & Training

Michael has been delivering compliance education and training to financial service professionals since 2014. He has a natural talent for delivering complex regulatory information in a way that is easy to understand. Compliance education and training is not about knowing verbatim what a law or regulation says. It’s about financial institutions knowing what they have to do and when they have to do it to remain compliant.

Partner with Michael Christians Consulting, LLC for your compliance education and training needs and your financial institution or organization will receive:

Material customized to the size, complexity and product offerings of your institution or organization;
Training delivered in a manner that won’t significantly disrupt your employees’ day-to-day work routines;
Information about new or imminent regulatory developments, giving your team an advantage in the successful implementation of new requirements; and
Peace of mind knowing that your institution is successfully navigating all of the current rules of the road.

Michael wants every financial institution employee, regardless of position, to have the tools they need to be successful. Compliance education and training is an integral part of your employees’ development as financial services professionals. Fully informed and knowledgeable team members react quicker, make better decisions and are more productive. Contact Michael Christians Consulting, LLC today to learn more about our compliance education and training services.

Recent Blog Posts

Texas Court Hits Pause on CFPB's Credit Card Late Fee Rule

By Michael Christians • 14 May, 2024

On Friday, May 10th, Judge Mark Pittman of the United States District Court for the Northern District of Texas granted a preliminary injunction stopping the CFPB's credit card late fee rule from taking effect on May 14th. By way of reminder, the rule would have capped credit card late fees at $8 for large card issuers (those with one million or more open and active credit card accounts). In his opinion, Judge Pittman said that the rule should be stayed pending resolution of CFPB v. Community Financial Services Association of America , a case about whether the CFPB's funding structure is constitutional. That case was argued before the Supreme Court in October 2023, with a decision expected any day. Stay tuned for more details from Michael Christians Consulting, LLC!

Agencies Issue Revised Regulation CC Threshold Adjustments

By Michael Christians • 13 May, 2024

The Federal Reserve Board and the Consumer Financial Protection Bureau have issued the revised Regulation CC thresholds, a full 13 months ahead of schedule. By way of reminder, a 2020 rulemaking indexed several Regulation CC thresholds to inflation. Those thresholds are subject to change on July 1st of every fifth year. Effective July 1, 2025, the following changes will take effect: Increase from $225 to $275 the amount of certain check deposits that must be made available on the next business day following the date of deposit (12 CFR 229.10(c)(1)(vii)) Increase the new account exception hold threshold from $5,525 to $6,725. Beginning 7/1/2025, a financial institution may delay the availability of funds in excess of $6,725 deposited to a new account in any one banking day (12 CFR 229.13(a)(1)(ii)) Increase the large deposit exception threshold from $5,525 to $6,725. Beginning 7/1/2025, a financial institution may delay the availability of funds in excess of $6,725 deposited to an existing account in any one banking day (12 CFR 229.13(b)) Change the definition of repeated overdrafts. Beginning 7/1/2025, an account will be considered repeatedly overdrawn if - On 6 or more banking days within the preceding 6 months, the account balance was negative or would have become negative had checks or other charges to the account been paid, or on 2 or more banking days within the preceding 6 months, the account balance was negative or would have become negative in an amount of $6,725 or more (12 CFR 229.13(d)(2)). You can access the final rule here .

Federal Housing Finance Agencies Announce New ROV Policies

By Michael Christians • 11 May, 2024

Earlier this month, Fannie Mae, Freddie Mac, and FHA announced new requirements for lenders to establish and implement reconsideration of value (ROV) policies and procedures. Fannie Mae and Freddie Mac Lenders must establish policies and procedures that include the steps a borrower can take to appeal an appraisal when they believe the opinion of value is: Unsupported, Deficient due to unacceptable appraisal practices, or Reflects discriminatory appraisal practices. Borrowers must be notified at the time of application and again upon delivery of the appraisal of their right to request an ROV. The new requirements apply to loan applications dated on or after August 8, 2024. Federal Housing Administration Lenders must disclose the following to a borrower at the time of application and again upon delivery of the appraisal: The borrower has the right to initiate an ROV request, The information that he/she will be required to provide in connection with their request, and Expected processing times. The new requirements apply to loans that have an FHA case number assigned on or after September 2, 2024.

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5438 South Prairie View Drive

West Des Moines, IA 50266

Phone

319-325-1171

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michael@mchristiansconsulting.com

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