Readers can get their compliance fix with the latest WBA Compliance Journal. The August edition provides readers with information about the final interagency guidance regarding reconsiderations of value (ROV) for residential real estate transactions and for a final rule which establishes quality control standards for automated valuation models (AVMs). The publication also summarizes third-party deposit arrangement risks related to practices which involve third parties delivering deposit products or services to end users versus the bank. Readers should be sure to also read the “regulatory spotlight” section which features summaries of recently published agency rules and notices published in the Federal Register since the July edition. In the “compliance notes” section, readers will learn of updated FDIC Part 328 FAQs, FinCEN BOI FAQs, and how FDIC will not consider an ITM to be a domestic branch.
