Elliott Davis Decosimo Banking and Financial Services Articles

Community Banking Advisor: Beware of UDAAP

January 17, 2017 by Bank Wire

The Consumer Financial Protection Bureau (CFPB) continues to exercise its authority to crack down on banking practices it views as unlawful under the Dodd-Frank Act’s regulations on unfair, deceptive or abusive acts or practices (UDAAP). In one recent...

Community Banking Advisor: New Rules on Customer Due Diligence

January 17, 2017

FinCEN answers frequently asked questions about beneficial ownership Beginning on May 11, 2018, financial institutions will be required to verify the identities of the beneficial owners of their legal-entity customers when those entities open new accounts. This is the...