Escrows, Flood, TRID, Oh my!
This term is used when the annual analysis reveals there is too little money in the escrow account but the low point is above $0.
What is a shortage?
Fines and penalties, loss of reputation, legal action, operational issues.
What are consequences of a poor change management process?
CMS stands for this.
What is Compliance Management Systems?
This is the year that the “Combating Redlining Initiative” was passed.
What is 2021?
This term, popularized by Nassim Taleb, refers to an unpredictable and catastrophic economic event that is often rationalized in hindsight.
What is a Black swan?
A governance tool with the primary purpose of conveying the board’s vision, direction, and authority.
What is a Policy?
The load Estimate must be provided within this many days following application.
What is 3 business days?
Two sources of change to watch in order to identify or anticipate what's coming.
What are internal and external.
Legislative, regulatory, and judicial decisions and interpretations as opposed to corporate policy change, and management turnover, are all forms of this kind of change.
What is external (not internal)?
This is the year the Fair Housing Act was passed.
What is 1968?
This three-letter abbreviation stands for the measure of all goods and services produced in the U.S., which surged 4.9% in the third quarter of 2023, marking the biggest gain since the fourth quarter of 2021.
What is GDP?
Agency that issued guidance delineating the risk of using AI chatbots in the banking sector.
What is CFPB?
Under TRID, until a Loan Estimate is provided, you cannot require this.
What is verification documents and/or charging any fees?
The three phases of an impact analysis.
What are understand, assess, report.
A bank has until this date to submit their data each year.
What is March 1st?
This is a bank’s use of algorithms that result in exclusion in majority-minority neighborhoods, aka fair lending violations.
What is “digital redlining”?
The Fed's policy of keeping interest rates elevated for an extended period of time in order to slow economic growth has been dubbed this.
What is higher for longer?
The specific domain within AI that focuses exclusively on understanding and generating human language.
What is Natural Language Processing (NLP)?
This term is used to explain an exempt transaction because it is replaced by a second phase long-term financing.
What is temporary financing?
Three benefits of automation.
Reduction of effort.
A more consistent approach.
Saves time.
This term is used to describe documents management develops to explain the 5-w's (who, what, where, when, how) a bank will conduct operations.
What are procedures?
True or False: Recent redlining enforcement actions focus on last year’s data?
What is False (multiple years are cited as Relevant Time Period)?
This state was just named the best in the nation by US News, ranking top for fiscal stability and for the economy
What is Utah?
Key control that allows institutions to verify whether a model is performing as expected, in line with its design objectives and business uses.
What is Model Risk Management or Model validation?
THis term describes how an organization behaves. It's the foundation of your CMS.
What is culture?
Three of the six places mentioned in Stephanie's Change Management presentation that change can come from.
1. Legislative
2. Regulatory
3. Guidance
4. Blogs & Speeches
5. Judicial decisions & interpretations
6. Self regulatory organizations
Relating to adverse action notices - the notification of a counteroffer must be provided to the applicant this number of days after notifying an applicant of a counter-offer.
What is 90 (calendar) days?
Equal Credit Opportunity Act (ECOA), Fair Housing Act (FHA) and Home Mortgage Disclosure Act (HMDA).
What are 3 key fair lending regulations?
In Utah, this statistic, which traditionally ranked highest in the country, has been falling for decades, and is now below replacement level
What is the fertility rate?
This governance tool explains the how, what, when, and who to accomplish an objective. It is used to describe documents developed to explain how a bank will conduct operations.
What are procedures?
Final Jeopardy
Salt Lake City has more of these per capita than any other city in the United States.
What are plastic surgeons?