Policy & Regulation
Also known as Regulation F
What is, the FDCPA?
CFPB
What is, the Consumer Financial Protection Bureau?
Under Regulation X/RESPA, servicers are required to make good faith efforts to establish live contact with a delinquent borrower no later than the 36th day of delinquency and requires a written notice be sent no later than the 45th day of a borrowers delinquency.
What is, Early Intervention?
Defines “Who we are” and documents the skill sets and mindsets that give the Bank and our people the ability to compete and win over and over again in the markets we serve. It puts into words the many ways our leaders and their teams work — together and as individuals — to create success for everyone.
What is, the Behavioral True North?
"Better banking. Better tomorrows." An internal-only expression of "why are we here?" It’s a simple – but powerful – question. Why is there a First Citizens Bank? Why do we come to work every day? What are we trying to accomplish for our customers, our colleagues, the company and the communities we serve.
What is, the Statement of Purpose?
Requires that we obtain consent to call a mobile number
What is, the TCPA?
TCPA
What is, the Telephone Consumer Protection Act?
This section of Regulation X/RESPA requires creditors to make available to a delinquent borrower, via telephone, personnel assigned to the borrower to respond to the borrower's inquiries, and assist the borrower with available loss mitigation options until the borrower has made, without incurring a late charge, two consecutive mortgage payments in accordance with the terms of a permanent loss mitigation agreement.
What is, Continuity of Contact?
This tenet of the Behavioral True North includes behaviors related to: Demonstrating respect and acceptance for self and others, creating safety for others to speak up and share thoughts, fostering an inclusive environment built on trust and respect
What is, Builds Productive Relationships
A promise our customers can count on. When they hear or see the First Citizens name, we want certain words to come to mind. Strong, Stable, Helpful, Empathetic, Approachable. This will differentiate us from other banks. That’s what a strong, effective brand is all about.
What is, Forever First?
This regulation covers items such as servicing error resolution, disclosure requirements, early intervention and continuity of contact
What is, Regulation X or RESPA/Real Estate Settlement Procedures Act
FDIC
What is, the Federal Deposit Insurance Corporation?
The section in Regulation X/RESPA that provides the requirements for receipt of and evaluation of loss mitigation applications, the required notices/disclosures and timing of notices/disclosures and prohibition of referral to foreclosure
What is, Loss Mitigation?
This tenet of the Behavioral True North includes behaviors related to taking responsibility for personal development, encouraging the team to use expertise, views talent as a bank-wide asset.
What is, Develops Talent?
The purpose of this is to communicate our high-level strategic intent that creates alignment across the organization, honors our values, engages our associates, creates value for our clients and grows our franchise profitably to meet long-term financial and shareholder objectives
What is, the Competitive Path?
This regulation covers items such as periodic statements, payments, credit card provisions, treatment of credit balances, certain requirements for credit secured by a dwelling
What is, Regulation Z or TILA/Truth in Lending Act
UDAAP
What is, Unfair, Deceptive or Abusive Acts and Practices?
This regulation covers topics such as: Duties of furnishers of information, duties of users of consumer reports, duties of consumer reporting agencies and the accuracy and integrity of the information
What is, Regulation V/FCRA - Fair Credit Reporting Act?
This tenet of the Behavioral True North describes behaviors related to doing what you say you are going to do, challenging the status quo by bringing forth new and diverse ideas, models and advocates diverse viewpoints, willingly gives and receives honest feedback
What is, Demonstrates Courage?
Financial goals and earnings. The strategies and tactics in our Competitive Path exist to support six key financial objectives
What is, Financial True North
The policy that provides the criteria for classifying delinquent loans, criteria for charge off, rules for use of extensions, deferrals, renewals and rewrites for closed end loans, re-aging requirements
What is, the Uniform Credit Classification and Account Management Policy
FFIEC
What is, the Federal Financial Institutions Examination Council?
This regulation covers topics such as: Privacy notices, the right to opt out of certain information disclosures, limits on disclosure of certain information to nonaffiliated 3rd parties, limits on sharing certain information for marketing purposes
What is, Regulation P/Privacy of Consumer Financial Information?
Our associates are our number one priority. It's important that you feel included, valued, respected, and heard and that you have equal access to resources and opportunities enabling you to reach your full potential. Together, we’ll focus on building positive relationships across the Bank by celebrating and learning about one another’s personal cultures and heritages and all the dimensions that make each of you unique.
What is, Inclusion, Equity & Diversity?
The purpose and scope of this is the following: continued success depends upon maintaining our reputation as a company of integrity. Our reputation in turn depends on your personal commitment to the highest professional standards of conduct and integrity, and your careful compliance with the spirit and letter of all laws and regulations both on the job and in your personal affairs. You must avoid even the slightest appearance or suspicion of wrongdoing, conflict of interest or other improper conduct.
What is, the Code of Ethics