This course covers the Flood Disaster Protection Act and related guidance and regulations.
The course begins with an overview of the rule and then addresses the lender’s obligations throughout the life of a covered loan. This includes the steps a lender must take before originating a loan to determine whether the loan is covered and notify the borrower in the event it is.
The course continues by exploring what it means to have adequate insurance at the time a loan is originated and finishes with the obligations lenders have during loan servicing.
What You’ll Learn
After completing this course, students will be able to:
- Describe the background of the Bank Secrecy Act and other anti-money laundering (AML) laws
- Explain the importance of a risk assessment program
- Describe the purpose and significance of the customer identification program
- Discuss your bank’s customer due diligence policies, procedures, and processes
- Explain the requirements for suspicious activity reporting
- Identify currency transaction reporting requirements and the two categories of exemptions