Major Regulatory Developments 2014 At-a-Glance
Regulatory Developments
Comment Due
Date Final
Effective
Date To Do
2014: Credit-Related
May 6, 2014: Amendments to the 2013 Mortgage Rules under the Truth in Lending Act (Regulation Z)
https://www.federalregister.gov/articles/2014/05/06/2014-10207/amendments-to-the-2013-
mortgage-rules-under-the-truth-in-lending-act-regulation-z
July 7, 2014
April 9, 2014: Minimum Requirements for Appraisal Management Companies
https://www.federalregister.gov/articles/2014/04/09/2014-06860/minimum-requirements-for-
appraisal-management-companies
June 9, 2014
2014: Deposit/Operations Related
May 6 2014: Amendment to the Annual Privacy Notice Requirement Under the Gramm-Leach-Bliley Act
(Regulation P)
http://files.consumerfinance.gov/f/201405_cfpb_annual-privacy-notice-proposal.pdf
30 days after
Federal Register
Publication date
May 27, 2014
January 23, 2014: CFPB amendment to regulation Defining Larger Participants of the International
Money Transfer Market
http://files.consumerfinance.gov/f/201401_cfpb_proposed-regulations_defining-larger-
participants-intl-money-transfer-market.pdf
April 1, 2014
2014: Other
None.
Regulatory Developments Cutoff Date was May 7, 2014. Please note the Major Regulatory Developments list does not include routine announcements such as HMDA data
availability, Regulation Z high cost trigger changes. Please refer to http://www.consumerfinance.gov/the-bureau/ or your institution’s prudential regulator website for these
and other similar updates.
didn’t hear about because they just didn’t happen. We had to
set up an infrastructure behind the scenes to protect the integ-
rity of the financial system and keep consumers safe, without
violating their trust. That was most gratifying to me.”
While Soto has spent over three decades in compliance
management, he jokes “I don’t think there is anyone who
grows up saying they want to be a compliance professional
one day.” Soto wanted to be a baseball star, but he now settles
for golf. And with a sly smile he adds, “Golf is really much like
compliance. It blends chaos with serenity. You never know
what the day will be like, and it depends on the players, the
weather, and many other unknowns.”
Soto commenced his thirty-year career with a degree in ac-
counting from the University of Nebraska, before attending
the American Bankers Association’s Stonier Graduate School
of Banking at the University of Delaware. Soto worked at the
FDIC for six years as a commissioned bank examiner before
joining the Federal Reserve where he trained bank examiners
and helped develop anti-money laundering (AML) compli-
ance examination procedures. He then served as the global
AML compliance executive at Bank of America, and as Chief
Compliance Officer for Royal Bank of Canada-Centura. Most
recently, Soto worked as the AML executive and compliance
manager at Wachovia/Wells Fargo before joining Ally Financial
in 2009 as the Executive Compliance Officer and Bank Secrecy
Act (BSA) Compliance Officer.
Deeply grateful and surprised by the Designated Service
Award, Soto says he has learned more from others than they
have learned from him. Soto does not easily talk about himself. Instead, he prefers to discuss those who have touched his
life, such as his friend and former colleague, Rick Small, who
is now the Senior Vice President of Anti-Money Laundering,
Anti-Corruption, and International Regulatory Compliance at
American Express.
Small recalls recognizing Soto’s talent when they worked to-
gether at the Board of Governors of the Federal Reserve. “As part
of the Bank Secrecy Act, I was starting an anti-money laundering
team, and I asked Dan to join. Dan felt he didn’t have the experi-
ence, but I knew it didn’t make any difference because of his strong
background, skills, and work ethics. I hired him, and he was the
perfect fit. We have been good friends ever since.” Small then
adds, “And I have to say, Dan is the most hardworking, honest,
dedicated and benevolent person I have known, both personally
and professionally. He always has been and always will be a true
friend, great colleague, and consummate professional.”
Dan Soto lives in Charlotte, and when he isn’t golfing, teaching,
or managing, he stays busy with his family and seven (soon to be
eight) grandchildren––all under the age of seven. ■
