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FDIA |
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The FDIA establishes annual reporting and public disclosure requirements for certain written agreements that are entered into between insured depository institutions or their affiliates and nongovernmental entities or persons (NGEPs) and that are made pursuant to, or in connection with, the fulfillment of the Community Reinvestment Act of 1977 (CRA). To date, complying with screening provisions set forth by the Patriot Act, FDIA legislation or even Sarbanes-Oxley, and finding ways to check into sanctions, law enforcement and regulatory enforcement databases has posed a significant challenge because the data is stored and created by many different entities and government agencies worldwide," said David Nachman, HireRight vice president of product management. In addition, under Section 11 (c)(1) and (2) of the FDIA, the FDIC is authorized to accept appointment as conservator and is required to be appointed as receiver for a national bank. |
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