Similar to identity theft, this type of fraud happens when an unauthorized individual gain access through online banking applications, capturing the account information to create and write bad checks.
An adverse action notice is a document sent to a loan applicant stating a bank’s rationale for denying a loan. It may also contain a counteroffer, such as a lesser amount or a request for an approved co-borrower.
The term “aging exceptions” refers to a group of critical exceptions that have not been resolved within a reasonable amount of time.
Altered check fraud occurs when a fraudster changes the amounts and Payee from a stolen check.
Audit and exam prep is a process that financial institutions go through in order to adequately prepare for upcoming audits and exams.
An authorized signer form is a document that allows an account holder to grant a range of clearance levels to individuals to perform certain functions within a bank account.

Government monitoring information (GMI) typically refers to the demographic information that banks in the United States are required to collect due to mortgage regulations.

Home Mortgage Disclosure Act Requirements

Banks and credit unions compile government monitoring information in accordance with Home Mortgage Disclosure Act (HMDA) mandates. Demographics compiled may include the applicant’s:

  • Race
  • Ethnicity
  • Sex

For more information about how to comply with HMDA reporting requirements, visit the Consumer Financial Protection Bureau’s website. There you’ll find a variety of helpful resources, including a home mortgage reporting requirements guide.

GMI Reporting

Banks and credit unions submit to their governing bodies an annual HMDA loan application register (LAR) containing pertinent government monitoring information. The nationwide statistics are then compiled to create an overall view of the American mortgage market and identify cases of either redlining or other discriminatory lending practices.

Reporting requirements may vary by loan type. Consult your compliance department to determine the necessary data. The FFIEC also offers several HMDA-related tools to support financial institutions, which can be found here.

Compliance Resources

Looking for more information on the topic of banking compliance? Be sure to check out our extensive resource library with free spreadsheets, whitepapers, videos and eBooks. 

Browse our banking definitions page for more terminology.

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