For those banks that fervently prayed the almost 1,700-page Prepaid Account rule would be banished by the Party of Lincoln – sorry but it survived the recent round of regulatory rollbacks. Courtesy of the law firm, Ballard Spahr, and its Consumer Finance Monitor (CFM) webpage and Politico, we have learned that the joint resolutions introduced in the Senate and House in February to kill the upcoming Prepaid Account regulation, died on the vine of apathy. […]
Month: May 2017
CFPB Takes Steps Toward Small Business Lending Data Collection Rules
The Consumer Financial Protection Bureau (CFPB) has begun to take steps toward implementing rules related to small business lending data collection. On May 10, 2017, the CFPB issued a Request for Information (RFI) regarding the small business lending market. This RFI coincides with a field hearing, on the same topic, set to take place later today in Los Angeles, California. Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended […]
FAIR HOUSING CLAIMS BY MUNICIPALITIES
On May 1, 2017 the Supreme Court (in a 5 – 3 decision, with Justice Gorsuch abstaining) ruled in the case of Bank of America v. City of Miami that municipalities have standing to file a civil damages action for a violation of the Fair Housing Act. The City’s complaints charge that the Banks intentionally targeted predatory practices at African-American and Latino neighborhoods and residents, lending to minority borrowers on worse terms than equally creditworthy […]
CFPB SERVICING RULE FIASCO
On May 4th the Consumer Financial Protection Bureau (CFPB) announced plans to assess the effectiveness of the Real Estate Settlement Procedures Act (RESPA) mortgage servicing rule. The announcement accurately reports that the CFPB issued the 2013 RESPA Servicing Final Rule in January 2013. That rule was amended a few times before it took effect on January 10, 2014. The Dodd-Frank Act requires the CFPB to conduct assessments of certain rules within five years after they […]
GEOCODING TOOLS ABOUND!
If your financial institution is a HMDA reportable financial institution, then you are intimately familiar with geocoding and the headaches that the process causes when it comes to completing your HMDA LAR. The property location data fields (state, county, MSA, census tract codes, etc.) account for many of the errors that your regulatory agency identifies when completing data integrity on your LAR. Well, CFPB to the rescue (insert sigh)! As we reported in a recent […]