The Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Farm Credit Administration, National Credit Union Administration have issued a final rule amending their regulations regarding loans in areas having special flood hazards to implement the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters Act). Prior to implementing this final rule, the agencies issued two proposed rules addressing private flood […]
Month: January 2019
MILITARY LENDING ISSUES
What’s going on with military lending? Is there a pattern we should be watching? On January 17, 2019 the Consumer Financial Protection Bureau (CFPB) announced that it has asked Congress to grant the agency clear authority to supervise for compliance with the Military Lending Act (MLA). On January 24, 2019 the CFPB announceda settlement a broker of contracts offering high-interest credit to veterans. The Consent Order filed by the CFPB states that the Bureau found the […]
USAA ENFORCEMENT ACTION
When a big bank gets hit with a big penalty I often find that community banks think it is a “big bank thing” that does not impact community banks. Big banks make the same mistakes as community banks but they do it on a bigger scale. The recent settlement between the Consumer Financial Protection Bureau (CFPB) and USAA Federal Savings Bank (USAA) is a good case in point. The CFPB found that USAA: Violated the […]
HAPPY NEW YEAR!
2018 was an interesting year for those of us in the compliance field. We completed implementation of HMDA and TRID revisions, and got a jump start on implementing the provisions of the Economic Growth, Regulatory Relief and Consumer Protection Act (EGRRCPA). In last year’s New Years greeting I stated, “In my 42-year career I have seen the pendulum swing from one extreme to another several times. Since the mortgage crisis 10 years ago we have […]