At the end of the Obama administration redlining consent decrees were becoming coming. Redlining cases, once the purview of large banks, had drifted down to the community bank level. Since the beginning of 2016 redlining cases have dried up, other than one case left over from the prior administration that was settled favorably for the bank. On June 13, 2009 The Department of Justice (DOJ) and the U.S. Attorney’s Office for the Southern District of […]
Month: June 2019
CFPB AND FRB FINALIZE REGULATION CC CHANGES
On Monday, June 24, 2019, the Consumer Financial Protection Bureau (CFPB) and Federal Reserve Board (FRB) finalized amendments to Regulation CC, which implements the Expedited Funds Availability Act of 1987 (EFA Act). The amendments institute a Dodd-Frank Act statutory requirement to adjust for inflation the amount of funds depository institutions must make available to their customers. The amendments also extend coverage of the EFA Act to American Samoa, the Commonwealth of the Northern Mariana Islands, […]
IMMEDIATE CHANGES TO THE MLA WEBSITE
On June 27, 2019, the Defense Manpower Data Center (DMDC) will make significant changes to the Military Lending Act (MLA) website to enhance security of the site and better protect the personal information of Service members. All users of the site will be required to create user accounts. A user account will be required to access both the Single Record Request and the Multiple Record Request capabilities of the MLA site. No search for active service […]
URLA DELAYED, CHANGES PENDING
At the direction of the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac are communicating that the optional use period for the redesigned Uniform Residential Loan Application (URLA) form and corresponding datasets will not begin on July 1, 2019 as previously scheduled. The effective date of the form will be revised and an updated version will be provided at a later date. The revised Uniform Residential Loan Application was initially scheduled to be […]
ABA RCC – PUTTING THE COMPLIANCE PIECES TOGETHER
The American Bankers Association Regulatory Compliance Conference (ABA RCC) came to a close in New Orleans last week and this week nearly 2,000 attendees are returning to their offices to put the pieces together – taking what they learned and determining how it will apply and affect their institutions. We, at Compliance Resource, are doing the same – reviewing current and emerging issues as well as what’s on the horizon for bank compliance – putting […]