Section 1071 of the Dodd-Frank Act required the Consumer Financial Protection Bureau (CFPB) to issue rules, by July 21, 2011, to implement requirements for HMDA-like data collection and reporting for small businesses and for women-owned and minority-owned businesses. Recently the California Reinvestment Coalition, the National Association for Latino Community Asset Builders, and two individual small business owners filed suit seeking a declaration that the CFPB’s failure to issue regulations implementing Section 1071 violates the Administrative […]
Month: November 2019
FDIC SETTLES RESPA VIOLATIONS FOR $1.35 MILLION
On November 6, the Federal Deposit Insurance Corporation (FDIC) announced a settlement with HomeStreet Bank, Seattle, Washington, for violations of Section 8(a) of the Real Estate Settlement Procedures Act (RESPA). HomeStreet stipulated to the issuance of an Order to Pay Civil Money Penalty (“Order”) in the amount of $1,350,000. The FDIC determined that HomeStreet Bank, through its now discontinued Home Loan Center-based mortgage banking business line, entered into co-marketing arrangements in which the bank and […]
CFPB PUBLISHES ADDITIONAL THRESHOLDS FOR REGULATIONS M AND Z
On October 30, 2019 the CFPB published final rules in the Federal Register adjusting exemptions thresholds in Regulations Z and M for the year 2020. Comment 35(c)(2)(ii)-3.vii will be added to the Official Interpretations of § 1026.35 of Regulation Z to increase the threshold amount to $27,200 for the exemption from the special appraisal requirements for higher-priced mortgage loans. Comment 3(b)-3.xi will be added to the Official Interpretations of § 1026.3 of Regulation Z to increase the threshold amount […]