On January 13, 2021, the Consumer Financial Protection Bureau (CFPB) published a “Statement Regarding the Provision of Financial Products and Services to Consumers with Limited English Proficiency.” The Statement provides principles and guidelines to assist financial institutions in decision making concerning how best to serve Limited English Proficiency (LEP) consumers and to facilitate compliance with ECOA and UDAAP laws. This is the latest in a series of regulatory releases that provide “hints” at appropriate action. […]
Month: February 2021
OCC Publishes Essential CRA Information
On June 5, 2020, the Office of the Comptroller of the Currency (OCC) published a final rule revising its Community Reinvestment Act (CRA) regulation. The revised rule, which applies to national banks, federal savings associations, and federal branches of foreign banking organizations that are subject to the OCC’s regulations under CRA, was effective on October 1, 2020. Since June, the industry has been waiting for additional information essential for implementing the final rule. On January […]