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On June 28, the Consumer Financial Protection Bureau (CFPB) issued a 208-page final rule that completes the rule making on amendments to the federal mortgage servicing regulations (Regulation X) that: Establish temporarily procedural safeguards to help ensure that borrowers have a meaningful opportunity to be reviewed for loss mitigation before the servicer can make the first notice or filing required for foreclosure on certain mortgages. Temporarily permit mortgage servicers to offer certain loan modifications made […]

On June 25, 2021, the Federal Financial Institutions Examinations Council (FFIEC) announced the availability of the 2021 list of distressed or underserved nonmetropolitan middle-income geographies. These are geographic areas where revitalization or stabilization activities are eligible to receive Community Reinvestment Act (CRA) consideration under the community development definition. As with past releases, the agencies apply a one-year lag period for geographies that were listed in 2020 but are no longer designated as distressed or underserved […]

In 2021, the American Bankers Association’s Regulatory Compliance Conference (RCC) is being delivered virtually.  The conference was kicked off by a general session delivered by ABA president and CEO, Rob Nichols.  The theme of the session was one of reflection for the impact that COVID-19 has had on not only the banking industry, but the country as a whole.  Nichols provided a pat on the back to bankers for their excellent performance in the midst […]

On June 17, 2021 the Federal Financial Institutions Examination Council (FFIEC) published 2020 HMDA data. The data is always a treasure trove. The following are a few quick observations about the data. For 2020, the number of reporting institutions declined by about 18.8 percent from the previous year to 4,475. One reason for the change is that, in 2020, the Bureau issued a final rule amending Regulation C to increase the threshold for collecting and […]

The American Bankers Association’s 2021 Regulatory Compliance Conference (RCC) will be conducted in a virtual format from June 22 to 24, 2021. This year’s program contains a lot of similarities to past programs, but there are notable differences as well. Compliance Resource’s CEO Jack Holzknecht is registered for this year’s event, and will be blogging about the RCC as it progresses. What Hasn’t Changed The RCC continues to offer a huge volume of educational opportunities. […]