On June 17, 2021 the Federal Financial Institutions Examination Council (FFIEC) announced the availability of data on 2020 mortgage lending transactions at 4,475 U.S. financial institutions reported under the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The FFIEC also released several data products to serve a variety of data users. The HMDA Dynamic National Loan-Level Dataset is updated, on a weekly basis, to reflect late submissions and resubmissions. […]
Month: June 2021
CFPB CLARIFICATION ON JUNETEENTH
On June 18, 2021, the Consumer Financial Protection Bureau (CFPB) published the following statement: President Biden’s signing of the Juneteenth National Independence Day Act into law yesterday afternoon is a cause for celebration. Juneteenth is a moment for us to commemorate the emancipation of those enslaved. I am proud that we as a country are taking concrete steps to recognize and heal from the legacy of slavery, even as I recognize that there is much […]
IMMEDIATE IMPACT OF THE JUNETEENTH BILL
On June 17, 2021, President Biden signed a bill that creates the Juneteenth National Independence Day. The bill amends 5 U.S.C. 6103(a) to add “Juneteenth National Independence Day, June 19” as a specified legal public holiday. This action impacts the definition of “business day,” as defined in Section 1026.2 of Regulation Z. Under TILA and Regulation Z, there are two definitions of “business day.” The general rule definition is “a day on which the creditor’s […]
CFPB’S SPRING 2021 REGULATORY AGENDA
On June 11, 2021 the Consumer Financial Protection Bureau (CFPB) published its Spring 2021 Regulatory Agenda. The CFPB’s listed of planned activities include: Small business lending data – Section 1071 of the Dodd-Frank Act requires financial institutions to collect, report, and make public certain information concerning credit applications made by women-owned, minority-owned, and small businesses. The next action for section 1071 is to release a Notice of Proposed Rulemaking, which the CFPB anticipates doing in September […]
CFPB PUBLISHES EFT FAQS
On June 4, 2021, the Consumer Financial Protection Bureau published eight Electronic Fund Transfers FAQs. The Frequently Asked Questions address: Do fraudulent inducements constitute “unauthorized electronic fund transfer?” In a fraudulent inducement has a consumer furnished an access device under Regulation E? Can negligence by the consumer be used as the basis for imposing greater liability than is permissible under Regulation E.? Can an agreement restrict a consumer’s rights beyond what is provided in the […]