In April 26 testimony to Congress, CFPB Director Rohit Chopra outlined his plans for the Agency. Focusing Enforcement on Repeat Offenders and Other Major Market Actors When small businesses violate the law, federal enforcers are often quick to levy crippling sanctions. But when larger players repeatedly violate the law, agencies are far more lenient. During his tenure, the CFPB will not only focus on large actors engaged in widespread harm, but also enforce the law […]
Month: April 2022
CFPB’S RURAL INITIATIVE
Last month the Consumer Financial Protection Bureau (CFPB) reported a new initiative to focus on financial issues facing rural America. On April 19, 2022, the CFPB issued a report on the challenges faced by Americans in rural communities. The report highlights that many of these communities lack access to physical bank branches, are more likely to seek credit from nonbanks, and are heavily affected by medical bills. The CFPB will be expanding its efforts to […]
AGENCIES SCHEDULE WEBINAR ON COMPUTER INCIDENT NOTIFICATION RULE
The FDIC, OCC and Federal Reserve scheduled a webinar entitled Ask the Regulators: Computer-Security Incident Notification Rule for Thursday, April 28, 2022, at 2:00 p.m. EDT. The rule requires a banking organization to notify its primary federal regulator of any “computer-security incident” that rises to the level of a “notification incident,” as soon as possible and no later than 36 hours after the banking organization determines that a notification incident has occurred. The regulators will respond […]
2022 HMDA GUIDE AVAILABLE
On March 30, 2022, the Federal Financial Institution Examination Council (FFIEC) made available the 2022 A Guide to HMDA Reporting: Getting It Right! The Guide is a valuable resource for assisting institutions in their HMDA reporting. It includes a summary of responsibilities and requirements, directions for assembling the necessary tools, and instructions for reporting HMDA data.
FDIC COMPLIANCE GUIDANCE
The Federal Deposit Insurance Corporation (FDIC) has recently published several pieces of compliance guidance. Effective March 31, 2022, the FDIC has updated seven sections of its Consumer Compliance Examination Manual. The updated sections include: II-14.1 — SOURCE Violation Codes V-1.1 — Truth in Lending Act V-7.1 — Equal Credit Opportunity Act (ECOA) Regulation V-10.1 — Consumer Leasing VI-1.1 — Expedited Funds Availability Act XI-1.1 — Community Reinvestment Act XI-5.1 — Wholesale/Limited Purpose Institution Editor’s Note: On […]