In order to better align with how the nation and the banking industry have changed, on May 5th 2022 the federal bank regulatory agencies overhauled the Community Reinvestment Act (CRA) and jointly issued a proposal to strengthen and modernize regulations implementing the CRA. During the comment period on the 619-page proposal, which ended August 5th, 2022, the agencies received 567 responses and the industry’s reactions were both positive and negative. Considering that it has been […]
Month: January 2023
FinCEN Issues a Proposal for Beneficial Ownership Information Access and Updated Inflation Adjustment of Civil Monetary Penalties
The Financial Crimes Enforcement Network (FinCEN) was busy last week issuing two Notices of Proposed Rule Making (NPMR) and an adjustment to Civil Money Penalties (CMP). The purpose of the first NPRM is for interested parties to comment on the application that will be used to collect information from individuals who seek to obtain a FinCEN identifier, consistent with the Beneficial Ownership Information. The second NPRM is requesting comments for the report that will be […]
FHA PROPOSED ACTIONS REGARDING APPRAISALS
Recently the Department of Housing and Urban Development released a draft Mortgagee Letter. The proposed letter establishes a process for mortgagees when a borrower requests a review of the appraisal results associated with their application for an FHA-insured mortgage. On June 1, 2021, President Biden announced the creation of an Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) to combat bias in home appraisals. FHA is committed to strengthening safeguards against unlawful discrimination […]
FEDERAL BANK REGULATORY AGENCIES CONTINUE TO IGNORE SEXUAL ORIENTATION AND GENDER IDENTITY ISSUES
On June 15, 2020, the United States Supreme Court in the case of Bostock v Clayton County declared that disparate treatment based on sexual orientation or gender identity is sex discrimination under federal law. It is the law of the land. On March 9, 2021, the Consumer Financial Protection Bureau (CFPB) issued an interpretative rule to amend Regulation B to clarify that disparate treatment based on sexual orientation or gender identity is sex discrimination under […]
Update: Make that 19 Days and Counting! Section 1071 Final Ruling to be Announced This Month
Last week, we started a countdown for the impending final rule implementing the small business data requirements of Section 1071 of the Dodd-Frank Act. Well, the CFPB released it’s Fall 2022 Semi-Annual Agenda and it indicates the final rule will be released this month. That means the runway to prepare for the most significant regulatory update in decades just got a lot shorter. With that in mind and in order to help you get ready, […]