Over the last few months, we’ve been asking you a series of quick, one question polls. We asked about your top compliance concerns, the impact of the election on your program, and which fictional character was your compliance spirit animal. Here’s what you had to say… >>> Participate in this month’s poll question! When asked what your top concern for Q4 of 2024 and the new year was, the overwhelming response was Section 1071 with
Yesterday, the CFPB (Consumer Financial Protection Bureau) released a study revealing disparities in how lenders treat Black and white small business owners seeking loans. CFPB Director Rohit Chopra said, “The results of our secret shopping are consistent with the longstanding concerns that small business loan borrowers experience different treatment based on their race. Fair access to small business loans is essential for the success of our economy.” Key Findings from the Study The CFPB’s
As I am sure you are aware, Daylight Saving Time (DST) ended on November 3, 2024 at 2:00 a.m.! What does DST have to do with TRID, you may ask? The TRID rules under Regulation Z require creditors to disclose the time zone applicable to its location when disclosing the date and time the interest rate lock and estimate of closing costs will expire on the loan estimate. As a result, financial institutions located in
Last week, the DOJ (Department of Justice) announced that Citadel Federal Credit Union agreed to pay more than $6.5 million to resolve redlining allegations, marking the DOJ’s first such settlement with a credit union. The settlement addresses the credit union’s failure to provide adequate mortgage lending services to majority-Black and Hispanic neighborhoods in and around Philadelphia from 2017 to 2021, violating the Fair Housing Act (FHA) and the Equal Credit Opportunity Act (ECOA). Key Allegations:
Yesterday, The Office of the Comptroller of the Currency (OCC) issued a cease and desist order against TD Bank, N.A. and TD Bank USA, N.A., and imposed a substantial $450 million civil money penalty due to significant deficiencies in the bank’s compliance with the Bank Secrecy Act (BSA) and anti-money laundering (AML) regulations. In addition to the monetary penalty, the OCC has restricted the bank’s growth and mandated that it allocate resources to rectify its
Why we blog . . .
The ever-changing laws, regulations, proposals, deadlines, and guidance are a lot for anyone to manage and keep up with so let us do the work for you. Our blog is designed to help compliance professionals by releasing updates as soon as the news breaks. Our Compliance Resource team is researching, following, and monitoring government agencies and regulators to give you all the latest and greatest compliance news. Our goal is to work harder so you don’t have to.