This week we’re sharing two updates from the regulators. The first about UDAP/UDAAP and the second on Elder Financial Abuse… OCC Updates Booklet on Unfair or Deceptive Acts or Practices and Unfair, Deceptive, or Abusive Acts or Practices On December 3rd, the OCC announced updates and rescissions to their booklet containing information for examiners regarding UDAP and UDAAP. In their announcement, the OCC said that the updated booklet… provides further clarity regarding sound risk management
Here are few interesting news items we brought together in a compliance news round-up for this week… CFPB’s Section 1071 Filing Platform: Beta Testing Feedback As many of you are aware, the beta Small Business Lending Filing Platform opened in August for testing & commentary. Earlier this week, the CFPB released a few tips related to LEIs, data submission, and filing tools early user feedback. Below you’ll find their tips, exactly as shared by the
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
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