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Daylight Saving Time 2024 and TRID

Posted by Audrey Sullivan on  March 8, 2024
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Category: TRID
REMINDER: Daylight Saving Time (DT) begins on Sunday March 10, 2024 at 2:00 a.m. It ends on November 3, 2024. But you may be wondering, what does Daylight Saving Time have to do with TRID? 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

Latest Update to Beneficial Ownership Reporting

Posted by Stephanie Schumacher, CAMS on  February 21, 2024
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As you’re probably already aware, FinCEN issued the Beneficial Ownership Information Access and Safeguards Rule (Access Rule) on December 22, 2023. This rule implements portions of the Corporate Transparency Act (CTA) and authorizes certain persons access to information reported to FinCEN regarding reporting companies, beneficial owners, and company applicants (BOI). On February 20, 2024, the effective date of the Access Rule, FinCEN published a Small Entity Compliance Guide for Beneficial Ownership Information Access and Safeguards

In Case You Missed It: 2024 Lending Thresholds

Posted by Kimberly Boatwright, CAMS, CRCM on  February 2, 2024
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Our job is to make yours a little easier. So, in case you missed their release, we’ve compiled 2024’s lending threshold changes (including historical data) and developed convenient tables to help you keep it all straight. You can find all the 2024 lending thresholds by CLICKING HERE. The CFPB released and updated the following thresholds for 2024: The HMDA threshold was increased from $54 million in 2023 to $56 million in 2024. The HPML Small

Section 1071: Where We Stand Now

Posted by Kimberly Boatwright, CAMS, CRCM on  January 24, 2024
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Category: Section 1071
Tags: ,
Since Section 1071 of the Dodd-Frank act was finalized by the CFPB on March 30, 2023, it has been surrounded by controversy. The rule, requiring small business lenders to collect race, gender, and other demographic data from small business loan applicants, was more than a decade in the making but with various legal actions complicating the picture, let’s take a look at where Section 1071 stands now. Controversy in Congress Earlier this month, the Senate

The CFPB’s New Overdraft Fee Proposal

Posted by Kimberly Boatwright, CAMS, CRCM on  January 22, 2024
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Category: CFPB, Overdrafts
On January 17, 2024, the CFPB proposed a 211-page rule to limit overdraft fees charged by the nation’s biggest financial institutions. The proposal is intended to close what the CFPB calls a loophole that exempts overdraft lending services from longstanding provisions of the Truth in Lending Act and other consumer financial protection laws. The CFPB stated that very large financial institutions have been issuing highly profitable overdraft loans, resulting in billions of dollars in revenue
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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.