Blog

TRID and Daylight Saving Time

Posted by Brent V on  November 4, 2024
Comments Off on TRID and Daylight Saving Time
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

First Credit Union To Settle Redlining Complaint

Posted by Compliance Resource Team on  October 16, 2024
Comments Off on First Credit Union To Settle Redlining Complaint
Category: Redlining, Uncategorized
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:

OCC Takes Action Against TD Bank for BSA/AML Deficiencies

Posted by Compliance Resource Team on  October 11, 2024
Comments Off on OCC Takes Action Against TD Bank for BSA/AML Deficiencies
Category: OCC
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

Agencies Announce Thresholds For TILA, Consumer Leasing, and Higher-Priced Mortgage Loans

Posted by Compliance Resource Team on  October 7, 2024
Comments Off on Agencies Announce Thresholds For TILA, Consumer Leasing, and Higher-Priced Mortgage Loans
Last Friday, October 4th 2024, The CFPB (Consumer Financial Protection Bureau) and the  Federal Reserve Board (FRB) announced the dollar thresholds used to determine which consumer credit and lease transactions in 2025 are subject to specific protections under Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing). The thresholds are adjusted annually based on the percentage increase in the CPI-W (Consumer Price Index for Urban Wage Earners and Clerical Workers). So, based on the

2025 HMDA Filing Instructions Guide Released

Posted by Compliance Resource Team on  October 1, 2024
Comments Off on 2025 HMDA Filing Instructions Guide Released
Category: HMDA
Tags: , ,
Last week, the CFPB released the 2025 HMDA Filing Instructions Guide (FIG). In case you haven’t used a FIG before, it is a technical resource designed to help HMDA covered financial institutions file annual HMDA data. The 2025 HMDA FIG is for filing data collected in 2025 and reported in 2026. Though there are a few updates in the Filing Instructions Guide, the FFIEC reported that there are no significant changes to the submission process
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.