PARK NATIONAL BANK REDLINING CASE
Category: DOJ, ECOA, Fair Housing, Redlining, Regulation B
On February 27, 2023, the Department of Justice (DOJ) entered into a consent order with Park National Bank. The Order alleges that Park National Bank (“PNB”) engaged in a pattern or practice of unlawful redlining in violation of the Fair Housing Act (“FHA”), and the Equal Credit Opportunity Act (“ECOA”), and Regulation B, by discriminating on the basis of race, color, and national origin. Specifically, the United States alleges that PNB engaged in: Illegal redlining
ANNIVERSARY OF THE COVID PANDEMIC
Category: Coronavirus
The third anniversary of the global Coronavirus pandemic is on Saturday March 11, 2023. On March 11, 2020, the World Health Organization’s declared the global pandemic. A lot has changed since then. On February 9, 2023 the Department of Health and Human Services (HHS) issued a Press Release regarding the continuation of the federal Public Health Emergency (PHE) for COVID-19. Based on current COVID-19 trends, HHS is planning for the PHE, declared under Section 319
TRID DISCLOSURES FOR CONSTRUCTION LOANS – ARE REVISIONS POSSIBLE?
Category: CFPB, Regulation Z, TRID, Truth in Lending
On February 27, 2023, the Consumer Financial Protection Bureau (CFPB) published a blog article regarding efforts by the Independent Community Bankers of America (ICBA) to gain approval for an application regarding consumer disclosures of a loan that provides either construction or construction-permanent financing In its April 28, 2022 application, the ICBA states it is not uncommon in rural communities for first-time homebuyers to build their first home because there are limited existing affordable “starter” homes. The
UPDATE ON APPRAISALS AND DISCRIMINATION
Category: Appraisals, CFPB, DOJ, ECOA, Fair Housing, FDIC, Federal Reserve Board, HUD, NCUA, OCC
On February 14, 2023, the Federal Deposit Insurance Corporation, Consumer Financial Protection Bureau, U.S. Department of Housing and Urban Development, National Credit Union Administration, Federal Reserve Board, U.S. Department of Justice, Office of the Comptroller of the Currency, and the Federal Housing Finance Agency (the “agencies”) sent a joint letter to The Appraisal Foundation (TAF) expressing concerns with the Fourth Exposure Draft of Proposed Changes for the 2023 Edition of the Uniform Standards of Professional Appraisal Practice
TRID AND DAYLIGHT SAVING TIME
Category: CFPB, Regulation Z, TRID, Truth in Lending
Daylight Saving Time (DT) begins on Sunday March 12, 2023 at 2:00 a.m. It ends on November 5, 2023 at 2:00 a.m. What does DT 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 result, financial institutions located in
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