On Wednesday, October 17, the Consumer Financial Protection Bureau (CFPB, or the Bureau) released its second of two rulemaking agendas for 2018. The Fall 2018 installment of the semi-annual agenda includes items in the prerule, proposed rule, and final rule stages. In addition, the CFPB released a list of long term actions anticipated beyond the next 12 months. Three items are listed in the pre-rule stage. Those include rulemakings to exempt certain creditors with assets
On October 3, 2018, the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) (the Agencies), issued a statement giving certain financial institutions the ability to collaborate on Bank Secrecy Act (BSA)/Anti- Money Laundering (AML) requirements. The Agencies believe increased collaboration would be
On September 28, 2018, the Federal Reserve Board, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency (Federal Banking Agencies or FBAs), in conjunction with FinCEN, announced an order exempting premium finance loans, made by banks to commercial customers, from the Customer Identification Program (CIP) requirements implementing section 326 of the USA Patriot Act (31 U.S.C. § 5318(l)). This is in line with FinCEN’s earlier exemption of these
On September 24, 2018, the Office of National Drug Control Policy designated ten new areas across Kentucky, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, and West Virginia as High Intensity Drug Trafficking Areas (HIDTAs). The High Intensity Drug Trafficking Areas (HIDTAs) program, which was established with the enactment of the Anti-Drug Abuse Act of 1988, provides assistance to Federal, state, local, and tribal law enforcement agencies operating in areas determined to be critical drug-trafficking
Recently the U.S. Department of Housing and Urban Development (HUD) approved a Conciliation Agreement resolving claims brought by three homeowners, a couple and an individual, against loanDepot.com, LLC, and Appraisal Management Services of America, Inc. The three alleged that the lender refused to refinance their homes because they are on Native American lands. The individual also claimed that loanDepot.com would not refinance his house because he is Native American. The Fair Housing Act prohibits housing
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