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On January 12, 2018 the Federal Deposit Insurance Corporation (FDIC) published a notice that sets the annual adjustments to the maximum amount of each civil penalty applicable to financial institutions within the FDIC’s jurisdiction. The adjustments, required by the Federal Civil Penalties Inflation Adjustment Act of 1990, serve to maintain the deterrent effect of civil penalties and to promote compliance with the law. The FDIC Civil Monetary Penalty Amount Table is available at:  https://mycomplianceresource.com/fdic-civil-monetary-penalty-amounts/ A

On January 16, 2018 the Consumer Financial Protection Bureau (CFPB) issued the following statement on the Payday Rule: “January 16, 2018 is the effective date of the Bureau of Consumer Financial Protection’s final rule entitled “Payday, Vehicle Title, and Certain High-Cost Installment Loans” (“Payday Rule”).  The Bureau intends to engage in a rulemaking process so that the Bureau may reconsider the Payday Rule. Although most provisions of the Payday Rule do not require compliance until August

The case of Leandra English v. Donald J. Trump concerns whether the President is authorized to name an acting Director of the Consumer Financial Protection Bureau (“CFPB”) or whether a CFPB employee appointed by the outgoing Director in the hours before he resigned is in charge. The CFPB was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB’s previous Director, Richard Cordray, resigned effective at midnight on Friday, November 24, 2017.

2017 was a busy year for compliance. It looks like 2018 is lining up to be another big year as we complete implementation of HMDA, TRID revisions, and numerous other projects. In my 42-year career I have seen the pendulum swing from one extreme to another several times. Since the mortgage crisis 10 years ago we have been plagued with a huge volume of new and revised compliance laws and regulations. With the current administration

On December 27, 2017 the Consumer Financial Protection Bureau(CFPB) launched its HMDA Check Digit Tool and Rate Spread Calculator. These tools, or similar tools, are needed to assure compliance with new HMDA data collection rules that are effective on January 1.2018. HMDA Check Digit Tool – The Check Digit Tool: Generates a two character check digit when you enter a Legal Entity Identifier (LEI) and loan or application ID; and Validates that a check digit