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Last week bankers from seven states gathered in Lexington, KY for Compliance Resource’s Annual Compliance Academy. The program covered a full range of lending and deposit compliance and BSA/AML topics. The final revisions to Regulation B were covered in the school on the date they were published by the CFPB; that’s up-to-date content. In addition to the material presented by the faculty the participants learned from each other in case studies. They discovered that most

On September 20 the Consumer Financial Protection Bureau (CFPB) published proposed policy guidance describing the Home Mortgage Disclosure Act (HMDA) data the CFPB proposes to make available to the public beginning in 2019, including modifications to protect consumers’ privacy. The Home Mortgage Disclosure Act requires many lenders to report and disclose to the public certain information about their mortgage lending activities. HMDA data is used for a variety of purposes, including: to monitor whether financial

On September 20, 2017 the Consumer Financial Protection Bureau (CFPB) published final revisions to Regulation B, which implements the Equal Credit Opportunity Act (ECOA), to provide additional flexibility for mortgage lenders in the collection of consumer ethnicity and race information. Regulation B includes restrictions regarding lenders’ ability to ask consumers about their race, color, religion, national origin or sex, except in certain circumstances. These circumstances include required collection of the information for some mortgage applications

On September 13, 2017 the Office and of the Comptroller of the Currency, Federal Reserve Board, and Federal Deposit Insurance Corporation (Agencies), proposed a rule to amend their respective Community Reinvestment Act (CRA) regulations. The amendments would conform their CRA regulations to changes recently made by the Consumer Financial Protection Bureau to Regulation C, which implements HMDA. The Agencies anticipate issuing the final rule to coincide with the January 1, 2018 effective date of the

The Federal Financial Institutions Examination Council (FFIEC) recently issued FFIEC Home Mortgage Disclosure Act Examiner Transaction Testing Guidelines (guidelines). Examiners will use the guidelines to assess the accuracy of data that institutions collect and report under the Home Mortgage Disclosure Act (HMDA). The guidelines, which apply to data collected and reported beginning in 2018: Describe the data sampling process and explain how examination staff go about determining whether errors in each data field reviewed exceed