CFPB’s ANNOUNCEMENT ON OVERDRAFT PROTOTYPES AND THEIR AFFECT ON YOUR BANK
Category: Overdrafts, Regulation E
Very early Friday morning the CFPB sent another shot across the bow regarding overdraft accounts that likely are a forerunner to upcoming rules on automated overdrafts which will cover check and ACH transactions. The CFPB has been in testing mode for a few years now and as part of that testing has been obtaining customer feedback as to the clarity of a variety of overdraft disclosures. Director Cordray stated the bureau is not proposing any
On July 19, 2017, the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) issued a notice of proposed rulemaking to raise the threshold for commercial real estate transactions requiring an appraisal to $400,000. This proposed rule is an effort by the agencies to address concerns about time and cost burdens related to real estate transactions without compromising the safety and soundness of financial
CFPB LOSSES FIGHT WITH SMALL FAMILY-OWNED LAW FIRM
Category: CFPB, Regulation X, RESPA, Section 8 Violation
No question about it – the CFPB will bully you when they can. This time David fought back and defeated Goliath. In 2013 the Consumer Financial Protection Bureau (CFPB) sued Borders and Borders PLC, a small family-owned law firm located in Louisville, KY. The CFPB alleged that the firm and principals Harry Borders, John Borders, Jr. and J. David Borders accepted kickbacks in exchange for referrals of real-estate closing services. Most companies cannot afford to
HMDA – PROPOSED HELOC CHANGE
Category: CFPB, HMDA, Regulation C
On July 14, 2017 the Consumer Financial Protection Bureau (CFPB) proposed amendments to Regulation C that would, for a period of two years, increase the threshold for collecting and reporting data with respect to open-end lines of credit so that financial institutions originating fewer than 500 open-end lines of credit in either of the preceding two years would not be required to begin collecting such data until January 1, 2020. Through outreach, the CFPB has
2017 TRID Amendments
Category: Regulation Z, TRID, Truth in Lending
In the latest of our series of YouTube videos, Kelly talks about the recent TRID amendments. We have a newly announced webinar for this topic on August 1st. You can register here.
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