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Last week the Consumer Financial Protection Bureau (CFPB) published a proposed amendment to Regulation P, which implements the Gramm-Leach-Bliley Act (GLBA) privacy provisions.  The amendment would implement a December 2015 statutory amendment to the GLBA providing an exception to this annual notice requirement for financial institutions that meet certain conditions. Final rules are expected shortly after the end of the 30-day comment period. A copy of the 41-page proposed rule is available at https://www.consumerfinance.gov/policy-compliance/rulemaking/rules-under-development/amendment-annual-privacy-notice-requirement-under-gramm-leach-bliley-act-regulation-p/

On June 29th, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) announced a joint action against BancorpSouth Bank for discriminatory mortgage lending practices that harmed African Americans and other minorities.  The complaint filed by the CFPB and DOJ alleges that BancorpSouth engaged in numerous discriminatory practices, including: Illegally redlining in Memphis; Denying certain African Americans mortgage loans more often than similarly situated non-Hispanic white applicants; Charging African-American customers for certain mortgage

On June 17, 2016 the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation announced the availability of the 2016 list of distressed or underserved nonmetropolitan middle-income geographies, where revitalization or stabilization activities are eligible to receive Community Reinvestment Act (CRA) consideration as community development. Distressed nonmetropolitan middle-income geographies and underserved nonmetropolitan middle-income geographies are designated by the agencies in accordance with

I have been told many times throughout my adult life that the West Coast has a relaxed and stress-free atmosphere; this week I was able to judge for myself and couldn’t agree more.  While it is difficult to believe attending the ABA Regulatory Compliance Conference could be relaxing, it truly was just that for me.  From the beautiful cool weather and serene ocean to the harbor views and delicious restaurants, San Diego rolled out the

With over 50 unique session topics, attendees of the ABA’s Regulatory Compliance Conference have had the opportunity to hear about emerging compliance issues and changes from leaders in the industry over the past few days. Our Compliance Masters Group members in attendance reported that sessions on the following topics were some of the most popular: • TILA/RESPA Integrated Disclosure rules; • Military Lending Act; • Community Reinvestment Act; and • Fair Lending And CMG members