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The CFPB recently released its spring 2016 semi-annual agenda.  There are many repeat items listed in this agenda that were also present in the fall 2015 agenda (see Jack’s December 10, 2015 blog article).  Those items repeated from the fall 2015 agenda appear to be either getting closer to final regulatory release or are being pushed further down the priority list.  Some of the items mentioned in the agenda that we may see action on

Last fall, we published a blog article that reviewed the intricacies of the “Liability after Foreclosure” disclosure.  Here we provide a quick update and add some valuable new information. As a refresher, the following disclosure appears in the Loan Estimate but only when the transaction is defined as a refinance: Liability after Foreclosure Taking this loan could end any state law protection you may currently have against liability for unpaid debt if your lender forecloses

May 10, 2016 is a monumental day for me. Forty years ago I began my banking career as an examiner for the FDIC. Every generation of bankers I have worked with says this new compliance stuff has taken the fun out of banking. Then that generation takes on the pile of new requirements, masters them, and makes them a part of the new daily routine. I had the privilege of working with some really great

As a result of a lot of pressure from many players in the mortgage lending game the CFPB has reluctantly agreed to publish proposed rules to clarify the massive pile of confusion that is called TRID. Recently CFPB Director Cordray sent a letter to the leadership and members of several industry trade groups reporting that the agency has begun drafting a Notice of Proposed Rulemaking on the TRID rules. Cordray stated the goal for publication

On May 11, 2016 FinCEN is publishing a 227-page final rule under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for banks and others. The rules contain explicit customer due diligence requirements and include a new requirement to identify and verify the identity of beneficial owners of legal entity customers, subject to certain exclusions and exemptions. Covered financial institutions are not presently required to know the identity of the individuals who