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On January 20, 2013 the Consumer Financial Protection Bureau (CFPB) published final rules to revise the Truth in Lending Act (TILA) to require creditors to establish and maintain loan originator qualification requirements. One of the qualification requirements mandates that the creditor provide adequate training for loan originators. The final rules were effective on January 1, 2014. Failure to provide periodic training for loan originators is a double violation of the Truth in Lending Act and

Thanks for supporting Compliance Reosurce this year. We want to congratulate you for surviving 2015, and we hope you have a wonderful year-end holiday season and a happy, healthy and prosperous 2016. Jack Amy Robin Kelly

Recently we received the following Holiday Greeting from one of our Compliance Master Group members and wanted to share it with all of you: Merry TRIDmas and a HMDA New Year. Is that politically correct?  

Numerous regulatory requirements have thresholds that change annually. Following is a review of several of the lending thresholds that have changed recently. CRA – Small Bank and Intermediate Small Bank – Effective January 1, 2016 each federal financial institution regulatory agency defines the term “small bank” to mean a bank that, as of December 31 of either of the prior two calendar years, had assets of less than $1.216 billion. The term “intermediate small bank” means a small

The Gramm-Leach-Bliley Act (GLBA) requirement to provide an annual privacy notice has been amended by Title LXXV of the Fixing America’s Surface Transportation Act or the FAST Act of 2015 (Public Law 114-94), enacted on December 4, 2015. The FAST Act amends Section 503 of the GLBA to create an exception to the annual privacy notice requirement for financial institutions that: Do not share nonpublic personal information in any way that requires an opt-in under