Holiday Greeting
Category: Uncategorized
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?
2016 LENDING COMPLIANCE THRESHOLDS
Category: CFPB, CRA, HMDA, Lending Compliance, Regulation C, Regulation M, Regulation Z, Truth in Lending
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
AMENDMENTS TO PRIVACY LAW
Category: Privacy, Regulation P
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
CFPB RELEASES RURAL AND UNDERSERVED AREAS TOOL
Category: Ability to Repay, CFPB, Escrow, Regulation Z, Truth in Lending
This week the Consumer Financial Protection Bureau (CFPB) issued its Rural and Underserved Areas Tool linked here https://www.consumerfinance.gov/rural-or-underserved-tool/. The tool is designed to assist creditors in determining if properties are located in a rural or underserved area and eligible for certain exemptions from various requirements provided to certain small creditors under the CFPB’s mortgage rules. The Rural and Underserved Areas Tool is a the result of a final rule approved by the CFPB on September
Recently the CFPB published the Fall 2015 version of its Semi-Annual Agenda. As expected, it is full of changes that will occupy us for years to come. Arbitration – The CFPB is in the early phases of the rulemaking process to address concerns related to the use of arbitration agreements in connection with credit cards, deposit accounts, payday loans and various other consumer financial products or services. The agency may prevent companies from using these agreements
Why we blog . . .
The ever-changing laws, regulations, proposals, deadlines, and guidance are a lot for anyone to manage and keep up with so let us do the work for you. Our blog is designed to help compliance professionals by releasing updates as soon as the news breaks. Our Compliance Resource team is researching, following, and monitoring government agencies and regulators to give you all the latest and greatest compliance news. Our goal is to work harder so you don’t have to.