The Community Reinvestment Act (CRA) is undergoing significant changes and the final interagency ruling on CRA Modernization is expected to come down sooner rather than later. As CEO, understanding these changes and their implications is crucial for your bank’s compliance success. The Community Reinvestment Act has long played a vital role in promoting community development and fair lending, and the new regulations will reshape how your institution approaches its community commitments. Here are ten things
UDAAP IS THE FOCUS OF THE CFPB’S SUPERVISORY HIGHLIGHTS SUMMER EDITION
Category: CFPB, Compliance Management, Fair Banking, UDAAP
Today, the Consumer Financial Protection Bureau (CFPB) released its 36-page Summer edition of Supervisory Highlights report which focuses on unfair, deceptive, and abusive acts or practices across many consumers financial products. The latest edition of the Supervisory Highlights report covers findings from CFPB supervisory examinations completed from July 2022 to March 2023. CFPB Director Rohit Chopra stated that “Today’s report furthers our efforts to highlight conduct that violates federal law, including the prohibition on abusive
OCC Assesses a $15 Million Civil Money Penalty for Governance and Oversight of Third-Party Affiliate
Today, the Office of the Comptroller of the Currency (OCC) announced a $15 million civil money penalty against American Express National Bank (American Express). The penalty is a result of American Express failing to govern and oversee a third-party affiliate and for violations of regulations relating to certain efforts to retain small business customers. This is the first CMP issued since the agencies released their interagency guidance on June, 9th. The OCC found that American
CFPB Responds to the TBA, ABA, and Rio Banks’ Lawsuit
Category: CFPB, ECOA, Small Business Data Collection and Reporting
On May 4, 2023, Compliance Resource blogged on the lawsuit challenging Section 1071 final rule, released by the CFPB in March of this year. The CFPB filed an opposition to the lawsuit in June claiming the plaintiffs have not established their standing for relief or that venue is proper in the Southern District of Texas because: Rio Bank alleged in the complaint that it made 409 small business and agricultural loans in 2022, per the
On June 28, 2023, the CFPB released a set of Frequently Asked Questions to address for determining institutional coverage focused on areas like: Financial Institution Coverage Metropolitan Statistical Areas (MSA) Types of transactions Ag purpose credit Refinancings Temporary loans What to do if you did not collect Gross Annual Revenue for 2022 and 2023 Covered Credit Transactions and Small Businesses Covered credit transactions What is a small business Individuals and sole proprietorship The purpose of
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.