Section 1026.36(j) states, ” A depository institution must establish and maintain written policies and procedures reasonably designed to ensure and monitor the compliance of the depository institution, its employees, its subsidiaries, and its subsidiaries’ employees with the requirements of paragraphs (d), (e), (f), and (g) of this section. These written policies and procedures must be appropriate to the nature, size, complexity, and scope of the mortgage lending activities of the depository institution and its subsidiaries.”
SPECIAL RULES FOR SMALL CREDITORS – AFFILIATES
Category: Dodd-Frank Act, Lending Compliance, Regulation Z, Truth in Lending
The volume of change to the Truth-in-Lending Act and Regulation Z during the past year has been overwhelming. But in the midst of all the change Congress and the Consumer Financial Protection Bureau made an effort to lighten the load, a bit, for small creditors. So what breaks are available? And, who qualifies as a small creditor? Since the definition focuses, in part, on affiliates we are also concerned with who is an affiliate? Breaks
In a recent case the Third Circuit (Delaware, New Jersey, Pennsylvania and Virgin Islands)held that a discrimination lawsuit cannot be certified as a class action based solely on lender pricing discretion. Rodriguez v. National City Bank, 726 F.3d 372 (3d Cir. 2013). The plaintiffs filed a class-action lawsuit against National City Bank alleging that its policy of providing pricing discretion to loan officers had a disparate impact on minority applicants because a larger percentage of
The Fourth Quarter 2013 issue of Consumer Compliance Outlook, published by the Board of Governors of the Federal Reserve Board contains an article that provides an excellent overview of e-banking compliance issues. Every financial institution in the world should be offering e-banking services or should be preparing to offer e-banking services. The article is available here.
STATUS OF HMDA UPDATE
Category: CFPB, Dodd-Frank Act, HMDA, Lending Compliance, Regulation C
The Dodd-Frank Act has made substantial changes to the Home Mortgage Disclosure Act (HMDA). Now it appears that the regulation writing process is in high gear. Recently Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), announced his agency is convening a Small Business Review Panel, as required by the Small Business Regulatory Enforcement Fairness Act of 1996 (SBREFA). The convening of a SBREFA panel is a preliminary step in the process of releasing
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.