Last week, the DOJ (Department of Justice) announced that Citadel Federal Credit Union agreed to pay more than $6.5 million to resolve redlining allegations, marking the DOJ’s first such settlement with a credit union. The settlement addresses the credit union’s failure to provide adequate mortgage lending services to majority-Black and Hispanic neighborhoods in and around Philadelphia from 2017 to 2021, violating the Fair Housing Act (FHA) and the Equal Credit Opportunity Act (ECOA). Key Allegations:
Yesterday, The Office of the Comptroller of the Currency (OCC) issued a cease and desist order against TD Bank, N.A. and TD Bank USA, N.A., and imposed a substantial $450 million civil money penalty due to significant deficiencies in the bank’s compliance with the Bank Secrecy Act (BSA) and anti-money laundering (AML) regulations. In addition to the monetary penalty, the OCC has restricted the bank’s growth and mandated that it allocate resources to rectify its
Agencies Announce Thresholds For TILA, Consumer Leasing, and Higher-Priced Mortgage Loans
Category: Dollar Thresholds, Regulation M, Truth in Lending
Last Friday, October 4th 2024, The CFPB (Consumer Financial Protection Bureau) and the Federal Reserve Board (FRB) announced the dollar thresholds used to determine which consumer credit and lease transactions in 2025 are subject to specific protections under Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing). The thresholds are adjusted annually based on the percentage increase in the CPI-W (Consumer Price Index for Urban Wage Earners and Clerical Workers). So, based on the
Last week, the CFPB released the 2025 HMDA Filing Instructions Guide (FIG). In case you haven’t used a FIG before, it is a technical resource designed to help HMDA covered financial institutions file annual HMDA data. The 2025 HMDA FIG is for filing data collected in 2025 and reported in 2026. Though there are a few updates in the Filing Instructions Guide, the FFIEC reported that there are no significant changes to the submission process
Edit: On September 26, 2024 the President signed legislation passed by Congress that extends the National Flood Insurance Program’s (NFIP’s) authorization to Dec. 20, 2024. ________ The National Flood Insurance Program (NFIP) is set to expire September 30th, 2024, unless congress votes to extend it. Is your institution prepared to handle a Flood Insurance Lapse? Here’s what that means for your financial institution: Your institution’s ability to close loans requiring Flood Insurance will be
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