Earlier this week on November 7, 2023, FinCEN issued a Final Rule on the use of FinCEN identifiers in Beneficial Ownership information reporting after commenters raised concerns that the previously proposed language could actually obscure the identities of beneficial owners. The Final Rule provides clear criteria on the use and reporting of an entity’s FinCEN identifier. What is a FinCEN identifier? A “FinCEN identifier” is a unique identifying number that FinCEN will issue to an
Don’t forget, Daylight Saving Time (DST) ends on November 5, 2023 at 2:00 a.m.! What does DST have to do with TRID, you may ask? The TRID rules under Regulation Z require creditors to disclose the time zone applicable to its location when disclosing the date and time the interest rate lock and estimate of closing costs will expire on the loan estimate. As a result, financial institutions located in areas that observe DST need
Last week, the Federal Reserve, FDIC, and Office of the Comptroller of the Currency (OCC) released the final rule for CRA Modernization. We are working hard behind the scenes to digest the nearly 1,500-page document, but while we’re working through that, here are a few highlights and elements of the law you should keep in mind as you begin to make a plan for compliance. Highlights of CRA Modernization CRA Modernization’s final ruling includes several
CRA Modernization Final Rule
Category: CRA
Earlier today, The Office of the Comptroller of the Currency (OCC), the Federal Reserve Board, and the Federal Deposit Insurance Corporation (FDIC), issued a final rule to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA). The CRA is designed to ensure federally insured banks meet the credit needs of the communities in which they do business, especially low- and moderate-income (LMI) communities. Â The press release announcing the CRA Modernization’s final rule emphasizes that
2023 does not appear to be Freedom Mortgage Corporation’s year. Yesterday, they received another enforcement action from the CFPB alleging they provided false information to Federal Regulators. This follows the August penalty for illegal kickbacks. In August, the CFPB took action against Freedom for violating the most basic requirements of RESPA Section 8.  They were found to be providing illegal incentives to real estate brokers and agents in exchange for mortgage loan referrals. Freedom provided
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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.