On December 20, 2022, the Consumer Financial Protection Bureau (CFPB) ordered Wells Fargo Bank to pay more than $2 billion in redress to consumers and a $1.7 billion civil penalty for legal violations across several of its largest product lines. The bank’s illegal conduct led to billions of dollars in financial harm to its customers and, for thousands of customers, the loss of their vehicles and homes. Consumers were illegally assessed fees and interest charges
2023 CRA ASSET-SIZE THRESHOLDS
Category: CRA, FDIC, Federal Reserve Board
On December 19, 2022, the Federal Reserve Board and the Federal Deposit Insurance Corporation announced the 2023 updated asset-size thresholds used to define “small bank” and “intermediate small bank” under their Community Reinvestment Act (CRA) regulations. Annual adjustments to these asset-size thresholds are based on the average change in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which is a measure of inflation. As a result of the 8.60 percent increase
News about the National Flood Insurance Program and the CFPB on HELOC
Category: CFPB, Flood Insurance, HELOC
Before you head out of the office for the weekend, here are two quick newsworthy updates about the National Flood Insurance Program and the CFPB’s Home Equity Lines of Credit booklet. Status of the National Flood Insurance Program Jack Holzknecht blogged early on December 15th about the funding for the National Flood Insurance Program expiring at midnight December 16, 2022. On the evening of December 14, the House voted to continue funding for one week.
The current funding for the National Flood Insurance Program expires at midnight December 16, 2022. On the evening of December 14, the House voted to continue funding for one week. The Senate is expected to pass the bill today and send it to the President for signature. Then we will go through the same mess again next week. For one week loans may be closed with appropriate flood insurance in place. We suspect that next
Yesterday, the CFPB issued a Notice rescinding its 2020, Home Mortgage Disclosure Act (HMDA) Final Rule changing the loan volume reporting threshold for closed-end mortgage loans. This comes on the heels of a ruling by the United States District Court for the District of Columbia, in September of this year. The ruling stated the CFPB did not have the authority to change the original reporting threshold from 25 to 100. The April 2020, the CFPB’s
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