PLAN FOR PROPERTY APPRAISAL AND VALUATION EQUITY
Category: Appraisals, CFPB, FDIC, Federal Reserve Board, HUD, OCC
Over the past few years, stories have circulated about properties being appraised for less than typical market value. When the property is reappraised, after the homeowner removes all evidence of his or her blackness, the property appraises for market value. On October 14, 2020, it was reported that an unnamed individual (Complainant) filed a complaint against JPMorgan Chase Bank, N.A. with the United States Department of Housing and Urban Development (“Department”), alleging Complainant was injured
HMDA FILERS – YOUR DATA IS READY
Category: FFIEC, HMDA, Regulation C
The FFIEC’s Modified Loan/Application Register (LAR) has been updated to include your 2021 data. The modified LARs provide each financial institution’s loan-level HMDA data, as modified to protect applicant and borrower privacy.
OCC IMPOSES CMP FOR FUNDS AVAILABILITY VIOLATION
Category: Expedited Funds Availability Act, OCC, Regulation CC
On February 10, 2022, in a most unusual case, the Office of the Comptroller of the Currency (OCC) issued a Consent Order for the payment of a $3,000 civil money penalty to Craig Meader, the president and a board member of First National Bank of Kansas, Burlington, Kansas. The OCC found, and Meader neither admits nor denies, that, during the period from August to September 2020, Meader directed employees to implement extended holds on ACH deposits
On March 16, 2022, the Consumer Financial Protection Bureau (CFPB) announced that is using Unfair, Deceptive and Abusive Acts and Practices (UDAAP) rules to prevent discrimination in all consumer finance markets including credit, servicing, collections, consumer reporting, payments, remittances, and deposits. Examiners will require supervised companies to show their processes for assessing risks and discriminatory outcomes, including documentation of customer demographics and the impact of products and fees on different demographic groups. The CFPB will
CFPB FOCUS ON RURAL AMERICA
Category: CFPB
On March 10, 2022, the Consumer Financial Protection Bureau (CFPB) reported a new initiative to focus on financial issues facing rural America. That effort will initially focus on rural banking deserts, discriminatory and predatory agricultural credit, and manufactured housing. Last month, Director Chopra invited over 50 people from organizations representing rural people across the country to tell their stories and share their concerns. Following are their stories. Rural Banking Deserts: Stakeholders described how stark declines in
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