REDLINING IS ERUPTING
Category: CFPB, CRA, Fair Lending, Redlining
On October 22, 2021 redlining hell broke loose. Trustmark – The Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ), in cooperation with the Office of the Comptroller of the Currency (OCC), took action today to put an end to alleged redlining by Trustmark National Bank. The CFPB and DOJ allege that Trustmark discriminated against Black and Hispanic neighborhoods by deliberately not marketing, offering, or originating home loans to consumers in majority-Black and
The Consumer Financial Protection Bureau (CFPB) will name Eric Halperin, a longtime consumer advocacy attorney and former official with the U.S. Department of Justice during the Barack Obama administration, to serve as its new enforcement director. This is according to original reporting at Bloomberg Law, based on conversations with internal CFPB sources who wished to remain unnamed. It is expected that Halperin will be appointed by CFPB Director Rohit Chopra in the coming days, according
USE OF 2020 CENSUS TRACT INFORMATION
Category: CFPB, HMDA, Regulation C
Recently the CFPB reminded HMDA filers that when providing census tract information required by HMDA and Regulation C for calendar year 2022 applications and loans, financial institutions should use census tract information provided in the 2020 census. The FFIEC’s Geocoder will use 2020 census tract information beginning January 1, 2022.
TRID AND THE END OF DAYLIGHT SAVING TIME
Category: Lending Compliance, Regulation Z, TRID, Truth in Lending
Daylight Saving Time (DT) ends on November 7, 2021 at 2:00 a.m. What does DST have to do with TRID? 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 DT need to remember to change the
On September 30, 2021, the Federal Emergency Management Agency (FEMA) released the revised Standard Flood Hazard Determination Form (SFHDF). The previous version of the form expired on October 31, 2018. The revised form is difficult to open. It requires the most current version of Adobe or similar software.
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