The American Bankers Association’s 2021 Regulatory Compliance Conference (RCC) will be conducted in a virtual format from June 22 to 24, 2021. This year’s program contains a lot of similarities to past programs, but there are notable differences as well. Compliance Resource’s CEO Jack Holzknecht is registered for this year’s event, and will be blogging about the RCC as it progresses. What Hasn’t Changed The RCC continues to offer a huge volume of educational opportunities.
2020 HMDA DATA PUBLISHED
Category: FFIEC, HMDA, Regulation C
On June 17, 2021 the Federal Financial Institutions Examination Council (FFIEC) announced the availability of data on 2020 mortgage lending transactions at 4,475 U.S. financial institutions reported under the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The FFIEC also released several data products to serve a variety of data users. The HMDA Dynamic National Loan-Level Dataset is updated, on a weekly basis, to reflect late submissions and resubmissions.The Snapshot
CFPB CLARIFICATION ON JUNETEENTH
Category: CFPB
On June 18, 2021, the Consumer Financial Protection Bureau (CFPB) published the following statement: President Biden’s signing of the Juneteenth National Independence Day Act into law yesterday afternoon is a cause for celebration. Juneteenth is a moment for us to commemorate the emancipation of those enslaved. I am proud that we as a country are taking concrete steps to recognize and heal from the legacy of slavery, even as I recognize that there is much
On June 17, 2021, President Biden signed a bill that creates the Juneteenth National Independence Day. The bill amends 5 U.S.C. 6103(a) to add “Juneteenth National Independence Day, June 19” as a specified legal public holiday. This action impacts the definition of “business day,” as defined in Section 1026.2 of Regulation Z. Under TILA and Regulation Z, there are two definitions of “business day.” The general rule definition is “a day on which the creditor’s
CFPB’S SPRING 2021 REGULATORY AGENDA
Category: CFPB
On June 11, 2021 the Consumer Financial Protection Bureau (CFPB) published its Spring 2021 Regulatory Agenda. The CFPB’s listed of planned activities include: Small business lending data – Section 1071 of the Dodd-Frank Act requires financial institutions to collect, report, and make public certain information concerning credit applications made by women-owned, minority-owned, and small businesses. The next action for section 1071 is to release a Notice of Proposed Rulemaking, which the CFPB anticipates doing in September
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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.