Earlier this week, a federal judge in Texas granted a preliminary injunction against banking regulators enforcing the new CRA (Community Reinvestment Act) rules. The lawsuit (brought by the American Bankers Association, the U.S. Chamber of Commerce, Independent Community Bankers of America, Texas Bankers Association, Independent Bankers Association of Texas, Amarillo Chamber of Commerce and Longview Chamber of Commerce) was originally filed on February 29th of this year and can be found here. In it, they
2023 Modified HMDA LARs Released
Category: HMDA
Earlier this week, the CFPB Released the 2023 Modified HMDA loan/application registers (LARs). The HMDA modified LARs are now available for each institution that filed HMDA data collected in 2023. Institutions can find the data on the Federal Financial Institutions Examination Council’s (FFIEC) HMDA Platform for approximately 5,089 HMDA filers. The published data contains mortgage loan-level information for 2023 as modified to protect applicant and borrower privacy in accordance with the Consumer Financial Protection Bureau’s
On March 21, 2024, the FDIC, FED, and OCC jointly issued an interim final rule that extends the applicability date of certain provisions in their Community Reinvestment Act (CRA) final rule issued in October 2023. The agencies also requested comments on the extension. The agencies extended the applicability date of the facility-based assessment areas and public file provisions from April 1, 2024, to January 1, 2026. Therefore, banks will not have to make changes to
Daylight Saving Time 2024 and TRID
Category: TRID
REMINDER: Daylight Saving Time (DT) begins on Sunday March 10, 2024 at 2:00 a.m. It ends on November 3, 2024. But you may be wondering, what does Daylight Saving Time 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
As you’re probably already aware, FinCEN issued the Beneficial Ownership Information Access and Safeguards Rule (Access Rule) on December 22, 2023. This rule implements portions of the Corporate Transparency Act (CTA) and authorizes certain persons access to information reported to FinCEN regarding reporting companies, beneficial owners, and company applicants (BOI). On February 20, 2024, the effective date of the Access Rule, FinCEN published a Small Entity Compliance Guide for Beneficial Ownership Information Access and Safeguards
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