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On August 21, 2020, the Consumer Financial Protection Bureau released the: The Filing Instructions Guide for HMDA Data Collected in 2021; and The Supplemental Guide for Quarterly Filers for 2021. The required data fields for the 2021 data have not changed from the 2020 data collection and reporting requirements. HMDA requires the quarterly reporting of data only for financial institutions that reported for the preceding calendar year at least 60,000 covered loans and applications, combined,

The Consumer Financial Protection Bureau (CFPB) announced a settlement with TD Bank, N.A. for $122 million – an estimated $97 million in restitution to be paid to approximately about 1.42 million consumers and a civil money penalty of $25 million, along with adjustments to the Bank’s processes. What was the reason for this hefty consent order with the CFPB? The CFPB’s consent order states that TD Bank violated the: Electronic Funds Transfer Act and Regulation

On August 18, 2020, the Consumer Financial Protection Bureau (CFPB) published a notice of proposed rulemaking (NPRM) that creates a new category of Qualified Mortgage (QM), a seasoned QM (Seasoned QM), for first-lien, fixed-rate covered transactions that have met certain performance requirements over a 36-month seasoning period, are held in portfolio until the end of the seasoning period, comply with general restrictions on product features and points and fees, and meet certain underwriting requirements. The

The Federal Reserve Board, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and National Credit Union Association (Federal Banking Agencies or the Agencies), issued a Joint Statement on Enforcement of Bank Secrecy Act/Anti-Money Laundering Requirements (Statement) updating their 2007 Statement. The Agencies note this Statement does not create any new expectations or standards; rather, it clarifies how the Federal Banking Agencies evaluate enforcement actions when financial institutions fail to meet Bank Secrecy

On March 19, 2020, the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) published a Joint Statement of Policy (SOP) promising favorable consideration of retail banking services and retail lending activities in a financial institution’s assessment areas that are responsive to the needs of low- and moderate-income individuals, small businesses, and small farms affected