CRA THRESHOLD ADJUSTMENT
Category: CRA, FDIC, Federal Reserve Board, OCC
On December 30, 2019 the OCC, the Board, and the FDIC (collectively the Agencies) amended their Community Reinvestment Act (CRA) regulations to adjust the asset-size thresholds used to define ” small bank” or “small savings association” and “intermediate small bank” or “intermediate small savings association.” As required by the CRA regulations, the adjustment to the threshold amount is based on the annual percentage change to the Consumer Price Index for Urban Wage Earners and Clerical
For 2020 the CFPB amended the official commentary that interprets the requirements of Regulation Z (Truth in Lending) to reflect a change in the asset size threshold for certain creditors to qualify for an exemption to the requirement to establish an escrow account for a higher-priced mortgage loan. The exemption threshold is adjusted to $2.202 billion from $2.167 billion. The revised commentary to regulation Z, Paragraph 1026.35(b)(2)(iii)-1(iii)(E), includes the amended threshold stating: Under section 1026.35(b)(2)(iii)(C),
TAXPAYERS FIRST ACT
Category: Lending Compliance
On July 1, 2019, the Taxpayer First Act of 2019 was signed into law. The legislation expands taxpayer rights and reforms the Internal Revenue Service (IRS) into a more consumer friendly agency through focus on customer service, technology and enhancing cyber security. Effective December 28, 2019, Section 2202 of the Act, amends IRS law 26 USC 6103(c) to include the following language: “Persons designated by the taxpayer under this subsection to receive return information shall
HAPPY HOLIDAYS!
Category: Uncategorized
All of us at Compliance Resource wish all of you the very happiest of Happy Holidays! We hope you enjoy an amazing day with family and friends. Jack Holzknecht Amy Faust Robin Cooper Brent Vincent
REVISED, REVISED URLA
Category: Lending Compliance, URLA
The most recent version of the uniform Residential Loan Application (URLA) has been published. According to the current schedule, acceptance of the form by FNMA and FHLMC will begin September 1, 2020, and use of the new form will be mandatory on November 1, 2020. The current version of the URLA will no longer be accepted on or after November 1, 2020. The 2019 effort by FNMA and FHLMC to implement a new URLA was
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