In 2021, the American Bankers Association’s Regulatory Compliance Conference (RCC) is being delivered virtually. The conference was kicked off by a general session delivered by ABA president and CEO, Rob Nichols. The theme of the session was one of reflection for the impact that COVID-19 has had on not only the banking industry, but the country as a whole. Nichols provided a pat on the back to bankers for their excellent performance in the midst […]
Category: CFPB
OBSERVATION REGARDING THE 2020 HMDA DATA
On June 17, 2021 the Federal Financial Institutions Examination Council (FFIEC) published 2020 HMDA data. The data is always a treasure trove. The following are a few quick observations about the data. For 2020, the number of reporting institutions declined by about 18.8 percent from the previous year to 4,475. One reason for the change is that, in 2020, the Bureau issued a final rule amending Regulation C to increase the threshold for collecting and […]
CFPB CLARIFICATION ON JUNETEENTH
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 […]
IMMEDIATE IMPACT OF THE JUNETEENTH BILL
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
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 […]