On June 29th, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) announced a joint action against BancorpSouth Bank for discriminatory mortgage lending practices that harmed African Americans and other minorities. The complaint filed by the CFPB and DOJ alleges that BancorpSouth engaged in numerous discriminatory practices, including: Illegally redlining in Memphis; Denying certain African Americans mortgage loans more often than similarly situated non-Hispanic white applicants; Charging African-American customers for certain mortgage […]
Category: CFPB
STILL TRID-ING WATER IN SAN DIEGO
Greetings from the Manchester Grand Hyatt in sunny San Diego, CA! The locals say we are in the middle of the “June Gloom” with some hazy weather but there is plenty of energy at the ABA regulatory compliance gathering. Hundreds in the banking compliance community have come together to share knowledge and make connections with other like-minded professionals. As always, the ABA puts on a premier event with offerings in subjects across the entire spectrum […]
DEPOSIT RECONCILIATION PROCEDURES
On May 18, 2016 the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System (FRB), the Consumer Financial Protection Bureau (CFPB), the National Credit Union Administration (NCUA) and the Office of the Comptroller of the Currency (OCC) (collectively, the Agencies) issued guidance to ensure that financial institutions are aware of the Agencies’ supervisory expectations regarding deposit-reconciliation practices that may be detrimental to customers. Summary This guidance addresses a set of […]
CFPB SEMI-ANNUAL AGENDA
The CFPB recently released its spring 2016 semi-annual agenda. There are many repeat items listed in this agenda that were also present in the fall 2015 agenda (see Jack’s December 10, 2015 blog article). Those items repeated from the fall 2015 agenda appear to be either getting closer to final regulatory release or are being pushed further down the priority list. Some of the items mentioned in the agenda that we may see action on […]
SPECULATION ABOUT THE CFPB’S PENDING TRID PROPOSAL
As a result of a lot of pressure from many players in the mortgage lending game the CFPB has reluctantly agreed to publish proposed rules to clarify the massive pile of confusion that is called TRID. Recently CFPB Director Cordray sent a letter to the leadership and members of several industry trade groups reporting that the agency has begun drafting a Notice of Proposed Rulemaking on the TRID rules. Cordray stated the goal for publication […]