Fee practices continue to be in the spotlight and with the release of the special addition of the CFPB’s Supervisory Highlight, it looks like they are about to get even more attention and scrutiny. The Highlights come within a few months of major enforcement actions and other CFPB guidance. Since the fall of 2022, three financial institutions have had the unfortunate experience of being cited and accused of having potentially unfair, deceptive, or abusive policies […]
Category: Compliance Management
Three Common Adverse Action Pitfalls
Adverse action continues to be one of the most challenging areas for Compliance Officers to ensure compliance. Trying to provide timely decisions to comply with regulatory requirements, making sure the accurate reasons are being provided to applicants on notices or for verbal notification, can be a cumbersome and often a frustrating process. Jack Holzknecht, Founder and Senior Consultant at Compliance Resource, has been training and providing guidance through his blogs, most recently on May 31, […]
eCFR POINT-IN-TIME ENHANCEMENT
The Electronic Code of Federal Regulations (eCFR) is a web version of the Code of Federal Regulations (CFR) that is updated daily to better reflect its current status. It has been a valuable compliance research tool since its inception. Recently the eCFR has been updated (currently in beta testing) to provide the capability to explore the Code of Federal Regulations at a point in time. With the system you can: View and search the current […]
HUD AND FHFA SUSPEND FORECLOSURES AND EVICTIONS
On March 18, 2020, the U.S. Department of Housing and Urban Development (HUD) authorized the Federal Housing Administration (FHA) to suspend foreclosure and evictions for single family homeowners with FHA-insured mortgages for the next 60 days. Similarly, the Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac (the Enterprises) to suspend foreclosures and evictions for at least 60 days for homeowners with an Enterprise-backed single-family mortgage. These actions are in response to […]
AGENCIES CONTINUE TO ISSUE COVID-19 RESOURCES
As the status of the pandemic changes, banking agencies are continuing to release guidance and resources to help financial institutions meet the needs of consumers while operating in a safe and sound manner. We will do our best to keep you informed as information is released. In a previous post, we provided you with guidance from the OCC and FDIC encouraging banks to work with customers affected by COVID-19. Below are additional resources that were […]