On March 16, 2022, the Consumer Financial Protection Bureau (CFPB) announced that is using Unfair, Deceptive and Abusive Acts and Practices (UDAAP) rules to prevent discrimination in all consumer finance markets including credit, servicing, collections, consumer reporting, payments, remittances, and deposits. Examiners will require supervised companies to show their processes for assessing risks and discriminatory outcomes, including documentation of customer demographics and the impact of products and fees on different demographic groups. The CFPB will […]
Category: ECOA
INTERAGENCY STATEMENT ON SPECIAL PURPOSE CREDIT PROGRAMS
On February 22, 2022, The Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), the Consumer Financial Protection Bureau (CFPB or Bureau), the Department of Housing and Urban Development (HUD), the Department of Justice (DOJ), and the Federal Housing Finance Agency (hereafter, the agencies) issued an interagency statement to remind creditors of the ability […]
CFPB PUBLISHES PROPOSAL FOR SMALL BUSINESS LOAN DATA COLLECTION AND REPORTING
On August 31, 2021, the Consumer Financial Protection Bureau (CFPB) published a 918-page notice of proposed rulemaking (NPRM) to implement Section 1071 of the Dodd-Frank Act. That section amends the Equal Credit Opportunity Act (ECOA) to require financial institutions to collect and report certain data in connection with credit applications made by women- or minority-owned businesses and small businesses. Comments on the NPRM will be due no later than 90 days after the date it […]
OCC UPDATES CRA, FAIR HOUSING AND ECOA POSTERS AND NOTICES
On August 5, 2021, the Office of the Comptroller of the Currency (OCC) published OCC Bulletin 2021-35 which informs national banks, federal savings associations, and federal branches and agencies of foreign banking organizations of the appropriate names and addresses for notices required by the Community Reinvestment Act and Equal Credit Opportunity Act, and for posters under the Fair Housing Act. Community Reinvestment Act—Public Notice by Banks 12 CFR 25.30 requires banks to provide the public […]
CFPB WARNS OF FORECLOSURE SURGE AND COMPLIANCE RISK
On April 1, 2021, the CFPB issued Compliance Bulletin 2021-02 warning mortgage services of a pending wave of foreclosures when the pandemic-related federal emergency mortgage protections expire this summer and fall. Since the CARES Act was enacted, 6.9 million borrowers have entered a forbearance program. As of January 2021, more than 2.1 million borrowers in forbearance programs were more than 90 days behind on their mortgage payments (including borrowers who have forborne three or more […]