Archive

On November 29th the Consumer Financial Protection Bureau (CFPB) published a notice and request for information about streamlining the inherited regulations. This publication is significant for several reasons. INHERITED REGULATIONS The “inherited regulations” include 14 existing consumer regulations, including, among others, Regulation Z and Regulation X (RESPA), that the CFPB inherited from other regulatory agencies on July 21, 2011. The inherited regulations will be published in Chapter X of Title 12 of the Code of […]

Everyone seems to be aware of the huge challenge presented by the Dodd-Frank Act. Thousands of pages of law will become tens of thousands of pages of regulations in the next few years. But most lenders have not yet adopted a plan for dealing with this huge issue. One solution – join a masters group. Compliance Resource, LLC, through their website, mycomplianceresource.com, has formed such a group – the Dodd-Frank Masters Group. Amy Faust, Marketing […]

There are not a lot of changes with Fair Lending right now, but the topic is red hot. Both HUD and the Department of Justice have taken recent action, and much more is coming. HUD Settlement Agreement On December 21, 2010 the U.S. Department of Housing and Urban Development (HUD), the Metropolitan St. Louis Equal Housing Opportunity Council (EHOC), and First National Bank of St. Louis entered into an agreement that requires the bank to […]

We hope all of our readers have had a great holiday season. We wish you a happy, healthy and prosperous new year.

The world of lending compliance continues to rock. We are still waiting on the new SAFE Act rules and the major revisions to Regulation Z – HELOCs and closed-end mortgages.