Archive

On September 23, 2022, the United States District Court for the District of Columbia issued a Memorandum Opinion that reversed a section of Regulation C, the Consumer Financial Protection Bureau’s (CFPB) regulation which implements the Home Mortgage Disclosure Act (HMDA).   The April 2020 final HMDA rule increased the reporting threshold for closed-end mortgage loans from 25 covered loans originated in each of the prior two years to 100 covered loans originated in each of […]

We have been talking about unfair and deceptive overdraft fees for months but last week a line was drawn in the sand! Here at Compliance Resource, we have made suggestions for reviewing programs, provided information from the Federal Deposit Insurance Company (FDIC), the New York State Department of Financial Services (DFS), and the Consumer Financial Protection Bureau (CFPB) hoping to bring awareness to the ever-increasing risk of overdraft fees and the potential for regulatory violations […]

Last week, the Department of Treasury invited public input pursuant to Executive Order 14067 of March 9, 2022, “Ensuring Responsible Development of Digital Assets.” In particular, the Department invites input, data, and recommendations pertaining to the implications of development and adoption of digital assets and changes in financial market and payment infrastructures for United States consumers, investors, businesses, and for equitable economic growth. The Executive Order outlines principal U.S. policy objectives with respect to digital […]

On March 10, the Federal Deposit Insurance Corporation (FDIC) issued a consent order to Magnolia Bank, Magnolia, KY, which included a $425,000 civil monetary penalty for violations of Section 5 of the Federal Trade Commission Act (UDAP). The FDIC found that the bank deceptively advertised “interest rates and fees for residential mortgage loans as the lowest on the market, with a promise of a ‘best rate guarantee,’ comparative shopping for such rates, and lower rates due […]

All of us at Compliance Resource wish all of you the happiest of happy holiday seasons. Enjoy this special time with your families. Stay safe.