On June 15, 2020, the United States Supreme Court in the case of Bostock v Clayton County declared that disparate treatment based on sexual orientation or gender identity is sex discrimination under federal law. It is the law of the land. On March 9, 2021, the Consumer Financial Protection Bureau (CFPB) issued an interpretative rule to amend Regulation B to clarify that disparate treatment based on sexual orientation or gender identity is sex discrimination under […]
Tag: CFPB
Update: Make that 19 Days and Counting! Section 1071 Final Ruling to be Announced This Month
Last week, we started a countdown for the impending final rule implementing the small business data requirements of Section 1071 of the Dodd-Frank Act. Well, the CFPB released it’s Fall 2022 Semi-Annual Agenda and it indicates the final rule will be released this month. That means the runway to prepare for the most significant regulatory update in decades just got a lot shorter. With that in mind and in order to help you get ready, […]
CFPB’S FALL 2022 SEMI-ANNUAL AGENDA
The Consumer Financial Protection Bureau’s (CFPB) Fall 2022 Semi-Annual Agenda includes10 items – one in the final rule stage, five in the proposed rule category, and four items in the prerule stage. Final Rule Stage – The final rule item is the Small Business Lending Data Collection under the Equal Credit Opportunity Act. The CFPB’s next action for the section 1071 rulemaking is the issuance of a final rule, which is expected in January 2023. […]
FINAL THRESHOLD UPDATE FOR 2022
I bet you thought that you were all wrapped up on your compliance news for 2022, huh? Well…not so fast! On December 28, 2022, The CFPB released the final HMDA threshold and the remaining Regulation Z thresholds. The HMDA threshold was increased from $50 million in 2022 to $54 million in 2023. The HPML Small Creditor Threshold was increased from $2.336 billion to $2.537 billion in 2023. The HPML Intermediate Creditor Threshold was increased from […]
Are you one of the 1,700 new HMDA reporting institutions? Here’s where to start.
On December 6, 2022, the CFPB issued a Notice rescinding its 2020 Home Mortgage Disclosure Act (HMDA) Final Rule changing the loan volume reporting threshold for closed-end mortgage loans. This was in response to a ruling by the United States District Court for the District of Columbia, in September of this year which stated that the CFPB did not have the authority to change the original reporting threshold from 25 to 100. In the notice the CFPB […]