This week’s Compliance News Round Up features updates from the OCC, SBA, HUD, and more. Read on to catch up on the most recent news impacting our industry! OCC updates names and addresses for notices April 8, 2025 The OCC issued Bulletin 2025-6 to inform OCC-supervised institutions of the appropriate names and addresses for notices required by the Community Reinvestment Act (CRA) and Equal Credit Opportunity Act, and for posters required by the Fair Housing Act. Banks […]
Tag: ECOA
CFPB Study Finds Differential Treatment in Small Business Lending Markets
Yesterday, the CFPB (Consumer Financial Protection Bureau) released a study revealing disparities in how lenders treat Black and white small business owners seeking loans. CFPB Director Rohit Chopra said, “The results of our secret shopping are consistent with the longstanding concerns that small business loan borrowers experience different treatment based on their race. Fair access to small business loans is essential for the success of our economy.” Key Findings from the Study The CFPB’s […]
First Credit Union To Settle Redlining Complaint
Last week, the DOJ (Department of Justice) announced that Citadel Federal Credit Union agreed to pay more than $6.5 million to resolve redlining allegations, marking the DOJ’s first such settlement with a credit union. The settlement addresses the credit union’s failure to provide adequate mortgage lending services to majority-Black and Hispanic neighborhoods in and around Philadelphia from 2017 to 2021, violating the Fair Housing Act (FHA) and the Equal Credit Opportunity Act (ECOA). Key Allegations: […]
CFPB Released FAQs for Small Business Data Collection and Reporting
On June 28, 2023, the CFPB released a set of Frequently Asked Questions to address for determining institutional coverage focused on areas like: Financial Institution Coverage Metropolitan Statistical Areas (MSA) Types of transactions Ag purpose credit Refinancings Temporary loans What to do if you did not collect Gross Annual Revenue for 2022 and 2023 Covered Credit Transactions and Small Businesses Covered credit transactions What is a small business Individuals and sole proprietorship The purpose of […]
8 Steps to Prepare Your Frontline Staff for Section 1071
The frontline staff at financial institutions are often referred to as “the face” of the organization. They interact most with clients and are largely responsible for fostering positive relationships with your customers. But as a compliance professional, you’re well aware of the impact frontline staff can have on your institution’s ability to pass regulatory muster. Your institution/compliance department has likely already begun taking steps to prepare for the new Small Business Data Collection requirements of […]