During mid-November the Office of the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation (the Agencies), published a final rule to amend their respective Community Reinvestment Act (CRA) regulations. The rule amends the definitions of “home mortgage loan” and “consumer loan” and the public file content requirements to conform to revisions made by the Consumer Financial Protection Bureau to its Regulation C, which implements the Home Mortgage Disclosure Act. […]
Tag: Lending Compliance
SET YOUR CLOCKS BACK AND CHECK YOUR TRID DISCLOSURES
It’s that time of year again. Daylight Saving Time, or Daylight Time (DT), ends on November 5, 2017 at 2:00 a.m. If your financial institution is in an area that observes Daylight Savings Time, ensure the time zone designation has been updated to reflect Standard Time (ST) on your TRID disclosures. Under the TRID rules in Regulation Z creditors must disclose the date and time (including the applicable time zone): When the interest rate lock […]
CFPB UPDATES HMDA TOOLS
Earlier today the Consumer Financial Protection Bureau (CFPB) updated several Home Mortgage Disclosure Act (HMDA) tools available on their website. The updates are the result of recent amendments to Regulation C. The updated tools (click link to access) include the: 2018 HMDA institutional coverage chart , 2018 HMDA transactional coverage chart , and Key dates timeline . For additional information about recent HMDA revisions click on the following links: Proposed HMDA Disclosure Policy; HMDA Examiner Transaction Testing Guidelines; […]
ANNUAL UPDATE TO TILA DOLLAR AMOUNTS
On July 25, 2017 the Consumer Financial Protection Bureau (CFPB) approved a final rule that amends various dollar amounts that impact requirements of the Truth in Lending and Act and Regulation Z. The rule was published on August 30, 2017. This is an annual event. The revised amounts are effective on January 1, 2018. Be sure to update your procedures and systems to reflect the revised amounts as of the effective date. The revised amounts: For […]
FINAL HMDA RULES PUBLISHED
During October 2015 the Consumer Financial Protection Bureau (CFPB) published final rules to amend Regulation C. The rules are effective, for the most part, on January 1, 2018. On April 13, 2017 the CFPB published substantially proposed revisions to the final rules. Again on July 14, 2017 the CFPB published additional changes to the final rules. Today, with the clock racing to the January 1st mandatory compliance date the CFPB published final rules (225 pages) […]