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Section 1026.36(j) states, ” A depository institution must establish and maintain written policies and procedures reasonably designed to ensure and monitor the compliance of the depository institution, its employees, its subsidiaries, and its subsidiaries’ employees with the requirements of paragraphs (d), (e), (f), and (g) of this section. These written policies and procedures must be appropriate to the nature, size, complexity, and scope of the mortgage lending activities of the depository institution and its subsidiaries.” […]

The volume of change to the Truth-in-Lending Act and Regulation Z during the past year has been overwhelming. But in the midst of all the change Congress and the Consumer Financial Protection Bureau made an effort to lighten the load, a bit, for small creditors. So what breaks are available? And, who qualifies as a small creditor? Since the definition focuses, in part, on affiliates we are also concerned with who is an affiliate? Breaks […]

In a recent case the Third Circuit (Delaware, New Jersey, Pennsylvania and Virgin Islands)held that a discrimination lawsuit cannot be certified as a class action based solely on lender pricing discretion. Rodriguez v. National City Bank, 726 F.3d 372 (3d Cir. 2013). The plaintiffs filed a class-action lawsuit against National City Bank alleging that its policy of providing pricing discretion to loan officers had a disparate impact on minority applicants because a larger percentage of […]

The Dodd-Frank Act has made substantial changes to the Home Mortgage Disclosure Act (HMDA). Now it appears that the regulation writing process is in high gear. Recently Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), announced his agency is convening a Small Business Review Panel, as required by the Small Business Regulatory Enforcement Fairness Act of 1996 (SBREFA). The convening of a SBREFA panel is a preliminary step in the process of releasing […]

I wanted to do a quick 2014 recap because it was brought to our attention that the blog email notifications were disabled.  If you are registered for our blog you might have missed some articles so I included links to all of them below.  I apologize for this inconvenience.  The notifications are now working properly so you can be sure you will receive an email instantly where there’s a new article published if you are […]