On July 6 the Federal Reserve Board approved final rules to implement the credit score disclosure requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If a credit score is used in setting material terms of credit or in taking adverse action, the statute requires creditors to disclose credit scores and related information to consumers in notices under the Fair Credit Reporting Act (FCRA). The final rules amend: Regulation V (Fair Credit Reporting) […]
Tag: Lending Compliance
NEW APPROACH FOR A BIG COMPLIANCE HEADACHE
Everyone seems to be aware of the huge challenge presented by the Dodd-Frank Act. Thousands of pages of law will become tens of thousands of pages of regulations in the next few years. But most lenders have not yet adopted a plan for dealing with this huge issue. One solution – join a masters group. Compliance Resource, LLC, through their website, mycomplianceresource.com, has formed such a group – the Dodd-Frank Masters Group. Amy Faust, Marketing […]
UNUSUAL DISCRIMINATION CASE
Familial Status – Discrimination based on the presence or the anticipated presence of children under the age of 18. In my seminars I point out how unusual it is to see cases of family status discrimination. Most examiners don’t look for this problem and most lenders don’t engage in this type of discrimination. So imagine my surprise when HUD slammed a Houston-based mortgage lender with a big enforcement action for familial status discrimination. The lender […]
RULES AND ORDERS TO BE ENFORCED BY THE CFPB
On May 31st the Consumer Financial Protection Bureau (CFPB) published the list of the rules and orders it will enforce beginning on the designated transfer date of July 21, 2011. The list includes the agencies transferring rules and orders to the CFPB. The CFPB will be very busy in the coming months, and probably for several years to come. Board of Governors of the Federal Reserve 1. 12 CFR Part 202—Equal Credit Opportunity Act (Regulation […]
FREE TRAINING RESOURCE FOR BANK DIRECTORS
The Federal Reserve Bank of Kansas City has an amazing free training resource for bank directors, aptly named Training for Bank Directors. The information is available at: https://www.bankdirectorsdesktop.org/training.cfm?m=01&l=01&s=1.htm. The computer based training includes approximately fifty modules covering the following topics: * What is a Bank? * Regulatory Structure * Regulatory Compliance * Bank Safety and Soundness * When Things Go Wrong The material is basic. You will not be granting PhDs in banking to directors […]