On July 29, 2019 the U.S. Department of Housing and Urban Development (HUD) announced that it has approved a Conciliation Agreement between the California Reinvestment Coalition and CIT Group, Inc., and CIT Bank, N.A., dba OneWest Bank, resolving allegations that the bank engaged in lending discrimination by “redlining” in the Los Angeles region. OneWest Bank is a retail bank with 60 branches in Southern California. The complaint, filed by the California Reinvestment Coalition (CRC), alleged […]
Tag: Lending Compliance
QM Changes Considered
On July 25 the Consumer Financial Protection Bureau (CFPB) published a 30-page Advance Notice of Proposed Rulemaking (ANPR) seeking comments relating to the scheduled January 10, 2021, expiration of the temporary qualified mortgage provision applicable to loans eligible for purchase or guarantee by the Government Sponsored Enterprises, Fannie Mae and Freddie Mac. That provision is in the CFPB’s Ability to Repay/Qualified Mortgage (ATR/QM) Rule (section 1026.43 of Regulation Z). The Bureau is considering whether […]
Proposed HMDA Changes Published
The recent proposed changes to HMDA were published in the Federal Register on May 13, 2019. As a result the comment period ends on July 12, 2019. For details regarding the proposal see our recent blog article.
PROPOSED DEBT COLLECTION RULE
On May 7, 2019 the Consumer Financial Protection Bureau (CFPB) issued a proposed rule, contained in Regulation F, to implement the Fair Debt Collection Practices Act (FDCPA). The proposal establishes clear limits on the number of calls debt collectors may place to reach consumers on a weekly basis; clarifies how collectors may communicate lawfully using newer technologies, such as voicemail, email and text messages, that have developed since the FDCPA’s passage in 1977; and requires […]
INTERAGENCY WEBINAR ON PRIVATE FLOOD INSURANCE RULE
On May 14, 2019 staff from the Farm Credit Administration, Federal Deposit Insurance Corporation, Federal Reserve Board, , National Credit Union Administration and the Office of the Comptroller of the Currency are reviewing the recently released rules regarding Private Flood Insurance in a one-hour Outlook Live webinar. The webinar begins at 2 p.m. EDT. Agency personnel will explain: Mandatory acceptance of private flood insurance; Mandatory acceptance Compliance Aid; Discretionary acceptance of private flood insurance; Flood […]