On February 1, the CFPB announced the launch of the 2018 HMDA LAR Formatting Tool (the “Tool”). The Tool will help financial institutions create an electronic file to submit HMDA data collected in 2018 and reported in 2019. ...more
On December 14, the Financial Stability Oversight Council (FSOC), which was established by the Dodd-Frank Act to analyze and mitigate potential threats to the financial sector, released its first report under the Trump...more
12/20/2017
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Cyber Crimes ,
Cybersecurity ,
Data Breach ,
Financial Institutions ,
FSOC ,
Hackers ,
Information Sharing ,
Popular ,
Regulatory Oversight ,
Third-Party Service Provider
On September 21, the CFPB finalized its proposal to amend Regulation B requirements related to collection of consumer ethnicity and race information, in order to resolve the differences between Regulation B and revised...more
10/2/2017
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Fair Lending ,
Financial Services Industry ,
HELOC ,
HMDA ,
Mortgages ,
Regulation B ,
Regulation C
On September 21, the CFPB finalized its proposal to amend Regulation B requirements related to the collection of consumer ethnicity and race information, in order to resolve the differences between Regulation B and revised...more
9/22/2017
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Ethnicity ,
Financial Institutions ,
Financial Services Industry ,
HMDA ,
Mortgages ,
Regulation B ,
Regulation C ,
Reporting Requirements
In addition to the guidance regarding Hurricane Harvey disaster relief, the housing agencies and government-sponsored enterprises (GSEs) recently addressed the mortgage-related relief available to victims of both Hurricane...more
9/19/2017
/ Banking Sector ,
Community Development Block Grants ,
Debt-Relief Industry ,
Disaster Aid ,
Fannie Mae ,
Federal Housing Administration (FHA) ,
FEMA ,
Foreclosure ,
Freddie Mac ,
Ginnie Mae ,
GSE ,
HUD ,
Hurricane Harvey ,
Hurricane Irma ,
Mortgages ,
Puerto Rico
Congress is back in session and this Thursday, September 7, the House Subcommittee on Financial Institutions and Consumer Credit will hold a one-panel hearing entitled “Legislative Proposals for a More Efficient Federal...more
9/6/2017
/ Banking Sector ,
Congressional Investigations & Hearings ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
CROA ,
Dodd-Frank ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Global Systemically Important Banks (G-SIBs) ,
Mortgages ,
Regulatory Oversight ,
RESPA ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Truth in Lending Act (TILA)
On September 5, the Consumer Financial Protection Bureau (CFPB) published a blog post regarding what to do in the event of a natural disaster like Hurricane Harvey. The CFPB recommends that affected consumers consolidate...more
9/6/2017
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Disaster Aid ,
Disaster Preparedness ,
FEMA ,
Financial Fraud ,
Financial Records ,
Financial Services Industry ,
Hurricane Harvey ,
Natural Disasters ,
Risk Mitigation ,
Severe Weather
Several federal agencies have issued reminders and requirements related to banking and credit services for borrowers affected by Hurricane Harvey. We previously reported on mortgage-related guidance issued by Fannie Mae,...more
9/1/2017
/ Banking Sector ,
Community Development ,
Community Reinvestment Act ,
Credit Unions ,
CSBS ,
Disaster Aid ,
Farm Credit Administration ,
FDIC ,
Financial Institutions ,
FRB ,
Hurricane Harvey ,
Hurricane Season ,
Natural Disasters ,
NCUA ,
OCC ,
Popular ,
Regulatory Standards ,
Severe Weather
On Monday, August 28, HUD announced that it was committed to “speed federal disaster assistance to the State of Texas and provide support to homeowners and low-income renters forced from their homes due to Hurricane Harvey.”...more
8/31/2017
/ Banking Sector ,
Disaster Aid ,
Fannie Mae ,
Financial Services Industry ,
Foreclosure Relief Companies ,
Freddie Mac ,
HUD ,
Hurricane Harvey ,
Mortgage Lenders ,
Mortgages ,
Natural Disasters ,
Severe Weather ,
Veterans Administration
As we previously reported, in October 2015, the CFPB adopted significant revisions to Regulation C, the Home Mortgage Disclosure Act (HMDA) rule, most of which become effective January 1, 2018. As a result of the revisions,...more
On August 21, 2017, the Office of the Comptroller of the Currency (OCC) published Bulletin 2017-28 regarding higher-loan-to-value (LTV) lending programs (the “Bulletin”). Recognizing the need for further revitalization...more
On May 4, the CFPB announced that as part of its impending 5-year review of mortgage rules, it was proposing a plan to assess the effectiveness of the Real Estate Settlement Procedures Act (RESPA) mortgage servicing rule. ...more
On April 13, 2017, the CFPB proposed substantive changes and technical corrections to the 2015 Home Mortgage Disclosure Act (HMDA) Final Rule (Final Rule) amending Regulation C. The proposal, which is discussed in more...more
On March 24, the CFPB announced a proposal to amend Regulation B requirements related to the collection of consumer ethnicity and race information, in order to resolve the differences between Regulation B and revised...more
Dovetailing with President Trump’s recent Executive Order requiring a reduction in regulatory burden, on March 21, 2017, a CFPB official remarked at the American Bankers Association Government Relations Summit that the CFPB...more
As part of his 100-day action plan, the President promised to institute a regulatory moratorium by requiring that for every new federal regulation, two existing regulations must be eliminated. On January 30, 2017, the...more