Jan 17
Jan 17 Premium Membership Now Available

The enrollment period for our premium memberships is now open. Premium memberships are a great way for compliance professionals to stay up-to-date with regulatory changes while getting many of our training programs at a bundled price. Each premium membership includes a subscription to our quarterly compliance updates which help compliance professionals keep up on regulatory changes. Plus, each premium membership includes additional training programs, based on the level purchased. This is a limited enrollment window, so don't miss your chance to take advantage of these options - Premium Silver, Premium Gold, and Premium Pro. You can learn more about our premium membership options at: www.compliancecohort.com/premium-membership. Our Premium Pro giveaway is still ongoing. To join the contest, complete a quick entry form at: www.compliancecohort.com/entry. All entries must be received by 2:59 PM Eastern on 1/28/2025 and the full contest rules can be found at www.compliancecohort.com/contest.

Jan 15
Jan 15 CFPB Withdraws Proposed Rule on Fees for Instantaneously Declined Transactions Rule

Adam Witmer

Regulatory Update

On January 14, 2025, the CFPB published in the Federal Register a withdrawal from its proposed rule to prohibit banks and other financial institutions from charging certain nonsufficient funds (NSF) fees, such as those for declined debit card purchases, Automated Teller Machine (ATM) withdrawals, and some person-to-person payments. The CFPB said that it will determine whether a more comprehensive approach to also prohibit NSF fees charged for additional types of transactions will better protect consumers from potentially unlawful fees.

Jan 14
Jan 14 CFPB Issues Report on Flood Risk

Adam Witmer

Regulatory Update

On January 13, 2025, the CFPB issued a new report that found significant differences in the likelihood that homeowners with a mortgage are adequately insured against flooding based both on location and on income and assets. The report looks at flood risk in the southeast and central southwest census regions of the United States, as measured by flood risk data from both the Federal Emergency Management Agency (FEMA) and the First Street Foundation.

Jan 13
Jan 13 CFPB Requests Input on Digital Payment Privacy and Consumer Protections

Adam Witmer

Regulatory Update, Regulation E

On January 10, 2025, the CFPB announced that it is seeking public input on strengthening privacy protections and preventing harmful surveillance in digital payments, particularly those offered through large technology platforms. In addition, the Bureau requested comment on a proposed interpretive rule outlining how the Electronic Fund Transfer Act (EFTA) applies to new types of digital payment mechanisms.

Jan 12
Jan 12 ON SALE: Disparate Impact

Adam Witmer

Our Disparate Impact training program is currently on sale in our store and will end next week. Our Disparate Training program is designed to take a deep dive into the complicated fair lending topic of disparate impact. Disparate impact is a topic that has been challenging for financial institutions over the last two decades. In this class, we review what the regulators have said about disparate impact, go over a number of examples of cited disparate impact violations, and leave you with some tips and strategies that you can implement in your organization. To learn more about this program, go to www.compliancecohort.com/disparate-impact

Jan 10

Jan 10 VIDEO: When must a borrower receive the appraisal?

Adam Witmer

Regulation B, Appraisals

In this Compliance Clip (video), Adam breaks down the requirements in Regulation B as to when a borrower must get a copy of the appraisal used in their loan. Not only is the timeframe for delivering the appraisal discussed, Adam also covers when the appraisal delivery requirements of Regulation B apply. A transcript of this video is now available.

Jan 8
Jan 8 CFPB Sues Experian for Fake Investigations of Credit Report Errors

Adam Witmer

Regulatory Update

On January 7, 2025, the CFPB sued Experian, the nationwide consumer reporting agency, for unlawfully failing to investigate consumer disputes properly. The CFPB alleges that Experian does not take sufficient steps to intake, process, investigate, and notify consumers about consumer disputes, resulting in the inclusion of incorrect information on credit reports.

Jan 8
Jan 8 CFPB Issues Final Rule to Remove Medical Bills from Credit Reports

Adam Witmer

Regulatory Update

On January 7, 2025, the CFPB finalized a rule that bans the inclusion of medical bills on credit reports used by lenders and prohibits lenders from using medical information in their lending decisions. According to the CFPB, the final rule will remove an estimated $49 billion in medical bills from the credit reports of about 15 million Americans.

Jan 7
Jan 7 CFPB Sues Vanderbilt Over Predatory Manufactured Home Loans

Adam Witmer

Regulatory Update

On January 6, 2025, the CFPB sued Vanderbilt Mortgage & Finance for setting families up to fail when they borrowed money to buy a manufactured home. The CFPB alleges that Vanderbilt’s business model ignored clear and obvious red flags that the borrowers could not afford the loans resulting in many families struggling to make payments.

Jan 6
Jan 6 HMDA Filing Now Open

Adam Witmer

Regulatory Update

On January 1, 2025, the CFPB opened the filing period for HMDA data collected in 2024.Submissions will be considered timely if received on or before March 3, 2025.