On June 29, 2023, the CFPB released its Fair Lending Annual Report to Congress, describing its fair lending activities in enforcement and supervision; guidance and rulemaking; interagency coordination; and outreach and education for calendar year 2022. The Fair Lending Annual Report to Congress fulfills the Bureau’s statutory responsibility to report annually to Congress on public enforcement actions taken under the ECOA as well as the utility of the HMDA’s mortgage loan data collection requirements.

Jul 3
Jul 3 FFIEC Issues 2022 Mortgage Lending Data

Adam Witmer

Regulatory Update, HMDA

On June 29, 2022, the FFIEC announced the availability of data on 2022 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 4,460 U.S. financial institutions. Covered institutions include banks, savings associations, credit unions, and mortgage companies.

Jul 3
Jul 3 FinCEN Issues Updated FATF Deficient Countries

Adam Witmer

Regulatory Update, BSA

On Jun 29, 2023, FinCEN issued a press release to inform U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards to combat money laundering, counter the financing of terrorism, and combat weapons of mass destruction proliferation financing (AML/CFT/CPF), has issued public statements updating its lists of jurisdictions with strategic AML/CFT/CPF deficiencies following its plenary meeting this month. U.S. financial institutions should consider the FATF’s stance toward these jurisdictions when reviewing their obligations and risk-based policies, procedures, and practices.

Jun 28
Jun 28 CFPB Takes Action Against ACI for Illegally Processing Mortgage Payments

Adam Witmer

Regulatory Update, Regulation E

On June 27, 2023, the CFPB issued an order against ACI Worldwide and one of its subsidiaries, ACI Payments, for improperly initiating approximately $2.3 billion in unlawful mortgage payment transactions. According to the CFPB, ACI’s data handling practices negatively impacted nearly 500,000 homeowners with mortgages serviced by Mr. Cooper (formerly known as Nationstar).

Jun 27
Jun 27 FDIC Updates Supervisory Guidance on Multiple Re-Presentment NSF Fees

Adam Witmer

Regulatory Update

On June 16, 2023, the FDIC updated its Supervisory Guidance on Multiple Re-Presentment NSF Fees (FIL-40-2022) to clarify its supervisory approach for corrective action when a violation of law is identified. In August of 2022, the FDIC issued the original guidance to address certain consumer compliance risks associated with assessing multiple non-sufficient funds (NSF) fees arising from the re-presentment of the same unpaid transaction.

Jun 26
Jun 26 CFPB Aims to Simplify Mortgage Servicing Rules

Adam Witmer

Regulatory Update

On June 15, 2023, the CFPB published a blog post authored by CFFP Director Rohot Chopra that talks about the Bureau’s intention to identify ways to simplify and streamline the existing mortgage servicing rules. According to Chopra, the CFPB will be using inputs from commenters to propose ways to simplify and streamline mortgage servicing rules.

Jun 14
Jun 14 CFPB Takes Action Against Phoenix for Medical Debt Collection and Credit Reporting Violations

Adam Witmer

Regulatory Update

On June 8, 2023, the CFPB took action against medical debt collector Phoenix Financial Services (Phoenix) for numerous debt collection and credit reporting violations. According to the CFPB, Phoenix continued to attempt to collect on debts that were not substantiated even after consumers disputed the validity of the debt.

Jun 13
Jun 13 CFPB Issues Spotlight Regarding Use of AI Chatbots in Banking

Adam Witmer

Regulatory Update

On June 6, 2023, the CFPB released an issue spotlight that examines the use of chatbots in the banking industry. The spotlight specifically focuses on the use of artificial intelligence (AI) chatbots and the potential risks of violating the regulations when customer needs are not met.

Jun 12
Jun 12 PAVE Task Force Takes Action to Address Appraisal Bias

Adam Witmer

Appraisals, Regulatory Update

On June 1, 2023, the Biden-Harris Administration’s PAVE Task Force announced a new set of actions to address appraisal bias in the housing market. The Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) was created in June 2021 by President Biden, with the aim of rooting out bias in the home appraisal process.

Jun 8
Jun 8 FTC Submits Annual Report on TILA, CLA, and EFTA Enforcement

Adam Witmer

Regulatory Update

On June 8, 2023, the FTC submitted its annual enforcement report to the CFPB on its enforcement efforts and related activities in 2022 on the Truth in Lending Act (TILA), Consumer Leasing Act (CLA), and Electronic Fund Transfer Act (EFTA). The report highlights the FTC’s enforcement actions related to the acts and their implementing regulations, including in the areas of automobile purchases and financing, payday lending, credit repair and debt relief, other credit, and electronic fund transfers.

Jul 3
Jul 3 CFPB Releases 2022 Fair Lending Annual Report to Congress

Jul 3
Jul 3 FFIEC Issues 2022 Mortgage Lending Data

Jul 3
Jul 3 FinCEN Issues Updated FATF Deficient Countries

Jun 28
Jun 28 CFPB Takes Action Against ACI for Illegally Processing Mortgage Payments

Jun 27
Jun 27 FDIC Updates Supervisory Guidance on Multiple Re-Presentment NSF Fees

Jun 26
Jun 26 CFPB Aims to Simplify Mortgage Servicing Rules

Jun 14
Jun 14 CFPB Takes Action Against Phoenix for Medical Debt Collection and Credit Reporting Violations

Jun 13
Jun 13 CFPB Issues Spotlight Regarding Use of AI Chatbots in Banking

Jun 12
Jun 12 PAVE Task Force Takes Action to Address Appraisal Bias

Jun 8
Jun 8 FTC Submits Annual Report on TILA, CLA, and EFTA Enforcement

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