Oct 30
Oct 30 FHFA Updates Enterprise Policies on Appraisals, Loan Repurchase Alternatives, and Pricing Notifications

On October 28, 2024, the FHFA announced updates to several Fannie Mae and Freddie Mac policies that are intended to enhance efficiencies and promote cost savings in the single-family mortgage market. FHFA Director Sandra Thompson stated that the actions are intended to better ensure the Enterprises are reliable sources of liquidity for lenders of all sizes and types, which in turn will promote access to sustainable credit for consumers.

Oct 29
Oct 29 NCUA Chairman Harper on Citadel Federal Credit Union’s Redlining Settlement

Adam Witmer

Regulatory Update

On October 10, 2024, NCUA Chairman Todd M. Harper released a statement regarding the U.S. Department of Justice’s settlement with Citadel Federal Credit Union to resolve lending discrimination allegations. Citadel is a $6 billion financial institution in Southeastern Pennsylvania.

Oct 28
Oct 28 CFPB Acts Against Ejudicate for Misleading Student Borrowers

Adam Witmer

Regulatory Update

On October 10, 2024, the CFPB banned private dispute resolution platform Ejudicate from arbitrating disputes about consumer financial products after the company misled student borrowers about its neutrality and initiated sham arbitration proceedings. The CFPB found that Ejucate was actually a debt collection for Prehired, a company permanently shut down in 2023 for illegal lending practices.

Oct 24
Oct 24 FinCEN Issues Alert to Counter Financing of Hizballah and Its Terrorist Activities

Adam Witmer

BSA, Regulatory Update

On October 23, 2024, FinCEN issued an alert to assist financial institutions in identifying and reporting suspicious activity supporting Lebanese Hizballah (Hizballah), a U.S.-designated Foreign Terrorist Organization. The alert builds upon the agency’s May 2024 advisory on Iran-backed terrorist organizations and offers a comprehensive overview of Hizballah’s global criminal financial networks.

Oct 23
Oct 23 CFPB Issues Personal Financial Data Rights Final Rule

Adam Witmer

Regulatory Update

On October 22, 2024, the CFPB finalized a rule that will give consumers greater rights, privacy, and security over their personal financial data. The rule requires financial institutions, credit card issuers, and other financial providers to unlock an individual’s personal financial data and transfer it to another provider at the consumer’s request for free.

Oct 22
Oct 22 FinCEN Issues Update to the Public Utility Exemption Under the BOI Reporting Rule

Adam Witmer

Regulatory Update

On October 18, 2024, FinCEN published a final rule in the Federal Register to clarify an exemption under the beneficial ownership information reporting rule that FinCEN published on September 30, 2022. The rule modifies the language exempting certain public utilities from the definition of “reporting company” in the beneficial ownership information reporting rule to more clearly implement the language of the exemption found in the Corporate Transparency Act (CTA).

Oct 21
Oct 21 FDIC Extends Compliance Date for Subpart A of Part 328 Final Rule

Adam Witmer

Regulatory Update

On October 17, 2024, the FDIC announced that it is providing financial institutions additional time to get new processes and systems in place by extending the compliance date for the new FDIC signage and advertising rule from January 1, 2025, to May 1, 2025. The extension applies only to a portion of the final rule designed to modernize the rules governing the use of the official FDIC signs and advertising statements, that is Part 328, subpart A.

Oct 21
Oct 21 CFPB Sues Climb Credit and 1/0 for Deceptive Lending Practices

Paula Parras

Regulatory Update, UDAAP

Oct 16
Oct 16 FinCEN Renews Real Estate Geographic Targeting Orders

Adam Witmer

BSA, Regulatory Update

On October 15, 2024, the Financial Crimes Enforcement Network (FinCEN) renewed its Geographic Targeting Orders (GTOs) that require US title insurance companies to identify natural persons behind shell companies used in non-financed purchases of residential real estate. The terms of the GTOs are effective beginning October 16, 2024, and ending on April 14, 2025.

Oct 16
Oct 16 CFPB and DOJ Take Action Against Fairway for Redlining Violations

Adam Witmer

Fair Lending, Regulatory Update

On October 15, 2024, the CFPB and the DOJ took action against Fairway Independent Mortgage Corporation for illegal mortgage lending discrimination against majority-Black neighborhoods in the greater Birmingham, Alabama area. According to the CFPB and DOJ, Fairway illegally redlined Black neighborhoods, including through its marketing and sales actions, by discouraging people from applying for mortgage loans in the Birmingham metropolitan area’s Black neighborhoods.