Mar 31

Mar 31 VIDEO: What is Needed to Close a Branch

In this Compliance Clip (video), Adam gives an overview of the requirements when closing a branch of your bank or credit union. A transcript of this video is now available.

Mar 31
Mar 31 CFPB Releases 1071 Rule

Adam Witmer

Regulation B

On 3/30/23, the CFPB released the long anticipated rule that implements section 1071 of the Dodd-Frank Act. This rule will require certain lenders to report information about the small business credit applications they receive, including geographic and demographic data, lending decisions, and the price of credit. As this rule was just released, we will be analyzing this rule and providing further guidance in the near future. That said, the CFPB provided several key elements in their release which you can view by clicking the link to to this article and going to our site. If you would like to get on our wait list to receive updates about resources we create (both free of paid) relating to the 1071 final rule, go to https://www.compliancecohort.com/1071-wait-list.

Mar 29
Mar 29 FinCEN Publishes Initial BOI Reporting Guidance

Adam Witmer

Regulatory Update

On March 24, 2023, FinCEN published its first set of guidance materials to aid the public, and in particular the small business community, in understanding upcoming beneficial ownership information (BOI) reporting requirements taking effect on January 1, 2024. The new regulations require many corporations, limited liability companies, and other entities created in or registered to do business in the United States to report information about their beneficial owners to FinCEN.

Mar 28
Mar 28 CFPB Announces Availability of 2022 Mortgage Lending HMDA Data

Adam Witmer

Regulatory Update, HMDA

On March 20, 2023, the CFPB announced that the HMDA Modified Loan Application Register (LAR) data for 2022 are now available on the FFIEC’s HMDA Platform for approximately 4,394 HMDA filers. The published data contain loan-level information filed by financial institutions and modified to protect consumer privacy.

Mar 27
Mar 27 HUD Announces Re-instatement of Discriminatory Effects Rule

Adam Witmer

Regulatory Update

On March 17, 2023, HUD submitted to the Federal Register for publication a Final Rule entitled Restoring HUD's Discriminatory Effects Standard. The Final Rule rescinds the Department's 2020 rule governing Fair Housing Act disparate impact claims and restores the 2013 discriminatory effects rule.

Mar 22
Mar 22 CFPB Updates Contact Information

Adam Witmer

Regulatory Update

On March 20, 2023, the CFPB issued a rule to make non-substantive corrections and updates to Bureau and other Federal agency contact information found at certain locations in Regulations B, E, F, J, V, X, Z, and DD, including Federal agency contact information that must be provided with Equal Credit Opportunity Act adverse action notices and the Fair Credit Reporting Act Summary of Consumer Rights. This final rule also revises the chapter heading, makes various non-substantive changes to Regulations B and V, and provides a Bureau website address where the public may access certain APR tables referenced in Regulation Z.

Mar 20
Mar 20 CFPB Warns on Unfair Collection of Discharged Student Loans

Adam Witmer

Regulatory Update

On March 16, 2023, the CFPB issued a bulletin warning servicers of their obligation to stop unlawful conduct with respect to private student loans that have been discharged by bankruptcy courts. The bulletin details recent findings by CFPB examiners that certain loan servicers were illegally returning loans to collections after bankruptcy courts had discharged the loans.

Mar 16
Mar 16 CFPB Updates HMDA Coverage Charts

Adam Witmer

Regulatory Update, HMDA

On March 15, 2023, the CFPB published the 2023 HMDA Institutional Coverage Chart and 2023 HMDA Transactional Coverage Chart. The updated charts are effective January 1, 2023. The updated coverage charts reflect the reduced 25 closed-end loans in each of the previous two calendar years threshold for reporting closed-end applications and loans.

Mar 16
Mar 16 CFPB and DOJ Takes Action Against Discriminatory Home Appraisals

Adam Witmer

Regulatory Update

On March 13, 2023, the CFPB and the DOJ filed a Statement of Interest in the United States District Court for the District of Maryland to help ensure appraisals used to make lending decisions are objective and non-discriminatory. This action is in relation to an alleged home appraisal bias in the case of Connolly & Mott v. Lanham et al.

Mar 16
Mar 16 FATF Updates Guidance on Beneficial Ownership of Legal Persons

Paula Parras

BSA, Regulatory Update

On March 10, 2023, the FATF issued the updated Guidance on Beneficial Ownership of Legal Persons will help countries implement the revised requirements of Recommendation 24. In March 2022, the FATF adopted amendments to Recommendation 24, or the Beneficial Ownership of Legal Persons, and its Interpretive Note which require countries to prevent the misuse of legal persons for money laundering or terrorist financing and to ensure that there is adequate, accurate and up-to-date information on the beneficial ownership and control of legal persons.