CFPB Monitor

OCTOBER 4, 2022

In the majority-white neighborhoods in the Newark Lending Area, residential mortgage services were available at branches to walk-in customers. Lakeland took no meaningful steps to supplement the efforts of mortgage loan officers to general mortgage applications from majority-Black and Hispanic neighborhoods in the Newark Lending Area.

New Jersey 147

New Jersey Lending Community National 147

PYMNTS

APRIL 4, 2019

Credit union (CU) associations and service providers are pushing for the adoption of technology to help with security and compliance. And on Wednesday (April 3), Austin-based cookware startup Made In announced it had closed a seed funding round. All this, Today In Data. million: Number of credit union members in the U.S.

Technology 115

Technology Wisconsin Austin Compliance 115

CFPB Monitor

MARCH 4, 2021

The CFPB has proposed to delay the mandatory compliance date for the new general qualified mortgage (QM) rule that amends the Regulation Z ability to repay/QM rule from July 1, 2021 to October 1, 2022. Is considering whether to initiate a rulemaking to revisit the seasoned loan QM rule.

Compliance 78

Compliance Policies Community Regulation 78

CFPB Monitor

NOVEMBER 16, 2021

6247-A) to the New York Community Reinvestment Act (NYCRA) that expand the NYCRA’s coverage to non-depository mortgage lenders. New York now joins a small group of states, including Illinois and Massachusetts, that apply CRA-type laws to non-depository mortgage lenders. Comments on the proposal are due by January 3, 2022.

New York 78

New York Community Regulation Data 78

Abrigo

FEBRUARY 24, 2022

Takeaway 3 Two methods of measuring short-term interest rate risk are a gap analysis and, more commonly, an income simulation. Amortization: A 30-year mortgage that reprices gradually as payments are received. For example, the rate on a 3-month Treasury bill increases by 50 bps, but the 3-month LIBOR only increases by 25 bps.

Management 195

Management Analysis Strategy Policies 195

PYMNTS

APRIL 6, 2020

The country’s fourth-largest bank said it has received a lot of interest in PPP loans since the program’s opening day on Friday (April 3). Today, the company continues to operate in compliance with an asset cap imposed by its regulator due to actions of past leadership. Most banks, however, couldn’t process any applications.

Resources 162

Resources Leadership Regulation Compliance 162

CFPB Monitor

NOVEMBER 18, 2021

Earlier this week, the CFPB issued a Request for Information (RFI) regarding an assessment of the significant amendments to the Home Mortgage Disclosure Act rules, known as Regulation C, adopted in October 2015 and subsequently revised in several additional rulemakings (the “HMDA Rule”).

Compliance 78

Compliance Data Lending Operations 78

CFPB Monitor

FEBRUARY 23, 2021

The New York Department of Financial Services (DFS) recently announced that it has entered into an agreement with Hunt Mortgage , a licensed mortgage banker, to address the DFS’s findings that there was a “demonstrable lack of lending to minorities and in majority-minority neighborhoods in Western and Central New York by Hunt Mortgage.”

New York 78

New York Lending Report Policies 78

CFPB Monitor

FEBRUARY 25, 2021

He also advised that the CFPB plan to delay the July 1, 2021, mandatory compliance date for the new general QM rule is intended “to ensure consumers have the options they need during the pandemic and financial crisis it has caused, as well as to provide maximum flexibility to the market.”

Compliance 78

Compliance Policies Regulation Marketing 78

CFPB Monitor

APRIL 12, 2021

On April 1, 2021, the CFPB issued Compliance Bulletin 2021-02 (the “Bulletin”), warning mortgage servicers to “take all necessary steps now to prevent a wave of avoidable foreclosures this fall.” The Bulletin and associated press release cite industry data suggesting that around 1.7

Compliance 78

Compliance Regulation Resources Policies 78

Gonzobanker

AUGUST 29, 2017

How is it that Fiserv, FIS and Jack Henry & Associates – the “Big 3” in the banking core vendor arena – have been unable to put together a solid suite of solutions for their clients’ loan origination needs and clearly articulate a long-term, loan origination strategy? Functionality. The functionality gap is growing continuously wider.

Strategy 84

Strategy Lending System Community 84

CFPB Monitor

AUGUST 21, 2020

As promised by the CFPB when it issued two Regulation Z ability to repay rule qualified mortgage (QM) loan proposals in June 2020 , the CFPB recently issued a proposal to provide for a new seasoned QM loan. Comments will be due 30 days after the proposal is published in the Federal Register.

Compliance 78

Compliance Regulation Payments National 78

Abrigo

FEBRUARY 9, 2024

Training and awareness: Provide education and training programs for mortgage lenders and other front-line staff to raise awareness about money laundering risks, red flags, and reporting obligations. This will help them identify suspicious activities and comply with AML requirements.

Training 195

Training Fraud Trends Report 195

Abrigo

FEBRUARY 23, 2023

Takeaway 3 With effective technology, the bank can continue to grow its portfolio without necessarily adding staff. Younger customers who may have an account now at the bank could need a business loan, a mortgage, or another product the bank offers at a later date. Check out our 1071 compliance resources.

Community Bank 195

Community Bank Kansas City Community Lending 195

CFPB Monitor

OCTOBER 9, 2014

of its “2014 CFPB Dodd-Frank Mortgage Rules Readiness Guide.” The updated Guide includes the TILA-RESPA Integrated Mortgage Disclosures Rule that takes effect in August 2015. CFPB General Dodd-Frank tila-respa integrated mortgage disclosures rule' Marc Patterson The CFPB has released Version 3.0

Guidelines 68

Guidelines Compliance Tools 68

CFPB Monitor

FEBRUARY 28, 2022

The CFPB recently issued a factsheet addressing how prepaid interest, also referred to as per diem interest, factors into the calculation of the annual percentage rate (APR) for certain adjustable rate mortgage (ARM) loans and step-rate loans for purposes of assessing qualified mortgage (QM) loan status under the revised general QM rule.

Examples 78

Examples Payments Compliance Report 78

CFPB Monitor

SEPTEMBER 17, 2019

Additionally, the proposed regulations also make compliance with federal law sufficient for purposes of complying with several Washington requirements applicable to student loan servicers, including provisions related to the timing of when payments received are credited and borrower requests for information.

Washington 60

Washington Compliance Regulation Policies 60

CFPB Monitor

DECEMBER 13, 2021

The report discusses the Bureau’s examinations in the areas of credit card account management, debt collection, deposits, fair lending, mortgage servicing, payday lending, prepaid accounts, and remittances that were completed between January 2021 and June 2021. Mortgage servicing. Fair lending. Religious discrimination.

Lending 78

Lending Cards Regulation Payments 78

Independent Banker

DECEMBER 13, 2015

The rule also includes all types of deposit advance, refund anticipation, vehicle title and payday loans (residential mortgages and purchase-money personal property loans are excluded). 1, 2015, and compliance with the rule is required by Oct. Credit card accounts are exempt from compliance until Oct. 3, 2016, compliance date.

Lending 70

Lending Compliance Regulation Virginia 70

CFPB Monitor

OCTOBER 8, 2014

Marc Patterson On October 22 from 2:00 to 3:30 p.m., the FDIC’s Division of Depositor and Consumer Protection will host a teleconference as part of its periodic series of events for bankers on important banking regulatory issues in the compliance and consumer protection area. The session is free, but registration is required.

FDIC 74

FDIC Community Bank Compliance Community 74

CFPB Monitor

NOVEMBER 16, 2018

The CFPB recently issued revised versions of the small entity compliance guides for the Loan Originator Rule and the Home Ownership and Equity Protection Act (HOEPA) Rule.

Compliance 68

Compliance Retail 68

CFPB Monitor

SEPTEMBER 2, 2016

Although the DoD’s final rule took effect on October 1, 2015, it applies only to consumer credit transactions or accounts that are consummated or established after October 3, 2016 for most products, and after October 3, 2017 for credit cards.

Compliance 79

Compliance Groups Lending FDIC 79

CFPB Monitor

JUNE 18, 2019

Last week, the FDIC published its Consumer Compliance Supervisory Highlights that provides observations about its consumer compliance supervision activities in 2018. The CFPB has similarly articulated concerns with such arrangements, including in its Bulletin 2015-05.

FDIC 60

FDIC Compliance Regulation Training 60

CFPB Monitor

MAY 4, 2015

On May 21, 2015, from 2:00pm to 3:30pm, the FDIC’s Division of Depositor and Consumer Protection will host a teleconference as part of its periodic series of events for bankers on important bank regulatory and emerging issues in the compliance and consumer protection area. Marc Patterson.

FDIC 60

FDIC Compliance 60

CFPB Monitor

JULY 1, 2015

The CFPB has issued a proposal to postpone the TRID rule’s effective date from August 1 to October 3, 2015. additional exempt transactions under the appraisal rule for higher-priced mortgage loans. additional exempt transactions under the appraisal rule for higher-priced mortgage loans.

FDIC 60

FDIC Regulation Compliance Meeting 60

CFPB Monitor

SEPTEMBER 2, 2016

Although the DoD’s final rule took effect on October 1, 2015, it applies only to consumer credit transactions or accounts that are consummated or established after October 3, 2016 for most products, and after October 3, 2017 for credit cards.

Compliance 60

Compliance Groups Lending FDIC 60

CFPB Monitor

FEBRUARY 4, 2019

For years, the mortgage industry has urged the CFPB to issue informal written guidance on the TILA/RESPA Integrated Disclosure (TRID) Rule, as well as other rules. The FAQ provides additional information related to APR accuracy, including a reference to the Federal Reserve’s Consumer Compliance Outlook.

Compliance 94

Compliance Regulation Industry Policies 94

Abrigo

JANUARY 8, 2016

The GAO acknowledged that community banks, credit unions and their professional industry associations reported increased compliance burdens and reduced activity in specific business activities, such as certain mortgage lending, as a result of Dodd-Frank.

Regulation 150

Regulation FDIC Survey Community Bank 150

CFPB Monitor

JULY 27, 2016

Department of Justice of charges that the bank’s mortgage lending practices violated the Equal Credit Opportunity Act and Fair Housing Act by redlining majority-minority neighborhoods in the Memphis MSA and illegally discriminating against African Americans in the underwriting and pricing of certain mortgage loans. ”

Memphis 60

Memphis Policies Lending Compliance 60

Independent Banker

JULY 29, 2016

Big Savings—ICBA’s Dan Clancy and Travelers’ Laura Lundin hold a big check representing the $3 million dividend paid this year to community banking participating in the ICBA-Travelers property-and-casualty insurance Preferred Service Provider program. Compliance and Operations. Continuity — compliance management system.

Community Bank 70

Community Bank Community Compliance Lending 70

CFPB Monitor

DECEMBER 9, 2021

The mandatory compliance date for revisions to Regulation Z change-in-terms notice requirements is October 1, 2022 and the mandatory compliance date for all other provisions of the final rule is April 1, 2022. Dollar LIBOR indices have historical fluctuations substantially similar to those of the 1-, 3-, and 6-month and 1-year U.S.

Regulation 78

Regulation Cards Compliance Groups 78

CFPB Monitor

FEBRUARY 28, 2022

Focusing on AVMs, the CFPB stated “[c]omputer models and algorithms are additional tools for mortgage lenders and appraisers to improve valuation accuracy. Systematically low valuations driven by biased appraisers may exacerbate existing disparities in the housing market.”

Lending 78

Lending Policies System Compliance 78

CFPB Monitor

NOVEMBER 5, 2015

In its Fall 2015 Supervisory Highlights , which covers supervision work generally completed between May and August 2015, the CFPB highlights legal violations resolved using non-public supervisory actions involving consumer reporting, debt collection, student loan servicing, and mortgage origination and servicing. Mortgage origination.

Report 60

Report Policies Compliance Regulation 60

Gonzobanker

JUNE 10, 2020

the average monthly payroll expenses The funds can be used to cover: Payroll costs (per the definition), which must be at least 60% of the total amount of the request for forgiveness (recently lowered by the Senate from 75%) Interest on mortgage obligations, rent payments and utility payments (in place before Feb.

Guidelines 78

Guidelines Meeting Lending Payments 78

CB Insights

OCTOBER 21, 2018

Mortgage Lending. Better Mortgage. Regulatory & Compliance. across 3 investments. Better Mortgage. Mortgage Lending. Mortgage Lending. Mortgage Lending. Mortgage Lending. Mortgage Lending. Mortgage Lending. Mortgage Lending. Regulatory & Compliance.

Fintech 78

Fintech Lending Capital Analytics 78

Independent Banker

JULY 28, 2016

Establishing a comprehensive Compliance Management System. Does it sound like “reality compliance”? The demands of managing regulatory compliance are uncontested, and depending on the disposition of the participants inside and outside of the bank, compliance management exists with varying degrees of problems and adversity.

Compliance 70

Compliance Training Community Bank Regulation 70

CFPB Monitor

JULY 29, 2019

The CFPB advises in the ANPR that at the time the ability to repay rule was adopted in January 2013, it did not believe that a 43% DTI ratio represented the outer boundary of responsible lending, and that the mortgage market at the time was still fragile as a result of the prior decade’s mortgage crisis.

Compliance 60

Compliance Marketing Regulation Meeting 60