ABA Advocacy Yields TRID Compliance Clarifications
Responding to multiple letters and aggressive advocacy by ABA, top regulators yesterday clarified their approach to assessing compliance with the TILA-RESPA integrated disclosures.
Browsing: Compliance and Risk
Fed’s Brainard Examines Alternative Small Business Lending
Federal Reserve Governor Lael Brainard joined Janet Yellen at the Community Banking Research and Policy Conference with a speech on community bank lending to small businesses and the rise of online nonbank alternatives.
ABA-Supported Bills Clear House Committee
The House Financial Services Committee yesterday passed three ABA-supported bills addressing the Consumer Financial Protection Bureau and proposed limitations on retirement advice.
ABA, Groups: CFPB Overdraft Survey Plan Is Incomplete
ABA and four other trade groups representing banks and credit unions today called on the Consumer Financial Protection Bureau to release and accept comments on a draft survey as part of its proposed study of overdraft protection services.
Fed Approves M&T, Hudson City Deal
The Federal Reserve today approved the acquisition of Hudson City Bancorp, Paramus, N.J., by the Buffalo, N.Y.-based M&T Bank Corporation.
Cordray Signals ‘Hold-Harmless’ Period for TRID Compliance
Testifying before the House Financial Services Committee today, Consumer Financial Protection Bureau Director Richard Cordray signaled that the bureau and other financial regulators are working on guidance for a formal ‘hold-harmless’ period to facilitate compliance after the TILA-RESPA integrated disclosures take effect on Saturday.
N.H. Lawmakers Make Bipartisan Push for TRID Grace Period
The entire New Hampshire congressional delegation — two Democrats and two Republicans — on Thursday wrote to Consumer Financial Protection Bureau Director Richard Cordray to request a “grace period” for good-faith efforts to comply following the Oct. 3 effective date for the TILA-RESPA integrated disclosures.
HUDSON CITY BANK PAYS $33 MILLION TO SETTLE REDLINING CLAIMS
On September 30, 2015, the Federal Reserve Board of Governors approved Hudson City’s $3.7 billion merger with M&T Bank. The merger is expected to close on November 1, 2015, pending approval by the New York State Department of Financial Services.
FTC Files Amicus Brief Criticizing 11th Circuit’s Interpretation of ‘Debt Collector’ Under FDCPA
The Eleventh Circuit’s ruling creates a circuit split with the Third, Seventh, and Sixth Circuits through which these circuits held that a company that acquires debt in default, and then tries to collect on that debt, qualifies as a debt collector.
FFIEC Releases 2014 HMDA Data
The Federal Financial Institutions Examination Council today released the 2014 Home Mortgage Disclosure Act data on mortgage lending transactions at 7,062 financial institutions.