Tag Archives: ECOA

CFPB: Banks Effectively Managing ECOA Compliance Risk in Small Biz Lending

The Consumer Financial Protection Bureau today issued a “Supervisory Highlights” report focusing on recent examiner observations of several bank products or business lines, including auto loan servicing, credit cards, debt collection, mortgage servicing, payday lending, and for the first time, small business lending.

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ABA Calls for Clarification on Fair Lending Standards in Letter to CFPB

In a comment letter to the Consumer Financial Protection Bureau today -- the ninth of 12 that the association will submit in response to the bureau’s ongoing feedback initiative -- ABA encouraged the bureau to update the regulations and related commentaries it inherited from other federal agencies on a regular basis as issues and questions arise and markets evolve.

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ABA Compliance Center Inbox, November/December 2017

Q: Can I keep a copy of a customer’s ID on file? I am working for a new bank and am being told that Section 326 of the Patriot Act (the Customer Identification Program rule) requires that banks keep a copy of the ID that the customer provided. I have heard that many small banks such as ours keep the copy in ...

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CFPB Harmonizes Regs B and C

The Consumer Financial Protection Bureau today modified the Equal Credit Opportunity Act (Regulation B) to provide flexibility for lenders around the collection of applicants’ demographic data under the Home Mortgage Disclosure Act (Regulation C).

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ABA Supports CFPB Harmonization of Regs B, C

ABA today expressed its support for the Consumer Financial Protection Bureau’s proposal to harmonize borrower application data reporting requirements of the Equal Credit Opportunity Act (Regulation B) with new requirements under the Home Mortgage Disclosure Act (Regulation C).

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ABA Seeks Fairness in Fair Lending Enforcement

As part of the banking industry’s continuing response to President Trump’s executive order outlining “core principles” for financial regulation, ABA today urged federal regulators and law enforcement to reign in disparate impact and redlining investigations that go beyond the law and Supreme Court precedent.

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