The 2024 compliance outlook

Change is the only constant and banks’ processes must be fine-tuned to detect all that happens in a rapidly-transforming regulatory ...

CFPB, DOJ warn against using immigration status to determine creditworthiness

Newsbytes

October 12, 2023

Financial institutions risk violating federal protections against discrimination if they rely on immigration status to determine a consumer’s credit worthiness, ...

Compliance question of the month: How can banks estimate GAR to determine their tier for data collection purposes under the 1071?

Uncategorized

August 17, 2023

My bank will be reporting small-business lending data under the Equal Credit Opportunity Act (as required by the §1071 rule) ...

CFPB to lenders: Algorithms, AI used in credit decisions must be explainable

Compliance and Risk

May 26, 2022

In a new circular, the CFPB said that under the Equal Credit Opportunity Act and Regulation B, creditors are not ...

CFPB affirms ECOA applies to existing borrowers

Compliance and Risk

May 9, 2022

In an advisory opinion, the CFPB affirmed that the Equal Credit Opportunity Act and its implementing regulation, Regulation B, protect ...

CFPB to Increase Fair Lending, UDAAP Supervision

Compliance and Risk

March 16, 2022

The CFPB today signaled its intention to ramp up supervision activity around fair lending laws and unfair, deceptive and abusive ...

OCC’s Hsu Encourages Banks to ‘Explore Opportunities’ of SPCPs

Compliance and Risk

December 9, 2021

Acting Comptroller of the Currency Michael Hsu today encouraged banks to “explore the opportunities available through special purpose credit programs.”

HUD: Reg B-Compliant Loan Programs Targeting Underserved Groups Don’t Violate Fair Housing Act

Compliance and Risk

December 7, 2021

The Department of Housing and Urban Development today issued guidance that for-profit companies’ special-purpose credit programs designed and implemented with ...