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.
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.
As President Trump today signed a Congressional Review Act resolution invalidating the Consumer Financial Protection Bureau’s 2013 guidance on indirect auto lending, CFPB Acting Director Mick Mulvaney said the bureau would revisit its Equal Credit Opportunity Act regulations.
The Consumer Financial Protection Bureau yesterday officially approved the final redesigned Uniform Residential Loan Application, confirming that the revised form is in compliance with Regulation B, which implements the Equal Credit Opportunity Act.
Federal Housing Finance Agency Director Mel Watt today defended his agency’s decision to include a language preference question on its updated Uniform Residential Loan Application, and said that the CFPB intends to provide a safe harbor under the Equal Credit Opportunity Act.
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
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).
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).
Rep. Blaine Luetkemeyer (R-Mo.) yesterday introduced the ABA-advocated CLEARR Act (H.R. 2133), which would provide relief from certain rules and regulations for community banks.
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.