Compliance for 2023: What does the future hold?
With uncertainty the rule, the best advice is to have banks’ change-management processes ready for whatever comes.
Browsing: Fair lending
CFPB affirms ECOA applies to existing borrowers
In an advisory opinion, the CFPB affirmed that the Equal Credit Opportunity Act and its implementing regulation, Regulation B, protect consumers who are actively seeking credit as well as those who have sought and received credit.
Banks awarded for increased investment in distressed communities
The Treasury Department’s Community Development Financial Institutions Fund today awarded $26 million to 158 FDIC-insured banks through the fiscal year 2021 round of the Bank Enterprise Award Program.
ABA Regulatory and Compliance Inbox: Can We Base Mortgage Credit Decisions on the Assets of the Borrower?
What would my bank report if instead of income it based the credit decision on the assets of the borrower?
CFPB to Increase Fair Lending, UDAAP Supervision
The CFPB today signaled its intention to ramp up supervision activity around fair lending laws and unfair, deceptive and abusive acts and practices.
ABA to Congress: Question Tax Exempt Status of Credit Unions
As the credit union industry lobbies Congress this week, the American Bankers Association today urged all members of the House and Senate to question the tax-exempt status of the $2 trillion industry.
CFPB Issues Compliance Bulletin on Auto Repossessions
In a compliance bulletin issued today, the CFPB signaled that it will hold auto loan holders and servicers “accountable for [unfair, deceptive or abusive acts and practices] related to the repossession of consumers’ vehicles.”
NCUA Chairman Says Credit Union Consumer Protection Standards Should Match Banks’
National Credit Union Administration Chairman Todd Harper today made the case that consumer financial protection standards at credit unions should match those adhered to by the nation’s banks.
Republican Lawmakers Call for Changes to CFPB’s Section 1071 Proposal
Three GOP lawmakers today raised concerns about the CFPB’s pending rulemaking to implement Section 1071 of the Dodd-Frank Act.
ABA: CFPB Section 1071 Proposal Is ‘Unnecessarily Far-Reaching’
While expressing support for fair lending laws and regulations, ABA and the state bankers associations yesterday raised concerns about the CFPB’s long-awaited proposed rule to implement Section 1071 of the Dodd-Frank Act, which concerns the collection of credit application data for small businesses, including women-owned and minority-owned small businesses.