Banker Compliance News

Banking compliance professionals require hot-topic news on consumer and regulatory compliance updates, decisions, amendments, changes and launches from across a wide spectrum of news agencies and federal websites. Not only do we update our News pages with individual news items and their links, but these are sent to members in a Daily Bank Compliance email that can be signed up for once new members log-in. Compliance Alliance monitors these agencies for bank compliance news updates throughout the day—posting relevant information to our News page. This is a valuable resource for Bank Managers and their employees.

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  • Director Cordray sends warning to vendors on TRID rule compliance

    October 21, 2015 / Source: Ballard Spahr

    In remarks yesterday at the Mortgage Bankers Association’s annual convention, CFPB Director Richard Cordray stated that the CFPB may need to look more closely at vendors of software and other tools used by lenders to comply with the TILA-RESPA Integrated Disclosure (TRID) rule which became effective on October 3.

  • Lawmakers Oppose Action on Fed Dividend Proposal

    October 21, 2015 / Source: Congressman Bill Huizenga

    Lawmakers sent a letter to the house yesterday asking them to stop a proposal to reduce dividend payments on the Fed's stock. Follow the link to read the letter.

  • CFPB Issues Final HMDA Rule

    October 20, 2015 / Source: CFPB

    The CFPB issues the final changes to HMDA. The effective dates are staggered with the first date being January 1, 2017.

  • Fannie Mae Announces Innovations for Lenders, Borrowers

    October 20, 2015 / Source: Fannie Mae

    Fannie Mae (FNMA/OTC) announced a series of innovations to bring more certainty and simplicity to lenders, employ stronger data capabilities, and help borrowers have access to sustainable mortgage credit.

  • CFPB Issues Final Rule for HMDA

    October 15, 2015 / Source: CFPB

    Today, the CFPB issued a final rule changing Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). To support you in implementing these changes, the CFPB launched a new HMDA Regulatory Implementation page where you can find resources to help you comply with the new rule.

  • Recordings Now Available!

    October 15, 2015

    The Loan Origination Webinar as well as the October Compliance Huddle recordings are now available. They can be found under the "News & Events" tab, "Past Events."

  • Mortgage Applications Decrease in Latest MBA Weekly Survey

    October 15, 2015 / Source: Mortgage Bankers Association

    Mortgage applications decreased 27.6 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending October 9, 2015.

  • Fair Lending Director: Small Business Lending, LGBT issues, LEP consumers and Inclusive Communities

    October 13, 2015 / Source: Ball

    Follow the link to read a summary of remarks from Ms. Ficklin at the American Bar Association’s Consumer Financial Services Institute written by Mark Furletti from Ballard Spahr.

  • FDIC: Guidance to Help Facilitate Recovery in Areas of South Carolina Affected by Severe Weather

    October 13, 2015 / Source: FDIC

    The FDIC announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of South Carolina affected by severe storms and flooding.

  • CFPB Issues Official Guidance on Marketing Service Agreements and RESPA’s Section 8

    October 09, 2015 / Source: CFPB

    The Consumer Financial Protection Bureau (CFPB or the Bureau) issues this compliance bulletin to remind participants in the mortgage industry of the prohibition on kickbacks and referral fees under the Real Estate Settlement Procedures Act (RESPA) (12 U.S.C. 2601, et seq.) and describe the substantial risks posed by entering into marketing services agreements (MSAs).1 The Bureau has received numerous inquiries and whistleblower tips from industry participants describing the harm that can stem from the use of MSAs, but has not received similar input suggesting the use of those agreements benefits either consumers or industry. Based on the Bureau’s investigative efforts, it appears that many MSAs are designed to evade RESPA’s prohibition on the payment and acceptance of kickbacks and referral fees. This bulletin provides an overview of RESPA’s prohibitions against kickbacks and unearned fees and general information on MSAs, describes examples of market behavior gleaned from CFPB’s enforcement experience in this area, and describes the legal and compliance risks we have observed from such arrangements.

  • Fannie Mae and Freddie Mac Issue Guidance on TRID Compliance

    October 08, 2015 / Source: Fannie Mae

    Fannie Mae and Freddie Mac issued letters to the mortgage lenders they work with explaining their posture towards compliance with the TILA-RESPA integrated disclosures. Fannie's letter states, "Fannie Mae is aware that some lenders continue to address the implementation of TRID’s technical requirements. In recognition of this, until further notice, Fannie Mae will not conduct routine post-purchase loan file reviews for technical compliance with TRID; however, consistent with current practices, Fannie Mae will evaluate whether the correct forms were used in connection with the origination of a mortgage loan.

  • House passes bipartisan TRID grace period bill 303-121

    October 08, 2015 / Source: Housingwire

    Defying the threat of a White House veto, the House on Wednesday afternoon passed bipartisan legislation to help homebuyers avoid delays and disruptions when closing on their new homes by a bipartisan vote of 303-121. The bill, the Homebuyers Assistance Act, provides a four-month grace period for businesses that are working in good faith to comply with a new 1,888-page rule from the Consumer Financial Protection Bureau that went into effect Oct. 4.The grace period runs through February 1.

  • CFPB Considers Proposal to Ban Arbitration Clauses that Allow Companies to Avoid Accountability

    October 07, 2015 / Source: CFPB

    Today the Consumer Financial Protection Bureau (CFPB) announced it is considering proposing rules that would ban consumer financial companies from using “free pass” arbitration clauses to block consumers from suing in groups to obtain relief. Buried in many contracts for consumer financial products like credit cards and bank accounts, most arbitration clauses deny consumers the right to participate in group lawsuits against companies. With this free pass, companies can sidestep the legal system, avoid big refunds, and continue to pursue profitable practices that may violate the law and harm countless consumers. The CFPB’s proposals under consideration would give consumers their day in court and deter companies from wrongdoing.

  • Cordray and Keating on Fraud Against Seniors

    October 07, 2015 / Source: The Hill

    Cordray and Keating wrote an op-ed for The Hill newspaper highlighting how banks can help stop fraud against seniors.

  • FDIC Expands Money Smart

    October 06, 2015 / Source: FDIC

    Money Smart is a comprehensive financial education curriculum designed to help low- and moderate-income individuals outside the financial mainstream enhance their financial skills and create positive banking relationships. The FDIC in collaboration with SBA, offers the Money Smart for Small Business instructor-led curriculum focusing on the needs of new or existing entrepreneurs. The Money Smart program may be used by financial institutions and other organizations interested in sponsoring financial education workshops.

  • Information Security and Cybersecurity Top Challenges for the CFPB and Fed According to IG

    October 06, 2015 / Source: Inspector General

    The CFPB and the Fed's inspector general issued reports ranking top management challenges for their respective agencies. Information security tops the list for the CFPB, and Cybersecurity tops the list for the Fed with information security at number two.

  • Regulators Close Two Banks on Friday

    October 05, 2015 / Source: FDIC

    These two closures account for the seventh and eighth failure of the year. State regulators closed the Bank of Georgia in Peachtree City, GA. The OCC closed Hometown National Bank in Longview, Wash.

  • OCC Releases their Mortgage Metric Report

    October 05, 2015 / Source: OCC

    The OCC Mortgage Metrics Report for the second quarter of 2015 provides performance data on first-lien residential mortgages serviced by eight national banks (servicers). The mortgages in this portfolio comprise 43 percent of all first-lien residential mortgages outstanding in the United States—22.1 million loans totaling $3.8 trillion in unpaid principal. This report presents performance information through June 30, 2015. Overall, the performance of mortgages included in this portfolio continues to improve on a year over-year basis.

  • OCC Releases FY 2016 Bank Supervision Operating Play

    September 28, 2015 / Source: OCC

    The Office of the Comptroller of the Currency (OCC) today released its bank supervision operating plan for fiscal year (FY) 2016. “Publishing the FY 2016 bank supervision operating plan provides greater transparency around our supervisory priorities, and helps bankers better understand our focus for the next year,” said Comptroller of the Currency Thomas J. Curry.

  • House Financial Services Committee to Review Cordray’s Semi-Annual Report Tomorrow

    September 28, 2015 / Source: The House Financial Services Committee

    The Financial Services Committee will hold a hearing to receive the semi-annual report from Director Richard Cordray of the Bureau of Consumer Financial Protection. When Director Cordray last appeared in front of the committee in March, committee Members emphasized the need for reforms to make the Bureau accountable and transparent.

  • CFPB Announces Redlining Settlement

    September 25, 2015 / Source: CFPB

    The Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) announced a joint action against Hudson City Savings Bank for discriminatory redlining practices that denied residents in majority-Black-and-Hispanic neighborhoods fair access to mortgage loans.

  • CFPB Highlight Mortgage Complaints in Third Monthly Complaint Report

    September 23, 2015 / Source: Ballard Spahr

    The CFPB has issued its September 2015 complaint report, the third in its new series of monthly complaint reports. The new report spotlights mortgage complaints and complaints from consumers in the Denver, Colorado metro area.

  • CFPB Announces New Members of the Consumer Advisory Board and Community Bank Advisory Council

    September 21, 2015 / Source: CFPB

    The Consumer Financial Protection Bureau (CFPB) announced the appointment of new consumer finance experts from outside the federal government to the Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council. All three bodies provide advice to CFPB leadership on a broad range of consumer financial issues and emerging market trends.

  • CFPB Announces Regulation Z Thresholds for 2016

    September 21, 2015 / Source: CFPB

    The CFPB has announced new thresholds for Regulation Z effective January 1, 2016.

  • CFPB Launches Suite of Tools to Help Homebuyers

    September 17, 2015 / Source: CFPB

    The CFPB announced that they have launched a suite of web-based materials designed specifically to help consumer understand the new forms.