Archive

2016 MORTGAGE SERVICING RULE – CORRECTIONS AND GUIDANCE ON EARLY COMPLIANCE

On June 27, 2017, the Consumer Financial Protection Bureau (CFPB) issued two pieces of information related to the 2016 Mortgage Servicing Final Rule: 1) an amendment making non-substantive corrections, and 2) policy guidance related to early compliance with the rule. Final Rule Issuing Corrections The 2016 Mortgage Servicing Final Rule was issued by the CFPB on August 4, 2016, to amend certain provisions of the 2013 Mortgage Servicing Rules. The CFPB is now making corrections […]

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CREDIT REPORT CHANGES – TAX LIENS AND CIVIL JUDGMENTS

Beginning July 1, 2017, the three major credit bureaus – TransUnion, Experian, and Equifax – will exclude information on civil judgments and tax liens from consumer reports unless that information has been verified. In order to be included in the credit report, new and existing tax lien and civil judgment data must: 1) include a person’s name and address as well as Social Security number or date of birth; and 2) credit bureaus must verify […]

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DOJ Prohibits Third-Party Payments in Settlement Agreements

On June 7 Attorney General Jeff Sessions issued a memo that prohibits all Department of Justice (DOJ) components and 94 United States Attorney’s Offices from entering into any agreement on behalf of the United States in settlement of federal claims or charges that directs or provides for a settlement payment to non-governmental, third parties that were not directly harmed by the conduct. The DOJ noted that under the Obama Administration, “the Department repeatedly required settling […]

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JACK’S BLOG – 7TH ANNIVERSARY

Our first blog article was published on June 22, 2010. We just completed the seventh year of Jack’s Blog. During that period we have written hundreds of articles. The headlines from June 2010 are still pertinent. Fair Lending – Is it still hot? (Conclusion – Yes, Fair Lending was hot seven years ago and is still hot today.) New Uniform Residential Mortgage Loan Application (NMSLR ID was added to form in 2010 and major revisions […]

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ABA Regulatory Compliance Conference Takes on Digital Marketing

In an opening day session of the 2017 Regulatory Compliance Conference (RCC), titled “Engaging in the Digital Marketing Age #BankBrand #AmICompliant? #[email protected]”, a panel of four esteemed compliance professionals took on digital marketing. Early in the presentation it became clear that, although there are specific laws that must be adhered to and best practices that should be applied for managing risk in digital marketing, many potential issues are still emerging. Most financial institutions have had […]

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