Archive

TEN NEW AREAS IDENTIFIED AS HIGH INTENSITY DRUG TRAFFICKING AREAS

On September 24, 2018, the Office of National Drug Control Policy designated ten new areas across Kentucky, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, and West Virginia as High Intensity Drug Trafficking Areas (HIDTAs). The High Intensity Drug Trafficking Areas (HIDTAs) program, which was established with the enactment of the Anti-Drug Abuse Act of 1988, provides assistance to Federal, state, local, and tribal law enforcement agencies operating in areas determined to be critical drug-trafficking […]

Read More…

NATIVE AMERICAN DISCRIMINATION

Recently the U.S. Department of Housing and Urban Development (HUD) approved a Conciliation Agreement resolving claims brought by three homeowners, a couple and an individual, against loanDepot.com, LLC, and Appraisal Management Services of America, Inc. The three alleged that the lender refused to refinance their homes because they are on Native American lands. The individual also claimed that loanDepot.com would not refinance his house because he is Native American. The Fair Housing Act prohibits housing […]

Read More…

CREDIT FREEZES AND OTHER CREDIT REPORT ISSUES

Section 301 of the Economic Growth, Regulatory Relief and Consumer Protection Act (EGRRCPA): Requires free placement and removal of security freezes by establishing a public webpage with links to credit reporting agency security freeze web pages. Requires Equifax, Experian and TransUnion to each set up a webpage for requesting fraud alerts and credit freezes. Provides additional ID theft protections to minors. Requires the big three credit bureaus to offer free electronic credit monitoring services to […]

Read More…

FinCEN PROVIDES RELIEF FROM BENEFICIAL OWNERSHIP RULES FOR ROLLOVERS AND RENEWALS

On Friday, September 7, 2018, the Financial Crimes Enforcement Network (FinCEN) issued a ruling which grants certain exceptions for financial institutions from the Beneficial Ownership Rule. Specifically the ruling provides financial institutions relief from the obligations under the Beneficial Ownership Requirements of identifying Legal Entity Customers in the case of: •A rollover of a certificate of deposit (CD) •A renewal, modification, or extension of a loan (e.g., setting a later payoff date) that does not […]

Read More…

THE BCFP’S SANDBOX

On September 10, 2018 the Bureau of Consumer Financial Protection (BCFP) proposed to create a Disclosure Sandbox through its revised Policy to Encourage Trial Disclosure Programs (Policy or TDP Policy), which is intended to carry out the BCFP’s authority under Section 1032(e) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act). Comments will be received until October 10, 2018. The BCFP believes that there may be significant opportunities to enhance […]

Read More…