Archive

ONEWEST BANK REDLINING CASE

On July 29, 2019 the U.S. Department of Housing and Urban Development (HUD) announced that it has approved a Conciliation Agreement between the California Reinvestment Coalition and CIT Group, Inc., and CIT Bank, N.A., dba OneWest Bank, resolving allegations that the bank engaged in lending discrimination by “redlining” in the Los Angeles region. OneWest Bank is a retail bank with 60 branches in Southern California. The complaint, filed by the California Reinvestment Coalition (CRC), alleged […]

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QM Changes Considered

On July 25 the Consumer Financial Protection Bureau (CFPB) published a 30-page Advance Notice of Proposed Rulemaking (ANPR) seeking comments relating to the scheduled January 10, 2021, expiration of the temporary qualified mortgage provision applicable to loans eligible for purchase or guarantee by the Government Sponsored Enterprises, Fannie Mae and Freddie Mac. That provision is in the CFPB’s Ability to Repay/Qualified Mortgage (ATR/QM) Rule (section 1026.43 of Regulation Z).   The Bureau is considering whether […]

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AGENCIES AND FINCEN ISSUE STATEMENT ON RISK-FOCUSED BSA/AML EXAMS

On July 22, 2019, the Federal Reserve Board, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency (banking agencies), and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) are issued a joint statement highlighting their risk-focused approach to Bank Secrecy Act/Anti-Money laundering (BSA/AML) compliance exams. It is important to note that this statement from the Agencies and FinCEN does not institute new requirements; rather, it is […]

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Equifax Penalties – Delayed Justice

On July 22, 2019 the Federal Trade Commission (FTC) announced that Equifax Inc. has agreed to pay at least $575 million, and potentially up to $700 million, as part of a global settlement with the FTC, the Consumer Financial Protection Bureau (CFPB), and 50 U.S. states and territories, which alleged that the credit reporting company’s failure to take reasonable steps to secure its network led to a data breach in 2017 that affected approximately 147 […]

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CFPB PROVIDES RESOURCES ON ELDER ABUSE

On May 6, 2019, the Consumer Financial Protection Bureau (CFPB) released an identity theft protection guide entitled “Protect Your Identity: What Older Customers Should Know” (Protection Guide) and on July 17, 2019 released “Reporting of Suspected Elder Financial Exploitation by Financial Institutions” (an update to the Advisory and Recommendations issued in 2016). Through the release of these tools for consumers the CFPB is hoping to educate elder consumers on preventative actions they can take to […]

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