Archive

REPORT RENTAL INFORMATION ACCURATELY

On July 1, 2021, the Consumer Financial Protection Bureau (CFPB) released an Enforcement compliance bulletin reminding landlords, consumer reporting agencies (CRAs), and others of their critical obligations to accurately report rental and eviction information. Inaccurate rental and eviction information on a tenant screening report or a credit report can unfairly block a family from safe and affordable housing. As the federal eviction moratorium and other pandemic rental protections come to an end, the CFPB wants […]

FINAL RESPA PROTECTIONS FOR BORROWERS AFFECTED BY COVID PUBLISHED

On June 28, the Consumer Financial Protection Bureau (CFPB) issued a 208-page final rule that completes the rule making on amendments to the federal mortgage servicing regulations (Regulation X) that: Establish temporarily procedural safeguards to help ensure that borrowers have a meaningful opportunity to be reviewed for loss mitigation before the servicer can make the first notice or filing required for foreclosure on certain mortgages. Temporarily permit mortgage servicers to offer certain loan modifications made […]

Opening the 2021 ABA Regulatory Compliance Conference

In 2021, the American Bankers Association’s Regulatory Compliance Conference (RCC) is being delivered virtually.  The conference was kicked off by a general session delivered by ABA president and CEO, Rob Nichols.  The theme of the session was one of reflection for the impact that COVID-19 has had on not only the banking industry, but the country as a whole.  Nichols provided a pat on the back to bankers for their excellent performance in the midst […]

OBSERVATION REGARDING THE 2020 HMDA DATA

On June 17, 2021 the Federal Financial Institutions Examination Council (FFIEC) published 2020 HMDA data. The data is always a treasure trove. The following are a few quick observations about the data. For 2020, the number of reporting institutions declined by about 18.8 percent from the previous year to 4,475. One reason for the change is that, in 2020, the Bureau issued a final rule amending Regulation C to increase the threshold for collecting and […]

CFPB CLARIFICATION ON JUNETEENTH

On June 18, 2021, the Consumer Financial Protection Bureau (CFPB) published the following statement: President Biden’s signing of the Juneteenth National Independence Day Act into law yesterday afternoon is a cause for celebration. Juneteenth is a moment for us to commemorate the emancipation of those enslaved. I am proud that we as a country are taking concrete steps to recognize and heal from the legacy of slavery, even as I recognize that there is much […]