HAPPY NEW YEAR!

2018 was an interesting year for those of us in the compliance field. We completed implementation of HMDA and TRID revisions, and got a jump start on implementing the provisions of the Economic Growth, Regulatory Relief and Consumer Protection Act (EGRRCPA).

In last year’s New Years greeting I stated, “In my 42-year career I have seen the pendulum swing from one extreme to another several times. Since the mortgage crisis 10 years ago we have been plagued with a huge volume of new and revised compliance laws and regulations. With the current administration and Congress it appears that in the coming years the volume of new laws and regulations will decline. But if the promised deregulation is similar to the deregulation projects of the past, laws and regulations will not disappears, they will change. When there is change, there is work for the compliance department. 2018 should be an interesting year.”

The changes from EGRRCPA were more numerous than anticipated but did little to actual reduce the regulatory burden.  But as predicted the changes did create a lot of work for the compliance department.

So what is the prediction for 2018. We don’t expect a lot of new laws. The CRA revision process will be interesting. The regulator’s stated goals for the CRA revisions are ambitious. Will the actual changes measure up to the goals? Provisions from EGRRCPA will continue to unfold and keep us busy into the new year.

We hope that 2018 was a good year for you and for those you love and we hope that 2019 is better in every way.

 

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