Archive

CONSIDERATION OF RELIGION IN A BUSINESS LOAN APPLICATION

On December 9, 2021, the CFPB issued a Supervisory Highlights report, which shines a light on legal violations identified by the CFPB’s examinations in the first half of 2021. A surprising item on the list was that CFPB examiners found that lenders improperly considered small business applicants’ religion in their credit decisions. For religious institutions applying for small business loans, some lenders improperly utilized a questionnaire that contained explicit inquiries about an applicant’s religion. Following […]

TRID AND THE END OF DAYLIGHT SAVING TIME

Daylight Saving Time (DT) ends on November 7, 2021 at 2:00 a.m. What does DST have to do with TRID? The TRID rules under Regulation Z require creditors to disclose the time zone applicable to its location when disclosing the date and time the interest rate lock and estimate of closing costs will expire on the loan estimate. As a result, financial institutions located in areas that observe DT need to remember to change the […]

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 […]

FFIEC PUBLISHES LIST OF DISTRESSED OR UNDERSERVED GEOGRAPHIES

On June 25, 2021, the Federal Financial Institutions Examinations Council (FFIEC) announced the availability of the 2021 list of distressed or underserved nonmetropolitan middle-income geographies. These are geographic areas where revitalization or stabilization activities are eligible to receive Community Reinvestment Act (CRA) consideration under the community development definition. As with past releases, the agencies apply a one-year lag period for geographies that were listed in 2020 but are no longer designated as distressed or underserved […]

CFPB SETTLES NINTH AND FINAL VA CONSENT DECREE

On October 26, 2020, the Consumer Financial Protection Bureau (CFPB) issued a consent order against Low VA Rates LLC (Low VA Rates) to address the CFPB’s finding that Low VA Rates sent consumers mailers for mortgage loans guaranteed by the U.S. Department of Veterans Affairs (VA) that contained false, misleading, and inaccurate statements. Low VA Rates’ conduct violated the Consumer Financial Protection Act’s (CFPA) prohibition against deceptive acts and practices, the Mortgage Acts and Practices […]