Lending
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CFPB Posts TRID FAQs
On January 25,2019, the Consumer Financial Protection Bureau (CFPB) posted three Frequently Asked Questions (FAQs) on the Truth in Lending Act – Real Estate Settlement Procedures Act Integrated Disclosure (TRID) Rule.
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Private Flood Insurance Final Rule
The Office of the Comptroller of the Currency, Treasury, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and the National Credit Union Administration announced a final rule requiring financial institutions to accept flood policies meeting the definition of “private flood insurance” in the Biggert-Waters Act.
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NMLSR ID Required on Certain Loan Documents
Regulation Z requires that certain loan documents include the financial institution’s National Mortgage Licensing System and Registry (NMLSR) ID information.
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Credit Scores and Adverse Action Notices
When you use a credit score to deny a loan, your adverse action notice must include credit score information.
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FASB Approves WARM Methodology for CECL
With the implementation date for CECL getting closer by the day, financial institutions are slowly beginning to get more clarity surrounding acceptable methodologies that can be utilized to comply with the standard. One frequently discussed method, the Weighted Average Remaining Maturity (WARM) methodology, was recently the subject of January 2019 FASB Staff Q&A, which noted, […]
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CFPB Supervising MLA?
On January 17, 2019, the director issued a statement that the CFPB is asking Congress for the authority to supervise compliance with the Military Lending Act (MLA).
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Supreme Court Refuses to Hear CFPB Constitutionality Case
As reported in The Hill on January 14, 2019, the Supreme Court refused to hear a case involving the challenge to the constitutionality of the Consumer Financial Protection Bureau (CFPB).
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Financial Institutions Encouraged to Work with Consumers during the Shutdown
On January 11, 2019, the federal financial institution regulators and state regulators issued a press release encouraging financial institutions to work with consumers during the federal government shutdown.
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Bureau Releases Assessment of ATR, QM and Mortgage Servicing Rules
On January 10, 2019, the Consumer Financial Protection Bureau (Bureau) published assessment reports on the Ability to Repay, Qualified Mortgage, and Mortgage Servicing rules.
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Compliance a Top Priority of NCUA in 2019
The National Credit Union Administration (NCUA) released its supervisory priorities for 2019. NCUA outlined six priority areas and two of the first three are compliance related. The number one priority is Bank Secrecy Act (BSA) compliance. NCUA stated that its exams will be even more in-depth, with a focus on customer due diligence rules and […]