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CFPB Issues Credit Card APR Consent Order
On June 29, 2018 the Consumer Financial Protection Bureau (CFPB) issued a consent order against Citibank, N.A. (Citibank) for violating the Truth in Lending Act (Regulation Z) with respect to its credit card program.
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Washington State Adopts Provisions Regarding Notaries
The Washington Department of Licensing (the “Department”) adopted provisions relating to notaries that include replacing all existing sections as well as adding new sections to Chapter 308-30 of the Washington Administrative Code in order to implement the provisions of the Revised Uniform Law on Notarial Acts. These provisions are effective on July 1, 2018.
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HMDA Changes
There is some confusion in the industry regarding the impact of the new law President Trump signed on May 24th, S.2155 Economic Growth, Regulatory Relief, and Consumer Protection Act.
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Regulatory Relief Signed Into Law
On May 24 President Trump signed into law the Economic Growth, Regulatory Relief, and Consumer Protection Act.
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New Bill Includes Major Changes to Bank Capital Requirements and Mortgage Lending
The Economic Growth, Regulatory Relief, and Consumer Protection Act expected to be signed by the President shortly includes numerous provisions impacting financial institutions including changes to community bank capital requirements, changes to bank call reports and examinations, and mortgage lending relief.
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Bank Call Report FAQ: What is a Construction, Development, or Other Land Loan?
The call report guidelines for coding loans are more complex than many banks realize and how loans are coded for the call report impacts the regulators’ perception of a bank’s overall risk. Part III of our blog series on call report frequently asked questions addresses the area of construction, land development, and other land loans.
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Beneficial Ownership Requirements for Rollovers and Renewals Delayed
On May 16, 2018, the Financial Crimes Enforcement Network (FinCEN) issued Administrative Ruling FIN-2018-R002 that provides a 90 day delay for compliance with the beneficial ownership requirements for rollover and renewal products and services.
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Bank Call Report FAQ: When is a Loan Owner Occupied?
The call report guidelines for coding loans are more complex than many bankers realize. Part II of our blog series on call report frequently asked questions addresses the often confusing topic of owner occupied vs. non-owner occupied commercial real estate.
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FFIEC Releases Beneficial Ownership Exam Procedures
The Federal Financial Institutions Examination Council (FFIEC) recently released new examination procedures covering the new beneficial ownership requirements for legal entity customers.
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FFIEC Releases 2017 HMDA Data
On May 7th the Federal Financial Institutions Examination Council (FFIEC) released the 2017 Home Mortgage Disclosure Act (HMDA) data for 5,852 financial institutions.