More about Marissa Blundell
Blog Posts by Marissa Blundell:
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CFPB Issues HMDA Public Statement
On December 21, 2017, the CFPB issued a public statement with respect to the recently effective HMDA rule. For HMDA data collected in 2018 and reported in 2019, “the Bureau does not intend to assess penalties with respect to errors in data collected in 2018 and reported in 2019.” Examinations of 2018 HMDA data will be diagnostic to help institutions identify compliance weaknesses and will credit good faith compliance efforts.
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Fannie Mae Selling Guide Updated
On December 19, 2017, Fannie Mae updated its Selling Guide to address underwriting borrowers with frozen credit, disaster-affected loans, and additional areas. With this update, Fannie Mae also provides additional detail related to its expectations and requirements for sellers/servicers’ Internal Audit function.
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OCC Issues Guidance for Impact of CRA Ratings on Licensing Applications
November 8, 2017, the Office of the Comptroller of the Currency (OCC) issued this guidance to provide transparency regarding its framework for evaluating certain types of licensing applications.
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CFPB Finalizes Equal Credit Opportunity Act Regulation
September 20, 2017, the Consumer Financial Protection Bureau (CFPB) modified Equal Credit Opportunity Act (Regulation B) regulations to provide additional flexibility for mortgage lenders in the collection of consumer ethnicity and race information.
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CLA-Bankers Advisory at the MBA’s Risk Management, QA & Fraud Prevention Forum in Miami, FL
Sarah Lagattolla, VP-Quality Control Services Director, and Kathleen Olson, Business Development Manager, for CLA-Bankers Advisory will be attending the MBA’s Risk Management, QA & Fraud Prevention Forum in Miami September 24th – 26th.
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CFPB Clarifies HMDA Reporting Thresholds for Community Banks and Credit Unions
On August 24, 2017, the Consumer Financial Protection Bureau (CFPB) issued a rule amending the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule. The CFPB has temporarily changed reporting requirements for banks and credit unions that issue home-equity lines of credit, and clarified the information that financial institutions are required to collect and report about their mortgage lending.
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FFIEC Issues HMDA Examiner Transaction Testing Guidelines
On August 23, 2017, the Federal Deposit Insurance Corporation (FDIC) issued Financial Institution Letter FIL 2017-36. The letter announces that the Federal Financial Institutions Examination Council (FFIEC) is issuing guidelines for examiners to use in assessing the accuracy of the Home Mortgage Disclosure Act (HMDA) data institutions record and report.
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CFPB Issues Notice of ATR/QM Assessment and Requests Comment
May 25, 2017, the Consumer Financial Protection Bureau released details of its plan to assess the 2014 Ability to Repay (ATR) and Qualified Mortgage (QM) Standards (ATR/QM Rule) and requested comments. Comments are due by July 31, 2017.
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OCC Updates Examination Policies Regarding Violations of Laws and Regulations
May 23, 2017, the Office of the Comptroller of the Currency (OCC) issued Bulletin 2017-18: Violations of Laws and Regulations. The updated policy and procedures are effective on July 1, 2017 and apply to examinations of all national banks, federal savings associations, and federal branches and agencies.
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OCC Issues Retail Lending Booklet
April 12, 2017, the Office of the Comptroller of the Currency (OCC) issued Bulletin 2017-15 “New Comptroller’s Handbook Booklet” announcing its issuance of a new “Retail Lending” booklet.