CFPB Creates Application Process for Rural Designation
On March 3, 2016, the CFPB issued a final rule to create an application process by which creditors may apply to have areas not identified... Read More
Federal Regulatory Developments
CFPB Supervision of Banks and Nonbanks Recovers $14.3 Million for Consumers
On March 8, 2016, the Consumer Financial Protection Bureau (CFPB) released their 10th edition of Supervisory Highlights, generally covering supervisory activities completed between September 2015... Read More
FHA Publishes Updated Single Family Policy Handbook
On March 14, 2016, FHA published an updated and expanded Single Family Housing Policy Handbook 4000.1, for Title II forward mortgages, including the claims and... Read More
HSBC to Pay $4 Million in Massachusetts Settlement Over Force-Placed Insurance Kickbacks
On February 18, 2106, the Massachusetts Attorney General announced that it had entered into a settlement with HSBC over allegations regarding the bank’s force-placed insurance... Read More
Freddie Mac Introduces Reorganized Seller/Servicer Guide
On March 2, 2016, Freddie Mac introduced its reorganized Seller/Servicer guide. The reorganization does not introduce any new requirements or change any existing requirements. Instead,... Read More
CFPB Announces Priorities for the Next Two Years
On February 25, 2016, the CFPB released a strategy identifying the nine priority goals it intends to work toward during the next two years. In... Read More
CFPB Releases January 2016 Complaint Report
The CFPB released its January 2016 complaint report which is the eighth in its series of monthly complaint reports. According to the January 2016 Monthly... Read More
FDIC Releases CRA Examination Schedule for Q2 2016
The Federal Deposit Insurance Corporation (FDIC) has issued the public list of institutions scheduled for a Community Reinvestment Act (CRA) examination during the second quarter... Read More
Citibank Settles with CFPB Over Allegations of Illegal Debt Sales and Altered Affidavits
On February 23, 2016, CFPB entered two separate consent orders with Citibank over allegations that it engaged in illegal debt sales practices and that two... Read More
CFPB Announces 2017 and 2018 HMDA File Specifications
The CFPB and the Federal Financial Institutions Examination Council (FFIEC) recently published new file specifications for submitting data under the Home Mortgage Disclosure Act (HMDA)... Read More
CFPB Issues Comment Request and Emergency Processing Request Regarding Designation of Rural Areas
On February 18, 2016, the CFPB published in the Federal Register a notice for request and comment pertaining to the application process for designating rural... Read More
FTC Summarizes its 2015 ECOA and Regulation B Activity for CFPB Annual Report
In response to the CFPB’s request for information in preparing its 2015 Annual Report to Congress, the FTC recently summarized its 2015 engagement in various... Read More
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