Compliance Newshub
Federal Legislation

DS News - Kyle G. Horst

The CFPB cautions the mortgage industry about Black-Box-Lending models.

The CFPB confirmed that federal anti-discrimination law requires companies to explain to applicants the specific reasons an application for credit was denied or had other adverse actions, even if the creditor is relying on credit models using complex algorithms.

Ballard Spahr, LLP--Michael Gordon

The CFPB has issued a new interpretive rule authorizing state attorneys general and state regulators to enforce the Consumer Financial Protection Act.

The Office of the Comptroller of the Currency (OCC) released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the third and fourth quarters of 2022.

The Consumer Financial Protection Bureau (CFPB) announced the opening of a new office in Competition and Innovation as part of a new approach to help branch innovation in financial services.

The 2022 Risk Review expands coverage of risks from prior reports by examining operational risk to banks from cyber threats and illicit activity, and climate-related financial risks faced by banking organizations.

The Consumer Financial Protection Bureau (CFPB) has issued an interpretive rule that describes states’ authorities to pursue lawbreaking companies and individuals that violate the provisions of federal consumer financial protection law.

On June 15, 2021, the Federal Deposit Insurance Corporation (FDIC) Board of Directors approved an updated Statement of Policy Regarding Minority Depository Institutions (Policy Statement), which details the framework by which the FDIC implements the goals set forth in Section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA).

The website published version of the Department of Housing and Urban Development's (HUD) Servicemembers Civil Relief Act (SCRA) Notice, which is required to be sent to all homeowners within 45 days of becoming delinquent on a mortgage loan, has been updated with a new expiration date of 11/30/2024.

The CFPB published an advisory opinion affirming that ECOA prohibits lender discrimination against customers after receiving a loan and not just during the application process.

The Consumer Financial Protection Bureau (CFPB) is issuing this advisory opinion to affirm that the Equal Credit Opportunity Act and Regulation B protect not only those actively seeking credit but also those who sought and have received credit.

Today, five federal regulatory agencies jointly issued revised questions and answers (Q&As) regarding federal flood insurance law and the agencies' implementing regulations.