Compliance Newshub
Federal Legislation

The CFPB has released the beta version of the HMDA Platform for data that will be collected in 2024 (2024 Beta Platform), providing financial institutions and vendors an opportunity to determine whether their sample loan/application register data comply with the reporting requirements.

On Monday, October 30th, 2023, the President signed Executive Order 14110, calling on the FHFA and CFPB to evaluate their regulated entities' use of AI for bias against protected groups in underwriting and appraisal models. Additionally, the order requires the FHFA and CFPB to issue guidance on the use of AI in tenant screening and real estate advertising within 180 days.

ICBA Newswatch

A request from the Independent Community Bankers Association, among others, was granted by the U.S. District Court for the Southern District of Texas resulting in a nationwide injunction that prevents the Consumer Financial Protection Bureau's (CFPB) implementation and enforcement of the §1071 rule regarding business data collection to all community banks and covered financial institutions until the US Supreme Court reviews a US Court of Appeals Fifth District ruling on the constitutionality of the CFPB's funding.

On Monday, October 24th, 2023, the federal banking agencies jointly issued a final rule that updates the Community Reinvestment Act. Most requirements will be applicable beginning January 1, 2026, while the remaining requirements, including reporting requirements, will be applicable on January 1, 2027.

On October 19, 2023, the Consumer Financial Protection Bureau issued a proposed rule to implement §1033 of the 2010 Consumer Financial Protection Act (a.k.a. open banking) that would require information sharing with authorized third parties at the request of the consumer.

The Senate has approved S.J. 32, the resolution introduced under the Congressional Review Act to override the CFPB’s final Section 1071 small business lending rule, which has raised concerns over privacy and the complexity of the data that financial institutions would be required to report.

Ballard Spahr LLP--Peter D. Hardy, Scott Diamond, Siana Danch & Kaley Schafer

The Financial Crimes Enforcement Network, FinCEN, has published a Small Entity Compliance Guide for beneficial ownership information reporting under the Corporate Transparency Act, as well as updated FAQs regarding CTA compliance.

The Consumer Financial Protection Bureau is issuing this final rule amending the official interpretations for Regulation Z, which implements the Truth in Lending Act applicable January 1, 2024, consistent with relevant statutory or regulatory provisions.

The CFPB has announced that the Filing Instructions Guide for HMDA data collected in 2024 is now available.

The Securities and Exchange Commission issued a final rule effective on September 5, 2023, relating to cybersecurity risk management, strategy, governance, and incidents by public companies that are subject to reporting requirements under the Securities Exchange Act.

The CFPB has released a new Supervisory Highlights report which found unfair, deceptive, and abusive acts or practices across many consumer financial products.

The FFIEC has released updates to six sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual not to be interpreted as new instructions or increased focus on certain areas; instead, they offer further transparency into the examination process and support risk-focused examination work.