CFPB: Advisory Opinion on Coverage of Fair Lending Laws Issued

Equal Credit Opportunity Act continues to protect borrowers after they have applied for and received credit Today, the Consumer Financial Protection Bureau (CFPB) published an advisory opinion to affirm that the Equal Credit Opportunity Act (ECOA)—a landmark federal civil rights law protecting individuals and businesses against discrimination in accessing and […]

CFPB: Agency Invokes Dormant Authority to Examine Nonbank Companies Posing Risks to Consumers

Bureau Seeks Comment on Updated Procedures The Consumer Financial Protection Bureau (CFPB) announced that it is invoking a largely unused legal provision to examine nonbank financial companies that pose risks to consumers. The CFPB believes that utilizing this dormant authority will help protect consumers and level the playing field between […]

OCC: FFIEC’s 2022 “A Guide to HMDA Reporting: Getting It Right!” Released

The Office of the Comptroller of the Currency (OCC) is announcing the issuance of the Federal Financial Institutions Examination Council’s (FFIEC) revised “A Guide to HMDA Reporting: Getting It Right!” (2022 guide). The 2022 guide provides resources to help banks1 comply with the Home Mortgage Disclosure Act (HMDA) and Regulation C, […]

CFPB: 2021 HMDA Data on Mortgage Lending Now Available

The Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2021 are now available on the Federal Financial Institutions Examination Council’s HMDA Platform for approximately 4,316 HMDA filers. The published data contain loan-level information filed by financial institutions, modified to protect consumer privacy. To increase public accessibility, […]

CFPB: Supervisory Guidance Updated to Target Unfair Discrimination in Consumer Finance

Discrimination or improper exclusion can trigger liability under ban on unfair acts and practices Today the Consumer Financial Protection Bureau (CFPB) announced changes to its supervisory operations to better protect families and communities from illegal discrimination, including in situations where fair lending laws may not apply. In the course of […]

Interagency Statment Released on Special Purpose Credit Programs Under ECOA and Regulation B

The Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), the Consumer Financial Protection Bureau (CFPB or Bureau), the Department of Housing and Urban Development (HUD), the Department of […]

OCC: Bulletin Issued on Revised Interagency Examination Procedures for HMDA

The Office of the Comptroller of the Currency (OCC) today issued the revised interagency Home Mortgage Disclosure Act (HMDA)1examination procedures for determining compliance with HMDA and its implementing regulations. Rescission This bulletin rescinds OCC Bulletin 2010-8, “Compliance Policy: Revised Home Mortgage Disclosure Act Examination Procedures.” OCC Bulletin 2019-19, “Home Mortgage […]

CFPB: Report Issued Highlighting Supervisory Findings of Wide-Ranging Violations of Law in 2021

Examiners found violations in areas including mortgage servicing, fair lending, payday, and remittances The Consumer Financial Protection Bureau (CFPB) today issued a Supervisory Highlights report, which shines a light on legal violations identified by the CFPB’s examinations in the first half of 2021. The report also highlights prior CFPB supervisory […]

CFPB: Input Requested on Detecting Discrimination in Mortgage Lending

Insights gathered will support a fairer mortgage market Today, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) to seek input on rules implementing the Home Mortgage Disclosure Act (HMDA). The CFPB plans to review recent changes to the rule and evaluate their effectiveness. This evaluation will […]