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Final CRA Rule to Modernize Regulations
The joint agencies finally issued the final CRA rule to modernize regulations implementing the community reinvestment act. To bankers, the most important aspect of this rule might be that it solidified consistency between the agencies. As background, in 2020 the OCC...
CFPB Enforcement of Dodd-Frank 1071
On Monday, a federal judge granted an injunction against the CFPB’s enforcement of Dodd-Frank’s 1071 Rule. The basis that the funding of the CFPB is not constitutional, which is currently being litigated in a separate case. What this means is that the rule will be...
State-Level Telephone Consumer Protection Act (TCPA) Requirements Generally Stricter
While most Compliance Officers think of the FCC when they think about TCPA, there are a handful of states that have enacted their own mini-TCPA laws and regulations. These state-level requirements for TCPA are generally stricter than federal requirements and center...
Use of AI and Chatbots
Keeping up with changes in regulations and guidance can be a difficult task for a new compliance professional, especially in smaller institutions that don’t have a large compliance department. It can be difficult reading through new regulations and guidance to figure...
NPRM for Residential AVMs
Several regulatory agencies on June 1st issued a Notice of Proposed Rulemaking (NPRM) and request for public comment regarding Automated Valuation Models (AVMs) used in residential lending -- by mortgage originators and secondary market issuers. The NPRM is specific...
Fair Lending Risk Exceptions
Assume you’re a Fair Lending Officer in the 2nd line of defense in a large community bank (between $5 billion and $9 billion in assets for the purposes of this article). You heard at a recent conference that some of your peers are reviewing residential mortgage loans...