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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...
SCRA – Who is a Servicemember
SCRA – Who is a Servicemember? If asked “Who is a Servicemember?” most compliance professionals might go the citation (50 USC 3911(1)) and read the definition of a Servicemember. Alternately, a compliance professional might say “We just query the Department of Defense...