Mortgage Lending Rule Modifications from Passing of Act 2155 Act 2155, Economic Growth, Regulatory Relief and Consumer Protection Act, was passed by the United State House of Representative on May 22, 2018. This Act modifies provisions of the Dodd Frank …
Mortgage Lending Rule Modifications from Passing of Act 2155 Natalie Reifsneider
Passing of Act 2155 Creates Volcker Rule Exemption Prior to the passing of Act 2155 – Economic Growth, Regulatory Relief and Consumer Protection Act on May 22, 2018 all banks were subject to prohibitions on propriety trading. Proprietary trading is …
Natalie Reifsneider Passing of Act 2155 Creates Volcker Rule Exemption
TRID: Black Hole Amendment The Consumer Financial Protection Bureau (CFPB) finalized an amendment in April 2018 regarding its “Know Before You Owe” rule known as the “black hole.” The “black hole” refers to the conflicting timing requirement for the Loan …
CDD/ Beneficiary Ownership – CD (Renewal) Dilemma Until April 3rd, institutions were allowed to risk-rate “triggering events” that would stimulate the new beneficial ownership certification. At the 11th hour, FinCEN published its beneficial ownership FAQ and sent the banking world …
CDD/ Beneficiary Ownership – CD (Renewal) Dilemma Evelyn I. Dehmey
Whistleblower Program Revisited On February 21, 2018, the verdict in Digital Realty Trust, Inc. v. Somers limited the definition of a whistleblower under the Dodd-Frank Act. The wrongful termination suit was filed by Paul Somers, subsequent to his internal reporting …
Does a Creditor Need to Share Closing Disclosures with Third Parties? Often times as a settlement is coming down to the wire, there are pressures to share the Closing Disclosure with a realtor or broker involved in the transaction. Why …
Does a Creditor Need to Share Closing Disclosures with Third Parties Evelyn I. Dehmey
Credit Reports and Public Records As a result of a settlement between the three national consumer credit reporting companies and 30 state attorneys general (National Consumer Assistance Plan or NCAP), the credit bureaus were required to increase the accuracy of …
Cyber Insurance: FFIEC Guidance and the Role in Risk Management The Federal Financial Institutions Examination Council (FFIEC) issued guidance for financial institutions to consider if they are determining whether to use insurance as a component of their risk management programs. …
Cyber Insurance: FFIEC Guidance and the Role in Risk Management Jeffrey J. Johns
Impact of HMDA Changes to CRA Exams On November 24, 2017 the agencies issued revisions to Regulation BB – Community Reinvestment Act – to bring consistency between HMDA and CRA definitions. The past CRA definition for a Mortgage Loan was …
Don’t Let the Finer Points of Beneficial Ownership Procedures Slip Through the Cracks With the May 11th effective date for compliance with the final CDD rule looming, much focus has been placed on whether financial institutions will be ready with …
Don’t Let the Finer Points of Beneficial Ownership Procedures Slip Through the Cracks Julie J. Mixtacki