Compliance NewsHub
Federal Legislation

The CFPB is seeking public comments about debt that workers take on to pay for trainings, equipment, or other items or services required by their employer.

DS News--Eric C. Peck

The U.S. House of Representatives passed HR 2543, The Financial Services Racial Equity, Inclusion, and Economic Justice Act, by a vote of 215-207 to increase equity and inclusion in financial services.

The CFPB is requesting public input on providing customers the ability to assert their big bank customer service rights and the obstacles that can prevent people from receiving high standards of customer service and high-quality human interactions with their banks or credit unions.

An FFIEC press release indicates that 2021 data reported under the Home Mortgage Disclosure Act (HMDA) is now available.

DS News - Kyle G. Horst

The Federal Reserve raises the average interest rate by three-quarters of a point.

Reverse Mortgage Daily - Chris Clow

The Financial Crimes Enforcement Network (FinCEN) has issued a bulletin warning financial institutions of the increased occurrences of elder financial abuse through theft and scams.

The CFPB has provided flyers on the Homeowner Assistance Fund programs for borrowers that mortgage servicers may voluntarily provide to borrowers and are available in 7 languages.

DS News - Eric C. Peck

The Federal Housing Finance Agency (FHFA) has publicized its association with the Network of Central Banks and Supervisors for Greening the Financial System (NGFS).

DS News - Kyle G. Horst

The CFPB cautions the mortgage industry about Black-Box-Lending models.

The CFPB confirmed that federal anti-discrimination law requires companies to explain to applicants the specific reasons an application for credit was denied or had other adverse actions, even if the creditor is relying on credit models using complex algorithms.

Ballard Spahr, LLP--Michael Gordon

The CFPB has issued a new interpretive rule authorizing state attorneys general and state regulators to enforce the Consumer Financial Protection Act.

The Office of the Comptroller of the Currency (OCC) released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the third and fourth quarters of 2022.