On August 29, the Financial Crimes Enforcement Center (“FinCEN”) published Anti-Money Laundering Regulations for Residential Real Estate Transfers (“Final Rule”) regarding residential real estate. The Federal Register...more
9/11/2024
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Beneficial Owner ,
BSA/AML ,
Final Rules ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Money Laundering ,
Mortgage Lenders ,
Real Estate Transactions ,
Reporting Requirements ,
Risk Assessment ,
Suspicious Activity Reports (SARs)
In a tentative win for the CFPB, a federal judge in Texas ruled on August 26, 2024, that the agency did not exceed its authority when it issued its final Section 1071 small business lending rule. The court also rejected...more
8/30/2024
/ Administrative Procedure Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Motion to Amend ,
Regulatory Agenda ,
Regulatory Authority ,
Reporting Requirements ,
SCOTUS ,
Section 1071 ,
Small Business
The CFPB issued its final rule, titled the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule, on June 3, 2024. The rule will require certain nonbank entities to register certain covered...more
6/5/2024
/ Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Enforcement Actions ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Nonbank Firms ,
Regulatory Agenda ,
Reporting Requirements
In Mortgagee Letter 2024-10, FHA announced a requirement for FHA approved lenders to notify the U.S. Department of Housing and Urban Development (HUD) of Significant Cybersecurity Incidents. The Mortgagee Letter, which is...more
5/28/2024
/ Consumer Financial Products ,
Cybersecurity ,
Fair Housing Act (FHA) ,
Financial Services Industry ,
HUD ,
Mortgage Lenders ,
Mortgagee Letters ,
Mortgages ,
NIST ,
Personally Identifiable Information ,
Reporting Requirements
On February 16, the Financial Crimes Enforcement Center (“FinCEN”) published a Notice of Proposed Rulemaking (“NPRM”) regarding residential real estate. The final version of the NPRM published in the Federal Register is 47...more
2/23/2024
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Beneficial Owner ,
Broker-Dealer ,
BSA/AML ,
Corporate Transparency Act ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Money Laundering ,
Notice of Proposed Rulemaking (NOPR) ,
NPRM ,
Real Estate Investments ,
Real Estate Transactions ,
Recordkeeping Requirements ,
Reporting Requirements ,
Suspicious Activity Reports (SARs)
We recently reported that a federal district court in Kentucky enjoined the CFPB from implementing the small business data collection and reporting rule, also referred to as the 1071 rule based on the Dodd-Frank section...more
9/19/2023
/ Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
HMDA ,
Lenders ,
Preliminary Injunctions ,
Reporting Requirements ,
Section 1071 ,
Small Business
The Federal Financial Institutions Examination Council (FFIEC) recently announced the release of the 2022 Home Mortgage Disclosure Act (HMDA) data. The CFPB also released a summary of the data....more
On March 30, the Consumer Financial Protection Bureau issued its final rule to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to collect...more
As previously reported, in June 2021 the CFPB announced that it would conduct a voluntary review of the significant amendments to the Home Mortgage Disclosure Act (HMDA) rule adopted in October 2015, most of which became...more
The CFPB recently issued a chart entitled Reportable HMDA Data: A Regulatory and Reporting Overview Reference Chart for HMDA Data Collected in 2023. ...more
In a recent blog post, the CFPB addressed its approach to the court ruling that overturned the part of a CFPB April 2020 Home Mortgage Disclosure Act (HMDA) rule that increased the threshold to report closed-end mortgage...more
The Federal Financial Institutions Examination Council (FFIEC) recently issued the 2021 edition of A Guide to HMDA Reporting (Guide). The Guide addresses the collection and reporting of residential mortgage loan application...more
The CFPB recently announced the public availability of calendar year 2020 residential mortgage loan application data reported under the Home Mortgage Disclosure Act (HMDA). ...more
On August 21, 2020, the CFPB announced the release of the Home Mortgage Disclosure Act (HMDA) Filing Instruction Guide (FIG) for data that must be collected in 2021 and reported in 2022. The CFPB also announced the release of...more
On June 24, 2020, the Federal Financial Institutions Examination Council (FFIEC) announced the release of the 2019 Home Mortgage Disclosure Act (HMDA) data. ...more
The CFPB recently issued a final Home Mortgage Disclosure Act (HMDA) rule to increase the threshold to report closed-end mortgage loans from 25 to 100 originated loans in each of the prior two years, and to increase the...more
The CFPB recently updated its Home Mortgage Disclosure Act (HMDA) FAQs, regarding the reporting of race, ethnicity and sex for applications taken by mail, internet or telephone. ...more
The Federal Financial Institutions Examination Council (FFIEC) recently issued the 2020 edition of the Guide to HMDA Reporting: Getting It Right! (2020 Guide)....more
2/14/2020
/ Closed-End Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
FFIEC ,
Financial Institutions ,
Financial Services Industry ,
HMDA ,
Mortgages ,
Reporting Requirements ,
Threshold Requirements
As previously reported, in October 2019 the CFPB issued a final rule under the Home Mortgage Disclosure Act (HMDA) to...more
1/27/2020
/ Categorical Exemptions ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
HMDA ,
Mortgage Lenders ,
Mortgages ,
Open-Ended Lines of Credit ,
Real Estate Transactions ,
Regulation C ,
Regulatory Oversight ,
Regulatory Requirements ,
Reporting Requirements ,
Rulemaking Process ,
Small Entity Compliance Guide ,
Threshold Requirements
The CFPB recently issued in final form two elements of a May 2019 Home Mortgage Disclosure Act (HMDA) proposed rule. As previously reported, the May 2019 proposal would...more
10/11/2019
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
HMDA ,
Mortgage Lenders ,
Mortgages ,
Open-Ended Lines of Credit ,
Proposed Rules ,
Real Estate Transactions ,
Regulatory Oversight ,
Regulatory Requirements ,
Reporting Requirements ,
Rulemaking Process ,
Threshold Requirements
The CFPB recently issued the 2020 Filing Instructions Guide for Home Mortgage Disclosure Act (HMDA) data. The Guide applies to HMDA data collected in calendar year 2020 that must be reported to the government in 2021....more
As previously reported, late last year the Federal Home Loan Bank of San Francisco (FHLB of San Francisco) announced that it would discontinue publishing the 11th District Weighted Average Cost of Funds Index (COFI) after the...more
The CFPB recently announced that it is reopening the comment period for the May 2019 Home Mortgage Disclosure Act (HMDA) rule proposal. Comments on certain aspects of the proposal, addressed below, are due by October 15,...more
8/1/2019
/ Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
HMDA ,
Mortgage Lenders ,
Mortgages ,
Proposed Rules ,
Real Estate Transactions ,
Regulatory Oversight ,
Reporting Requirements ,
Rulemaking Process
As previously reported, in May 2019 the CFPB issued both a proposed rule to modify the existing Home Mortgage Disclosure Act (HMDA) rule and an advance notice of proposed rulemaking seeking comment on additional potential...more
6/11/2019
/ Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
HMDA ,
Mortgage Lenders ,
Mortgages ,
Proposed Rules ,
Real Estate Transactions ,
Regulatory Oversight ,
Reporting Requirements ,
Rulemaking Process
The CFPB announced the release of the 2019 version of A Guide to HMDA Reporting: Getting it Right. The Guide addresses the collection of data under the Home Mortgage Disclosure Act (HMDA) during 2019 that must be reported in...more