Discrimination and Bias in Residential Lending
The Importance of Assessment Areas
March 31, 2023- U.S. Senator Catherine Cortez Masto (D-Nev.) introduced the Financial Compensation for CFPB Whistleblowers Act to authorize the Consumer Financial Protection Bureau (CFPB) to award financial compensation to...more
On March 20, the CFPB announced the release of the 2022 HMDA modified loan application register (LAR) data. The LAR data, available on the Federal Financial Institutions Examination Council’s HMDA platform, contains modified...more
Like most industries today, Consumer Finance Services businesses continue to be significantly impacted by COVID-19. To help you keep abreast of relevant activities, below find a breakdown of some of the biggest legislative...more
Federal Agencies- Federal Reserve Bank of New York - Business Leaders Survey - June 16, 2022- The Federal Reserve Bank of New York released the June 2022 Business Leaders Survey....more
As our colleagues from the Consumer Financial Services Group reported on August 11, the Federal Financial Institutions Examination Council (FFIEC) issued guidance titled “Authentication and Access to Financial Institution...more
Senators Inquire about CFPB’s Fintech Agenda - On July 27, 2021, Senator Sherrod Brown, the Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to the Consumer Financial Protection...more
In This Issue. The Federal Deposit Insurance Corporation (FDIC) is seeking information and comment regarding the FDIC’s supervisory approach to examinations during the pandemic; the FDIC’s tech lab, FIDTECH, announced a “tech...more
On August 11, 2021, the Federal Financial Institutions Examination Council (FFIEC) issued new guidance, titled “Authentication and Access to Financial Institution Services and Systems” (“Guidance”), which provides examples of...more
In This Issue. In a move that gives him the opportunity to put his stamp on housing policy and the potential overhaul of Fannie Mae and Freddie Mac, President Biden replaced the Director of the Federal Housing Finance Agency...more
In This Issue. The Securities and Exchange Commission (SEC) adopted amendments to its exemptive applications procedures under the Investment Company Act of 1940, as amended (the 1940 Act) and proposed to amend Form 13F to...more
Addressing the Evolving Risks - Warren Buffett said that “only when the tide goes out do you discover who’s been swimming naked.” Buffett was not talking about compliance programs in a time of crisis, but his wisdom applies...more
Over the past two weeks, we have received numerous inquiries from financial institutions on what actions should be taken or considered to address the COVID-19/Coronavirus pandemic. While every bank is different and the...more
In This Issue. The Federal Deposit Insurance Corporation (FDIC) released a new guide to help financial technology companies and others partner with banks; the Financial Industry Regulatory Authority (FINRA) announced that it...more
The FDIC and OCC have issued new guidance for banks on heightened cybersecurity risks facing the financial services industry because of increased geopolitical tensions and threats of aggression. The guidance published on...more
On August 28, 2019, the Federal Financial Institutions Examination Council (FFIEC) issued a press release encouraging organizations to utilize a standardized approach to assess and improve cybersecurity preparedness. ...more
This survey summarizes several recent developments affecting bank deposits and payment systems. The U.S. department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued new guidance concerning the customer...more
Organizations of all types are increasingly subject to data theft and loss, whether the asset is customer information, intellectual property, or sensitive company files. The federal government and, thus, its private...more
On April 10, the Federal Financial Institutions Examination Council (FFIEC) members issued a joint statement discussing cyber insurance and its potential role in the risk management programs of financial institutions. ...more
The Federal Financial Institutions Examination Council (FFIEC) has issued a joint statement providing guidance for financial institutions about the role of cyber insurance in risk management of informational technology...more
Federal regulatory agencies, acting through the Federal Financial Institutions Examination Council (FFIEC), have issued guidance for financial institutions about the role of cyber insurance in risk management of information...more
The Federal Financial Institutions Examination Council (“FFIEC”) (an entity consisting of all the federal financial institution regulators and five state regulators) issued a Statement to provide awareness of the potential...more
Banks’ boards of directors must, among other things, understand the risks associated with existing and planned IT operations, monitor risk management, and work with senior bank managers on strategic technology planning. See...more
Throughout the past several years, data privacy and security practices have evolved into more than just defending against identity theft and protecting sensitive data. In fact, since 2014, to help raise awareness for data...more
In December 2016, Thomas Curry, the Comptroller of the Currency, stated that cybersecurity was the single greatest systemic threat to our financial system. He was not being hyperbolic. Cybersecurity should be on...more
On October 18, 2016, the Federal Financial Institutions Examination Council (FFIEC) issued answers to frequently asked questions (FAQs) to clarify points in FFEIC’s Cybersecurity Assessment Tool (Assessment). FFIEC released...more