Links in “Agencies”

FHA tells lenders it will not be conducting routine quality control reviews for technical compliance with TILA-RESPA Integrated Disclosure rules until April 16, 2016. [10/20/15]

Amid reports that some vendors were creating obstacles for lenders attempting to comply with the TILA-RESPA Integrated Disclosure rule, CFPB Director Cordray said financial regulators "need to devote greater attention to the unsatisfactory performance of these vendors." [10/20/15]

Used to playing offense, FinCEN finds itself on the defense against two foreign banks that are fighting back against being designated under Section 311 of the USA PATRIOT Act as "primary money-laundering concerns." [10/19/15]

DOJ says fighting cybercrime is one of its highest priorities. Here's what it says it is doing to combat cybercrime. [10/19/15]

OCC hands down two civil money penalties, two formal agreements, and three removals/prohibition orders. On the plus side, three entities saw their enforcement actions terminated. [10/19/15]

The CFPB finalized its HMDA rule aimed at improving information reported about the residential mortgage market. The rule has a five year full implementation phase that begins in earnest in year two (2017) with a reduction in reporting institutions (expanded exemption for small lenders) before 2018 requires a heavy expansion (doubling of data fields) of reported data fields. The new data is aimed at giving phenomenal insights into mortgage lending aspects and will inevitably lead to greater fair lending monitoring. [10/16/15]

U.S. Senator Richard Shelby aka Chairman of the United States Senate Committee on Banking, Housing, and Urban Affairs, spoke actively against the benefits of Dodd-Frank at Harvard Law School. He commented on various flaws with the now 5 year old law including vesting "more authority in unelected, unaccountable bureaucrats," producing "thousands of pages of new, complex regulations and layers of new bureaucracy," and the need to "recognize its flaws and make the necessary changes.” [10/16/15]

Yesterday, the CFPB released its annual report on student loan complaints and the picture it paints is anything but pretty, particularly for private student loan borrowers. The report notes that borrowers with federal loans issued by private lenders claim they run into roadblocks when they try to access income-driven repayment plans. In addition, more than 20% of these borrowers are not making payments or are past due (but not in default) and 95% are not enrolled in any kind of repayment plan. [10/15/15]

The FFIEC has completed a translation of the Bank Secrecy Act/Anti-Money Laundering Examination Manual into Spanish. The manual is available to the public and can be accessed on the FDIC website. [10/15/15]

Following the finalization of the new regulatory capital rule, which was published by the Office of the Comptroller of the Currency (OCC) and went into effect in January of 2015, the OCC is rescinding certain bulletins and Office of Thrift Supervision (OTS) issuances which are now superseded. A list of OCC bulletins and OTS issuances which have been rescinded can be found in Appendix A, located here. [10/14/15]