One early indicator of hot compliance topics are the subjects discussed by the Consumer Advisory Council. The CAC committees have planned some interesting topics for their next meeting. Housing costs are a high level concern. One issue that will be debated is what forces affect the availability of affordable housing to people with less than 80% MFI. The affordable housing committee will also be looking at products, such as low- or no-down payment, that were designed to meet these needs. Once touted as a solution, these products have become controversial.
Other credit concerns include the foreclosure rate, home-ownership without land ownership, use of credit scores, and loan pricing as revealed by HMDA. Mortgage servicing practices will also be reviewed. In the area of sub-prime or predatory lending, the CAC will look closely at payday lending practices, especially internet payday lending.
Issues on the deposit side include appropriate documentation requirements for customer identification, information security, and financial literacy. The deposit delivery sub-committee will also look at payment methods, and regulatory differences or gaps.
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