Compliance Action, Volume 25, Number 9

CFPB
Qualified Mortgages: Final Amendments

By Nancy Castiglione, CRCM

The CFPB wrapped up 2020 finalizing two Regulation Z amendments impacting the scope and definition of Qualified Mortgages.

Action Training
Thresholds and Exemption Levels

By Nancy Castiglione, CRCM

The CFPB has updated some more of the thresholds and exemption levels that should be included in your 2021 procedures and training.

Penalties
Updated Penalties for 2021

By Nancy Castiglione, CRCM

Regulators have issued updated penalty amounts for 2021.

Compliance Calendar

Editorial
Limited English Proficiency: An Evolving Evolution

By Nancy Castiglione, CRCM

The CFPB has issued a statement outlining compliance principles and guidelines that financial institutions can follow when they promote and offer financial products and services to consumers with limited English proficiency.

Compliance Notes

• ECOA Special Purpose Credit Program Advisory Opinion
• New SAR Q&A’s Issued
• OMB Proposing Changes to the Definition of MSA
• USDA Issues Final Rule for Establishment of a Domestic Hemp Production Program
• Regulatory Freeze Memorandum to Executive Departments and Agencies

CFPB
How the CFPB Uses Your Confidential Information

By Nancy Castiglione, CRCM

The CFPB's updated Disclosure of Records and Information Regulation outlines the agency’s policies and procedures for disclosing confidential information (including consumer complaints) about supervised institutions.

Compliance Online
Federal LEP Website