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Top Story Lending Related

05/17/2016

Agencies propose limits on incentive-based compensation

A joint press release from six federal agencies (FDIC, FHFA, FRB, NCUA, OCC, and SEC) invites public comment on a proposed rule that would prohibit incentive-based compensation arrangements that encourage inappropriate risks at covered financial institutions. The deadline for comments on the proposal, which was submitted for publication in the Federal Register, is July 22, 2016. The proposed rules would apply to covered financial institutions with total assets of $1 billion or more. The requirements are tailored based on assets, and covered institutions would be divided into three categories:

  • Level 1: institutions with assets of $250 billion and above;
  • Level 2: institutions with assets of $50 billion to $250 billion; and
  • Level 3: institutions with assets of $1 billion to $50 billion.

Update: The proposed rule was published in the Federal Register at 81 FR 37669 on June 10, 2016.

05/13/2016

Bureau adds TILA-annotated TRID disclosures

The CFPB has added to its offering of blank model disclosure forms for compliance with the TILA-RESPA Integrated Disclosure (TRID) rule a Loan Estimate and a Closing Disclosure, each annotated with citations to the disclosure provisions in the Truth in Lending Act that are referenced in the TRID final rule. The additions can be found on the implementation webpage for the rule.

05/12/2016

Bureau publishes Fair Lending Report

The CFPB published its fourth Fair Lending Report to Congress [81 FR 29533] in this morning's Federal Register, describing the Bureau's fair lending activities in prioritization, supervision, enforcement, rulemaking, research, interagency coordination, and outreach for calendar year 2015.

05/12/2016

CFPB complaint against check casher/payday lender

A federal court complaint has been filed by the Consumer Financial Protection Bureau against All American Check Cashing, Inc. (All American), which offers check cashing and payday loans, for allegedly tricking and trapping consumers. The complaint alleges All American tried to keep consumers from learning how much they would be charged to cash a check and used deceptive tactics to stop consumers from backing out of transactions. It also alleged that All American made deceptive statements about the benefits of its high-cost payday loans and also failed to provide refunds after consumers made overpayments.

All American is headquartered in Madison, Mississippi, and provides check cashing and payday loans at stores in Mississippi, Alabama and Louisiana. The complaint also names Mid-State Finance, Inc., DBA Thrifty Check Advance, and Michael Gray, sole owner of both companies.

05/11/2016

HUD wins Fair Housing case

The U.S. Court of Appeals for the First Circuit has issued a decision upholding a Final Order of the Secretary of Housing and Urban Development following a trial before an administrative law judge who ruled that a condominium association discriminated against a resident with disabilities by refusing to allow him to keep an emotional support animal. In October 2014, HUD found that the Castillo Condominium Association, located in San Juan, Puerto Rico, violated the rights of a homeowner with disabilities by refusing to allow him to keep an emotional support animal as a reasonable accommodation to the Association's "no pets" policy. HUD ordered the Association to pay $20,000 in damages to the victim, who was forced to sell his condominium and find alternative housing as a result of the Association’s discriminatory conduct. HUD also ordered the Association to pay a $16,000 civil penalty. The Association appealed the order to the First Circuit. On May 2, 2016, the Court of Appeals ruled against the Association, affirming HUD's finding that the Association violated the Fair Housing Act, and ordering the Association to pay the damages and penalty.

05/11/2016

Treasury online marketplace lending white paper

The Treasury Department has issued a white paper, “Opportunities and Challenges in Online Marketplace Lending,” following its review of the industry. The white paper provides an overview of what the Treasury Department heard in response to its Request for Information, and it contains research on and recommendations for the industry. A summary of the white paper is included in Treasury's press release.

05/10/2016

OCC adds student lending booklet to Handbook

The OCC's Bulletin 2016-15 announces the addition of the “Student Lending” booklet to the Comptroller's Handbook. The new booklet was prepared for use by OCC examiners in connection with their examination and supervision of national banks and federal savings associations engaged in private student lending. Private student loans are consumer loans offered to borrowers to fund undergraduate, graduate, and other forms of post-secondary education. The booklet addresses the risks in private student lending by banks and in regulatory expectations for safe and sound operations.

05/10/2016

TX debt collector pays $72,000 for FCRA violations

The Federal Trade Commission has announced that Credit Protection Association LP (CPA), a Texas-based debt collection agency, will pay $72,000 in civil penalties and be required to adopt new procedures to settle FTC charges that it violated the requirements of the Fair Credit Reporting Act (FCRA). The FTC filed a complaint alleging that CPA failed to follow the requirements of the FCRA's Furnisher Rule by not having adequate policies and procedures in place to handle consumer disputes regarding information the company provided to credit reporting agencies. The Commission also alleged that CPA did not have a policy requiring notice to consumers of the outcomes of investigations about disputed information and that in numerous instances consumers were not informed whether information they disputed had been corrected. See "Credit Protection Association dealt FCRA penalty," in our Penalty pages, for additional information.

05/09/2016

HUD proposes program amendments for equal access

HUD has published a proposed rule [81 FR 28037] that would amend the regulations for its Native American and Native Hawaiian programs at 24 CFR parts 1000, 1003, and 1005-1007 to incorporate existing rules that require HUD programs to be open to all eligible individuals and families regardless of sexual orientation, gender identity, or marital status. Comments are due by July 8, 2016.

05/09/2016

Bureau: We will clarify TRID rules

CFPB Director Cordray sent a letter late last month to the leadership and members of several industry trade groups reporting that the agency has begun drafting a Notice of Proposed Rulemaking on the TRID rules, with the goal of issuing it in late July. Although the content of the proposal is not yet known, the Director suggested it would likely incorporate some of the Bureau's informal guidance into the regulatory text and commentary "where adjustments would be useful for greater certainty and clarity." Like you, we will be watching for the proposal, and we will report it in our Top Stories and our Daily Compliance Briefing.

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