March 10

Recent Compliance Issues: 2/7/14 – 2/20/14

1. Wells Fargo announced that it would continue dealer-reserve pricing in its indirect automobile lending operation. Such an approach is a ready-made fair lending red flag that has been in regulator’s cross hairs for some time. Our staff has reviewed indirect lending programs at a variety of institutions and analyzed interest rate overages to ensure.

February 27

Recent Compliance Issues: 1/24/14 – 2/6/14

1) The Consumer Financial Protection Bureau (CFPB) recently issued a report highlighting problems such as unfair and deceptive practices in the mortgage servicing market uncovered through the Bureau’s supervision program in 2013. Mortgage servicing practices that harm consumers are a key priority and the CFPB is ready to take action. These issues come about under.

February 13

Recent Compliance Issues: 12/27/13 – 1/9/14

On Monday, Jan. 6, the CFPB, in response to the mortgage rules that took effect Jan. 10, developed a “fact vs. fiction guide” regarding the new Ability-to-Repay (ATR) and Qualified Mortgage (QM) standards. This document is intended to aid institutions with interpreting the rules and helping to dispel some of the most common misconceptions about.

February 13

Recent Compliance Issues: 1/10/14 – 1/23/14

Effective January 18, 2014, new appraisal rules kick in under Regulation B (Equal Credit Opportunity Act) requiring creditors to notify loan applicants of the availability, and automatically provide copies, of any appraisal done as part of the underwriting process. These include any internal valuation assessments or the results from on-line automated valuation models (AVM). Are.

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