On Sept. 19, 2023, the Consumer Financial Protection Bureau (CFPB) issued Consumer Financial Protection Circular 2023-03 on the proper usage of adverse action forms when using artificial intelligence (AI). The communication answered many common quest...

For financial institutions, interest rate risk is a critical part of doing business, so it’s important for your institution to properly monitor it and take necessary steps to control it. The “right” level of risk depends on several factors, inc...

On Sept. 8, 2023, the United States District Court Eastern District of Texas ruled the Consumer Financial Protection Bureau (CFPB) and its director, Rohit Chopra, exceeded its discretion when it announced it considers discrimination to be an Unf...

On Aug. 28, 2023, the U.S. Department of Justice announced a consent order with American Bank of Oklahoma for redlining discrimination in Tulsa, Okla. Redlining is when lenders avoid providing credit services to individuals living in certain communit...

Before financial institutions were focused on the current expected credit losses (CECL) for calculating the allowance for loan losses, updated lease accounting rules were adopted in 2022. Issued by the Financial Accounting Standards Board (FASB) in 2...

On Aug. 17, 2023, the Consumer Financial Protection Bureau (CFPB) issued a $1.75 million penalty against Freedom Mortgage Corporation (Freedom) for providing illegal incentives and kickbacks to real estate agents and brokers. The 27-page consent orde...

On July 24, 2023, the Office of the Comptroller of the Currency (OCC) issued a $15 million civil money penalty against American Express National Bank located in Sandy, Utah, for violating regulatory requirements pertaining to small business custom...

Over the past couple of months, the Small Business Administration (SBA) has introduced three new standard operating procedures (SOPs) impacting small business lenders. With all three taking effect Aug. 1, 2023, it’s important for you to remain dili...