Small Business Administration (SBA) lenders are required to comply with a long list of regulations set by the SBA. If you are a financial institution, you already know all too well the importance behind Bank Secrecy Act (BSA) compliance. However, if ...

On Nov. 28, 2023, the Consumer Financial Protection Bureau (CFPB) issued a $12 million Consent Order against Bank of America (BOA) for Home Mortgage Disclosure Act (HMDA) violations. BOA, with $2.5 trillion in assets, has over 4,500 loan officers and...

On Oct. 26, 2023, the U.S. District Court for the Southern District of Texas extended an existing injunction against the Consumer Financial Protection Bureau (CFPB) from implementing and enforcing Section 1071 of the Dodd-Frank Act (Regulation B Smal...

On Oct. 19, 2023, the Consumer Financial Protection Bureau (CFPB) and the Financial Crimes Enforcement Network (FinCEN) each issued separate Notices of Proposed Rulemakings. The FinCEN’s 80-page proposal would require financial institutions to impl...

On Oct. 12, 2023, the Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) issued a joint statement reminding financial institutions that reliance on immigration status to deny credit to immigrant consumers and owners of sm...

On Oct. 11, 2023, the Consumer Financial Protection Bureau (CFPB) issued its second Supervisory Highlights this year providing an update on the CFPB’s efforts to curb junk fees. The agency’s initiative has resulted in financial institutions refun...

On Oct. 10, 2023, the Consumer Financial Protection Bureau (CFPB) announced it filed a lawsuit against Freedom Mortgage Corporation (Freedom), a large mortgage lender and servicer, for violating the Home Mortgage Disclosure Act (HMDA) and a 2019 CFPB...

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...