2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
Credit unions will face a complex and busy regulatory compliance environment in 2023. With a major r ...
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2023 Tax Calendar
VIEWpoint Issue 2 | 2022
Inflation Reduction Act: Highlights of Key Changes for You and Yo...
John Zasada, Compliance Consulting Director, Financial Institutions Group
On August 21, 2020, the Consumer Financial Protection Bureau (CFPB) issued a consent order against a mortgage broker for regulatory violations including Regulation Z advertising requirements. The 49-page consent order with Go Direct Lenders, Inc. (Go Direct) describes how many Go Direct mortgage advertisements contained a period of repayment but failed to include required triggered disclosures. For example, Go Direct advertisements sent to about 34,000 consumers in May 2018 advertising a mortgage for a “15-year term in an amount up to $453,100.” Although these advertisements stated the period of repayment, they did not disclose the consumer’s repayment obligations over the full term of the loan. In addition, numerous Go Direct mortgage advertisements for a loan for which more than one interest rate would apply stated a simple annual rate of interest, but failed to state an accurate APR for the loan because the stated APR was not correctly calculated under Regulation Z.
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