Compliance

Rooted in increased regulations and general customer backlash, there is a growing emphasis on collecting consent and ensuring privacy of customer data, especially following enactment of the California Consumer Privacy Act.

Data from the Credit Union National Association indicates the rule has decreased lending and increased costs as institutions work to stay compliant.

Consumer attorneys are filing more Telephone Consumer Protection Act lawsuits than ever and if a piece of follow-up legislation becomes law, the peril to mortgage lenders will grow.

The board- and management-level handing of CRE concentration was the chief concern of FDIC examiners, making up more than 56% of all the supervisory recommendations regulators made in the two-year period.

The two Democrats sent a letter "raising grave concerns about whether the bureau is fulfilling its statutory obligations."

Fitch may use a new Structured Finance Association framework aimed at prioritizing only riskier TRID errors to assign grades to loans sold into residential mortgage-backed securities, reducing rating-related compliance burdens.

Despite assurances by Director Kathy Kraninger that the agency is cracking down on discrimination, it has not filed an enforcement action or sent a Department of Justice referral on a fair-lending violation in two years.

The agency’s director previewed a policy for companies under enforcement action to have their orders terminated if they comply ahead of schedule.

The agency’s director previewed a policy for companies under enforcement action to have their orders terminated if they comply ahead of schedule.

What the initiation of the California Consumer Privacy Act means for the mortgage industry.