So, if this article looks familiar, that’s because we sent out a similar version in the past three years and there can still be some confusion as some institutions are open and some are closed. On June 17, 2021, the US got its first national holiday in 38 years. June 19 has been designated as […]
A New Federal Holiday and an Old Federal Holiday – Alleviate The Confusion Read More »
The Supreme Court released their decision in the Consumer Financial Protection Bureau v. Community Financial Services Assn. of America, Ltd. case, which was brought to challenge the funding of the CFPB as inconsistent with the Appropriations Clause. The challengers argued that this funding mechanism violated the appropriations clause, which provides that “no money shall be
CFPB Funding Mechanism Determined Valid Read More »
When Regulation CC was updated back in 2019, one of the changes attached the dollar amounts to be made available to adjust every five years based on changes to the Consumer Price Index (CPI-W) similar to annual changes in Regulations M and Z, rounded to the nearest $25. Well, that far-off five-year timeframe has arrived.
Regulation CC Updates Coming in 2025 Read More »
Examiners are more carefully scrutinizing banks’ lending penetration in low- and moderate-income census tracts for CRA and in substantially minority census tracts for Fair Lending in banks’ designated assessment areas. Examiners also expect banks to demonstrate a thorough understanding of their lending patterns. For example, they analyze HMDA loan data and Small Business/Small Farm loan
Mitigate Risk: Understand Your Lending Patterns Read More »
As we continue to move forward into 2024, we wanted to take the time to share some tips regarding our Regulatory Compliance Manager (RCM) hotline and article accessibility. We want to ensure that all of our RCM clients have the best experience possible regarding these services. Tip #1: Please email all hotline questions to [email protected].
2024 RCM Hotline Helpful Tips Read More »
The annual CRA asset-size thresholds for covered financial institutions were announced by the FDIC and Federal Reserve on December 20, 2023 and by the OCC on December 26, 2023 applicable for 2024. The cutoff adjustments are based on the change in the CPI (Consumer Price Index) for each 12-month period ending in November, rounded to
CRA Asset-size Thresholds Announced for 2024 Read More »
2024 is right around the corner and there are a few provisions everyone needs to keep on their agenda to ensure compliance with the new CRA rules finalized on October 24, 2023. In an effort to help clarify the new rules, TCA reached out to the FDIC in Washington DC. The result of this call
New CRA Provisions Effective as of April 1, 2024 Read More »
On December 18, 2023, the Consumer Financial Protection Bureau (CFPB) amended the Home Mortgage Disclosure Act (Regulation C) and the Truth in Lending Act (Regulation Z), adjusting the asset-size exemption thresholds for banks, savings associations, and credit unions. Like the CRA thresholds, the adjustments are pegged to the annual percentage increase in the Consumer Price
HMDA and HPML Thresholds Bumped Up for 2024 Read More »
On November 13, 2023, the Federal Reserve Board and the Consumer Financial Protection Bureau jointly issued an increase in the exemption thresholds for Regulation Z and Regulation M exemptions, which are tied to the Consumer Price Index (CPI-W) as of June 1. Loans or leases at or below the thresholds are subject to the protections
HPML Appraisal & Regulation Z and Regulation M Exemption Dollar Thresholds for 2024 Read More »
Due to recent events overseas, there has been recent deployment of US troops with potential additional deployment to happen in the future. Interest rates are higher than they have been in the past; the current Prime Rate is at 8.5%. All financial institutions should be prepared for Servicemembers enacting their rights under the Servicemembers Civil
Deployment of Servicemembers Read More »
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