Five federal agencies, and the state bank and credit union regulators, issued a joint statement last week on managing the transition from LIBOR. The goal of the statement was to ...
The Consumer Financial Protection Bureau (“CFPB”) has revised its Supervision and Examination Manual with new focus on Information Technology (IT). The new IT focused section will identify examination procedures specific ...
The State of Maryland recently enacted legislation revising the way financial institutions determine consumer creditworthiness. Effective October 1, 2021, financial institutions must adhere to rules concerning evaluation of applications. Specifically, ...
New York passed a law that requires banking institutions to pay checks in the order they are received or pay checks from the smallest to largest dollar amount for each ...
After 40 hours of debate, over a four-day period, the House Ways and Means Committee has approved a proposal to be submitted to the House Budget Committee for mark-up. This proposal which ...
On September 1, 2021, the Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking (NPRM) amending Regulation B to implement the small business lending data collection rules in ...
On July 28, 2021, a bill was reintroduced in the Senate titled the "Veterans and Consumers Fair Credit Act." The bill will add a 36% interest rate cap on all ...
August 11, 2021, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae will begin considering rental payment history during its underwriting process. The goal of this expansion is to ...
The Federal Credit Union Act generally places a cap of 15% interest on consumer loans. The Act provides some flexibility allowing establishment of a higher rate under certain circumstances. The ...
On August 8, 2021, the Consumer Financial Protection Bureau issued an interpretive rule aimed at helping the mortgage industry determine how to handle the June 19, 2021 holiday. On June ...