Archives: 2015

Agencies release annual CRA asset-size threshold adjustments for small and intermediate small institutions

Added on December 22, 2015

The federal bank regulatory agencies today announced the annual adjustment to the asset-size thresholds used to define small bank, small savings association, intermediate small bank, and intermediate small savings association under the Community Reinvestment Act (CRA) regulations. The annual adjustments are required by the CRA rules.  Financial institutions are evaluated under different CRA examination procedures based upon their asset-size classification.  Those meeting the small and intermediate small institution asset-size thresholds are not subject to the reporting requirements applicable to large banks and savings associations. Annual adjustments to these asset-size thresholds are based on the change in the average of the Consumer Price Index for Urban Wage Earners and…

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CFPB Announces Two Annual Threshold Adjustments

Added on December 18, 2015

HMDA Asset-Size Exemption Threshold Unchanged at $44 Million; Higher-Priced Mortgage Loan Escrow Account Exemption Threshold Declines to $2.052 Billion WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued two final rules regarding annual threshold adjustments under the implementing regulations for the Home Mortgage Disclosure Act and the Truth in Lending Act. Home Mortgage Disclosure Act The CFPB issued a final rule regarding the asset-size exemption threshold for banks, savings associations, and credit unions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). HMDA requires that the CFPB adjust this threshold yearly by the annual percentage change in the average of Consumer Price Index for Urban Wage Earners and Clerical Workers…

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Agencies Announce Threshold for Smaller Loan Exemption from Appraisal Requirements for Higher-Priced Mortgage Loans

Added on November 25, 2015

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB), Federal Reserve Board, and Office of the Comptroller of the Currency (OCC) today announced that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans during 2016 will remain $25,500. The threshold amount will be effective January 1, 2016, and is the same threshold that applied in 2015–based on the annual percentage decrease in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) as of June 1, 2015. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 amended the Truth in Lending Act to add special appraisal requirements for higher-priced mortgage loans, including a requirement that creditors obtain a written appraisal…

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CFPB's new rule will shine light on mortgage market practices

Added on October 15, 2015

CFPB's new rule will shine light on mortgage market practices

Today the Consumer Financial Protection Bureau is updating the Home Mortgage Disclosure Act (HMDA) requirements with a new rule that will shine more light on lending practices in America's largest consumer financial market, the mortgage market. HMDA is a statute that provides the public and policymakers with information about the mortgage market and ensures market transparency. HMDA requires many financial institutions to collect, report, and disclose information about their mortgage activity. The original law was enacted by Congress 40 years ago to respond to concerns that some banks may be failing to serve their communities. Everyone in America deserves a fair shot at accessing the American Dream. The Home Mortgage Disclosure Act: Helps to show whether lenders are serving the housing…

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CFPB Takes Action Against Fifth Third Bank for Auto-Lending Discrimination and Illegal Credit Card Practices

Added on September 28, 2015

CFPB Takes Action Against Fifth Third Bank for Auto-Lending Discrimination and Illegal Credit Card Practices

Company to Pay $18 Million to Minority Auto Borrowers, $3 Million to Credit Card Customers

WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) announced two separate actions against Fifth Third Bank, for discriminatory auto loan pricing and for illegal credit card practices. The joint CFPB and Department of Justice (DOJ) auto-lending enforcement action requires Fifth Third to change its pricing and compensation system to minimize the risks of discrimination, and to pay $18 million to harmed African-American and Hispanic borrowers. The CFPB's action against Fifth Third's deceptive marketing of credit card add-on products requires the bank to provide an estimated $3 million in relief to eligible harmed consumers and pay a $500,000 penalty.

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