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CFPB: Lenders Cannot Request Certain Social Security Disability Income Information

(Posted on 11/20/2014 1:23:57 PM)

CFPB: Lenders Cannot Request Certain Social Security Disability Income Information Blog posted by John Zasada   The Consumer Financial Protection Bureau (CFPB) released a blog posting and bulletin on November 18, 2014, about lenders impermissibly asking for proof regarding the length of time a consumer will continue to receive social security disability income. When someone applies for a mortgage they generally will have to provide income information. However, for those that receive social security disability income, the recipient normally does not have documentation related to how long they expect to continue to receive the income. According to the CFPB, fair lending concerns are raised if a lender requires additional documentation to prove the length of time the benefits are expected to continue, such as a statement from a doctor or a specific description of the disability. Financial institutions should be careful to avoid asking for impermissible documentation pertaining to the expected length of time a consumer will continue to receive social security disability income. Disclaimer  More 

 11/19/2014

CFPB Proposes Giving Consumers More Prepaid Product Protections  (Posted on 11/19/2014 11:33:50 AM)
 

CFPB Proposes Giving Consumers More Prepaid Product Protections Blog posted by John Zasada The Consumer Financial Protection Bureau (CFPB) issued a proposal on November 13, 2014, providing consumers with several new “protections” related to the prepaid product market. Under the proposal, the Electronic Fund Transfer Act (Regulation E) would be amended to include these additional protections. Prepaid accounts would be treated similar to how share draft/checking accounts are currently treated. Additional protections for prepaid products would include: Error resolution procedures Periodic statements or online access to account information, including balances and fees Lost card and fraud protection Consumers would also receive new upfront disclosures, including costs and fees. Prepaid account issuers would have to post prepaid account agreements on their websites. Disclaimer  

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 11/12/2014

FinCEN Outlines Rules on Providing Banking Services to MSBs  (Posted on 11/12/2014 3:09:09 PM)
 

FinCEN Outlines Rules on Providing Banking Services to MSBs Blog posted by John Zasada The Financial Crimes Enforcement Network (FinCEN) issued a statement on November 10, 2014, regarding money services businesses (MSBs) losing access to banking services. FinCEN believes financial institutions are terminating MSB accounts due in part to the perceived high risk they pose to financial institutions. Over the past several years FinCEN has periodically taken steps to address Bank Secrecy Act (BSA) risks posed by MSBs. According to FinCEN, MSBs pose a varying degree of BSA risk and not all MSBs are high risk. FinCEN expects financial institutions to assess the risk of each individual MSB and not make a blanket prohibition on doing business with all MSBs. It is important for financial institutions to provide sufficient due diligence upfront at the account opening to understand its risks, and then provide ongoing due diligence over the life of the account relationship. FinCEN expects financial institutions to treat MSBs on a case-by-case basis based on risk. Disclaimer

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 10/28/2014

Proposed Changes to Flood Insurance Rules for Financial Institutions  (Posted on 10/28/2014 12:45:36 PM)
 

Proposed Changes to Flood Insurance Rules for Financial Institutions Blog posted by John Zasada  Five federal regulatory agencies, including the National Credit Union Administration, issued a joint notice of proposed rulemaking to change the flood insurance rules. The October 24, 2014, proposal

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 10/23/2014

New CFPB Rule Permits Annual Online Privacy Notices  (Posted on 10/23/2014 1:52:25 PM)
 

New CFPB Rule Permits Annual Online Privacy Notices Blog posted by John Zasada  On October 17, 2014, the Consumer Financial Protection Bureau (CFPB) issued a final rule permitting financial institutions to post annual privacy notices online in certain circumstances. Financial institutions, including

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 10/14/2014

CFPB Proposes Two Amendments to Integrated Mortgage Disclosure Rules  (Posted on 10/14/2014 1:28:56 PM)
 

CFPB Proposes Two Amendments to Integrated Mortgage Disclosure Rules Blog posted by John Zasada  On October 10, the Consumer Financial Protection Bureau (CFPB) issued proposed amendments to its Truth in Lending Real Estate Settlement Procedures Act integrated mortgage disclosure rule (mortgage rule).

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 10/01/2014

CFPB Penalizes Bank for New Mortgage Servicing Rule Violations  (Posted on 10/1/2014 11:05:56 AM)
 

CFPB Penalizes Bank for New Mortgage Servicing Rule Violations Blog posted by John Zasada  On September 29 the Consumer Financial Protection Bureau (CFPB) announced that it took action against Flagstar Bank for violations related to the new mortgage servicing rules. The CFPB

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 09/08/2014

Legge Talks Bitcoin Basics for Credit Unions  (Posted on 9/8/2014 10:17:22 AM)
 

Legge Talks Bitcoin Basics for Credit Unions David Legge, financial institutions principal with CliftonLarsonAllen, authored a two part article on bitcoin for the Credit Union Times. Part 1Part 2  Disclaimer 

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 08/12/2014

FinCEN Issues Advisory on Culture of BSA/AML Compliance  (Posted on 8/12/2014 12:28:37 PM)
 

FinCEN Issues Advisory on Culture of BSA AML Compliance Blog posted by John Zasada On August 11, 2014, the Financial Crimes Enforcement Network (FinCEN) issued Advisory FIN 2014 A007, which highlights the importance of financial institutions instituting and maintaining a

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 08/06/2014

CliftonLarsonAllen Acquires PKC Consulting  (Posted on 8/6/2014 12:36:46 PM)
 

CliftonLarsonAllen Acquires PKC Consulting CliftonLarsonAllen (CLA), a national certified public accounting and consulting firm, announced on August 1, 2014, that it has acquired PKC Consulting, a La Crosse, Wisconsin, consulting, accounting and tax services firm. “PKC Consulting has garnered a

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 07/22/2014

CFPB Proposes Expanding Complaint Policy Statements  (Posted on 7/22/2014 2:23:01 PM)
 

CFPB Proposes Expanding Complaint Policy Statements Blog posted by John Zasada  On July 16, 2014, the Consumer Financial Protection Bureau (CFPB) issued a proposed policy statement on its consumer complaint database. Currently, when consumers submit a complaint to the CPFB, the

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 04/01/2014

CFPB Releases TILA-RESPA Integrated Disclosures Small Entity Compliance Guide  (Posted on 4/1/2014 1:01:38 PM)
 

CFPB Releases TILA-RESPA Integrated Disclosures Small Entity Compliance Guide Blog posted by John Zasada   Sixteen months before the rule goes into effect August 1, 2015, the Consumer Financial Protection Bureau (CFPB) released the  small entity compliance guide  for the Truth in Lending Act and Real Estat

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 02/18/2014

FinCEN Releases Bank Secrecy Act Guidance on Marijuana-Related Businesses  (Posted on 2/18/2014 11:02:45 AM)
 

FinCEN Releases Bank Secrecy Act Guidance on Marijuana Related Businesses Blog posted by John Zasada  On February 14, 2014, the Financial Crimes Enforcement Network (FinCEN) issued guidance on Bank Secrecy Act (BSA) expectations for marijuana related businesses. The seven page guidance

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 02/11/2014

Significant Home Mortgage Disclosure Act Changes Are Coming  (Posted on 2/11/2014 10:10:42 AM)
 

Significant Home Mortgage Disclosure Act Changes Are Coming Blog posted by John Zasada  In yet another sign of significant impending changes to the Home Mortgage Disclosure Act (HMDA) requirements, the Consumer Financial Protection Bureau’s (CFPB) director recently commented on the

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 01/08/2014

FinCEN Fines JPMorgan $461 Million for BSA Violations  (Posted on 1/8/2014 10:44:22 AM)
 

FinCEN Fines JPMorgan $461 Million for BSA Violations Blog posted by John Zasada  In a January 7, 2014, news release, the Financial Crimes Enforcement Network (FinCEN) announced that they have fined J.P.Morgan Chase Bank, N.A. (JPMorgan) $461 million for violating the

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 12/27/2013

More Financial Institutions Facing Discriminatory Pricing Penalties  (Posted on 12/27/2013 10:51:13 AM)
 

More Financial Institutions Facing Discriminatory Pricing Penalties Blog posted by John Zasada  We are continuing to see financial institutions assessed penalties for lending discrimination. On December 20, 2013, it was announced that Ally Bank must pay $80 million in damages and $18

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 12/26/2013

Agencies Issue Statement on Examiner Expectations for QM and Non-QM Loans  (Posted on 12/26/2013 1:09:45 PM)
 

Agencies Issue Statement on Examiner Expectations for QM and Non QM Loans Blog posted by John Zasada  On December 13, 2013, federal financial institution regulatory agencies, including the National Credit Union Administration (NCUA), issued a statement regarding examiner expectations for qualified and

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 12/18/2013

Final Rule Issued Exempting Some HPML Loans From Appraisal Requirements  (Posted on 12/18/2013 11:39:40 AM)
 

Final Rule Issued Exempting Some HPML Loans From Appraisal Requirements Blog posted by John Zasada  On December 12, 2013, the federal financial regulatory agencies, including the National Credit Union Administration (NCUA), issued a final rule creating exemptions from appraisal requirements for some

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 12/12/2013

FASB and IASB Aim to Issue New Standard for CECL Model in 2014  (Posted on 12/12/2013 2:58:55 PM)
 

FASB and IASB Aim to Issue New Standard for CECL Model in 2014 Blog posted by Todd Sprang  Based on the remarks of Financial Accounting Standards Board (FASB) Technical Director Susan Cosper at the AICPA SEC conference, it appears as

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 11/22/2013

CFPB Issues Mortgage Disclosures Final Rule  (Posted on 11/22/2013 12:54:04 PM)
 

CFPB Issues Mortgage Disclosures Final Rule Blog posted by John Zasada On November 20, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited final rule combining the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) mortgage disclosures. The final rule is almos

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