Mortgage Borrowers Can Challenge Inaccurate Appraisals Through The Reconsideration of Value Process
The CFPB discussed this subject in an article on October 9, 2022, on the CFPB website.
The ThreatAdvice Blog
Cybersecurity news, trends, tips, and more from our expert team.
Fair Lending Program Areas For Considerations | Threatadvice
Fair Lending continues to be at the top of the list for all regulatory examinations. As a result, a financial institution’s fair lending program should consider the following areas to avoid potential...
Beneficial Ownership Information Reporting Rule
On September 29, 2022, the Financial Crimes Enforcement Network (FinCEN) issued a final rule implementing the bipartisan Corporate Transparency Act’s (CTA) beneficial ownership information (BOI)...
Supervisory Guidance on Multiple Re-Presentment NSF Fees
On August 18, 2022, in FIL-40-2021 the FDIC issued guidance to FDIC-supervised institutions to address certain consumer compliance risks associated with assessing multiple non-sufficient funds (NSF)...
Insufficient Security for Sensitive Consumer Data
In CFPB Consumer Financial Protection Circular 2022 the CFPB addressed whether entities can violate the prohibition on unfair acts or practices in the Consumer Financial Protection Act (CFPA) when...
Why a breach prevention platform should be part of your security stack
While technology has undoubtedly made life easier in 2022, it has also given cyber criminals many new opportunities to attempt to access sensitive information from businesses and consumers. The risk...
Fundamentals of Funds Availability | ThreatAdvice
In 1987, Congress enacted the Expedited Funds Availability Act. It defines when financial institutions are required to make deposited funds available to their customers. The Act was passed because a...
Computer Security Incident Notification Requirements
The Office of the Comptroller of the Currency (OCC), Treasury; the Board of Governors of the Federal Reserve System (Board); and the Federal Deposit Insurance Corporation (FDIC) on November 23, 2021...
Permissible Purposes for Furnishing, Using & Obtaining Consumer Reports
On July 7, 2022, the Consumer Financial Protection Bureau (Bureau) issued an advisory opinion to outline certain obligations of consumer reporting agencies and consumer report users under section 604...
FDIC Most Frequently Cited Violations | ThreatAdvice
The FDIC Consumer Compliance Highlights for March 2022 summarized most frequently cited violations cited by FDIC consumer compliance examiners during 2021. Unfortunately, most frequently cited...
CFPB Issues Advisory Opinion on Coverage of Fair Lending Laws
No matter where you look, the constant theme of Fair Lending prevails. On May 9, 2022, the Consumer Financial Protection Bureau (CFPB) published an advisory opinion to affirm that the Equal Credit...
Mortgage Origination - Regulation Z Violations
Violations of Regulation Z noted in Issue 26 of the Spring 2022 Consumer Financial Protection Bureau (CFPB) Supervisory Insights based on examination findings included the following.Compensating loan...