Weekly Rewind...News from Your Regulators

The 2023 CSG Audit calendar is now open!!!

Contact us to schedule your 2023 Regulatory Compliance Reviews. Visit our website at complianceservicesgroup.com or email our Lead Auditor directly at tricia.briggs@complianceservicesgroup.com.

FFIEC HMDA Modified LAR Available

The FFIEC announced that the 2022 HMDA Modified Loan/Application Registers (LAR) are now available. The modified LAR file is available for every financial institution that completed a HMDA data submission in the selected year. The modified LAR data represents the most current HMDA submission made by an institution.

CFPB Takes Action Against Debt Collector

The CFPB took action against a debt collector for: violating a 2015 CFPB order by collecting on unsubstantiated debt, collecting on debt without providing required documentation and disclosures to consumers, suing or threatening legal action against consumers without offering or possessing required documentation, suing to collect on debt outside the statute of limitations, and failing to properly investigate and resolve consumer disputes about the company's credit reporting. If ordered by the court, the collection agency would need to pay at least $12.18 million to consumers harmed by its illegal collection practices, pay a $12 million penalty to the CFPB victims relief fund, and comply with the FDCPA, FCRA, and Regulation V. 


NCUA Updates CECL Tool

The NCUA updated its Simplified CECL Tool for March 2023, to include the incorporation of each credit union’s December 2022 net charge-offs values in its average three-year net charge-off rates, the adjustment of Weighted Average Remaining Maturity (life-of-loan) factors for recent trends, and minor technical enhancements. 

CFPB Amends Credit Card Requirements

The CFPB announced that it is requiring many credit card issuers to report more details about the types of credit card plans they offer on a CFPB survey, with the goal of creating a website for consumers to compare card offerings. Upgrades to the CFPB’s terms of credit card plans survey are designed to increase price competition in the credit card market by allowing people to comparison shop for the best prices and products.

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