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Fair Lending/Responsible Banking
Fair lending principles are embraced by CBA members. Regulatory enforcement, however, is an increasingly complex area of compliance, and has become even more challenging with the intense search at the state and federal levels for 'predatory lending' practices. To encourage self-evaluation, CBA helped establish a privilege for self-testing for fair lending compliance. CBA also is responding to new fair lending guidelines and protecting banks from unnecessary and burdensome small business data collection.
- December 19, 2016On Friday, December 19, 2016, the CFPB released a short statement about its intended fair lending priorities for 2017. The Bureau indicated it plans to focus on redlining, mortgage and student loan servicing, and small business lending. Notably, the statement indicated the Bureau is not going to focus on auto lending and credit cards in the coming year because it has “achieved important progress...December 6, 2016 - 2:00PMPastNovember 29, 2016“Where do we start?” is a question institutions often ask when preparing for an upcoming regulatory exam. This article examines the answer to that question through an operational lens with a focus on how to prepare. It outlines recommended core functions, processes and organizational approaches to achieve exam readiness. www.bridgeforce.comNovember 17, 2016Technology-driven investments require time, resources and budget dollars. Many risks exist that should be carefully weighed throughout the entire implementation process. This article provides key considerations and best practices to employ when selecting and implementing new core loan servicing and risk management systems. www.bridgeforce.comOctober 31, 2016On Monday, October 31, 2016, the CFPB released the 13th edition of its Supervisory Highlights . The report revealed, during the review period, recent confidential supervisory resolution resulted in restitution to over 225,000 consumers totaling approximately $11.3 million. Additionally, the CFPB stated its supervisory activities have either led to or supported two recent public enforcement...October 26, 2016On Wednesday, October 26, 2016, the OCC issued a responsible innovation framework to “improve the agency’s ability to identify, understand, and respond to financial innovation affecting the federal banking system.” A new Office of Innovation, headed by Acting Chief Innovation Officer Beth Knickerbocker, will serve as the OCC’s central point of contact to respond to requests from industry and...October 20, 2016 - 2:00PMPastOctober 18, 2016 - 2:00PMPastOctober 13, 2016 - 2:00PMPastOctober 13, 2016This week, the FDIC issued a press release announcing a meeting of its Advisory Committee on Economic Inclusion has been scheduled for Thursday, October 20, 2016. The group plans to discuss the release and results of the FDIC National Survey of Unbanked and Underbanked Households. Other topics included on the Committee’s agenda include “Initial Lessons from FDIC Youth Savings Pilot,” as well as “...