Compliance & Legal Updates
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CFPB Warns Against “Unlawful” Legal Terms

06/05/2024
The Consumer Financial Protection Bureau (CFPB) released a circular yesterday emphasizing that banks and service providers “must comply with the prohibition on deceptive acts or practices in the Consumer Financial Protection Act (CFPA)”.

CFPB to Investigate “Junk Fees” In Mortgage Closings

05/31/2024
Yesterday, “The Consumer Financial Protection Bureau (CFPB) launched a public inquiry into junk fees that are increasing mortgage closing costs. The CFPB wants to understand why closing costs are increasing, who is benefiting, and how costs for borrowers and lenders could be lowered.

CFPB Extends 1071 Compliance Deadlines

05/20/2024
The CFPB is extending compliance deadlines for the section 1071 small business lending rule. After the CFPB issued this rule on March 30, 2023, Kentucky banks, the Kentucky Bankers Association and others filed challenges against the rule in federal court and were awarded an injunction.

United States Supreme Court Upholds Funding Structure of CFPB

05/17/2024
Yesterday, the United States Supreme Court ruled 7-2 that the mechanism Congress established to fund the CFPB does not violate the Appropriations Clause of the Constitution. The CFPB receives its funding directly from the Federal Reserve based on a request from the bureau’s director.

FFIEC Releases 2024 HMDA Compliance Guide

05/15/2024
It should be noted that HMDA maps have changed and there are new areas identified as metropolitan statistical areas.

FDIC to Host Seminars for Use of FDIC Logo

05/15/2024
In 2024, the FDIC will host four seminars on the final rule governing use of Official Signs and Advertising Statement, Misrepresentations of Insured Status, and Misuse of FDIC’s Name or Logo for bank staff, bank officers, and other stakeholders. The first seminar will be held via Microsoft (MS) Teams on May 30, 2024

KBA Submits Reg II Comment Letter to Federal Reserve

05/09/2024
The Kentucky Bankers Association (KBA) is extremely concerned about the Federal Reserve’s proposed changes to Regulation II to reduce debit card interchange fees.

Agencies Release Guide for Third -Party Risk Management

05/06/2024
The Federal Reserve, FDIC and OCC released a new guide Friday to "support community banks in managing risk presented by third-party relationships."

HUD Issues Warning on use of AI in Housing Discrimination

05/03/2024
“This guidance from HUD’s Office of Fair Housing and Equal Opportunity explains how the Fair Housing Act (“Act”) applies to the advertising of housing, credit, and other real estate related transactions through digital platforms. In particular, it addresses the increasingly common use of automated systems, such as algorithmic processes and Artificial Intelligence (“AI”), to facilitate advertisement targeting and delivery.”