Monthly Archives: April 2019

Sumitomo Mitsui Enters into Agreement with New York FRB for BSA/AML Deficiencies

On April 23, 2019, the Federal Reserve Bank of New York (FRB-NY), entered into a consent agreement with Sumitomo Mitsui Banking Corporation (the Bank) and the Bank's New York Branch (the Branch) for significant deficiencies in the Branch's Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program. Sumitomo is a foreign bank based in Tokyo and operates a [...]

April 26th, 2019|

ADI Announces Availability of Preliminary Snapshot of National 2018 HMDA Data

On March 29, 2019, the Consumer Financial Protection Bureau (CFPB) released the Modified Loan Application Registers (LARs) reflecting 2018 mortgage lending activity reported under the Home Mortgage Disclosure Act (HMDA). These reports represent the first release of HMDA data under the new rule implemented in 2015. Starting in 2018, under the 2015 HMDA Rule, financial [...]

April 19th, 2019|

Mortgage Lenders 73% More Likely to Deny Same-Sex Couples, per Recent Study

Researchers in Iowa State University's Ivy College of Business analyzed national mortgage data from 1990 to 2015 and found the approval rate for same-sex couples was three to eight percent lower than heterosexual couples. The study also included a smaller, focused dataset with more detail about applicants' work history and credit worthiness. Based on this [...]

April 18th, 2019|