Monthly Archives: July 2022

Trident Mortgage Company Enters $20 Million+ Redlining Settlement Agreement

The Department of Justice (DOJ), Consumer Financial Protection Bureau (CFPB) and the Attorneys General of Pennsylvania, New Jersey, and Delaware, announced on July 27, 2022, that they had entered agreements with Trident Mortgage Company (Trident) resolving redlining allegations against Trident in the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD Metropolitan Statistical Area (Philadelphia MSA). In a complaint filed also on [...]

July 28th, 2022|
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Proposed CRA Changes: An Overview

In May 2022, The Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve System proposed changes to the Community Reinvestment Act (CRA), including reclassification of small, intermediate, and large banks; new qualitative and quantitative test processes, and clarifying the definition of Community Development, with [...]

July 20th, 2022|
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Knowledge Center

Four Common HMDA Reporting Errors: 2023 Edition

Posted: September 28, 2023

HMDA: Lenders’ Favorite Mistakes Welcome to ADI’s 2023 edition of “Four Common HMDA Reporting Errors.” Though the 2015 HMDA Final Rule has been in effect for years, lenders continue to make errors when satisfying reporting requirements under the Home Mortgage Disclosure Act (HMDA). Therefore, we will continue to compile and share some especially prevalent ones, […]

HMDA Huddle 7 – Q&As for Tackling the Intricacies of HMDA

Posted: July 3, 2023

The 2023 HMDA reporting season is halfway over, and by July 31, 2023, it will be time to finalize the data for all second-quarter reportable applications. ADI Consulting’s July 2023 edition of HMDA Huddle has tips for reporting “Other” Reasons for Denial; coding for high-cost loans (HOEPA), and advice for getting Action Taken Dates on […]

Section 1071: Prepare Now for Small Business Reporting Rule

Posted: May 26, 2023

Now that the Consumer Financial Protection Bureau (CFPB) has released its Final Rule implementing reporting requirements for small business lending, it’s time to start preparing for this sweeping new set of requirements. Under the rule, lenders will collect and report information about the small business credit applications they receive, including geographic and demographic data, lending […]

News

CFPB Finalizes Rule on Small Business Loan Reporting

Posted: April 3, 2023

The Consumer Financial Protection Bureau (CFPB) finalized the Rule implementing Section 1071 of the Consumer Financial Protection Act’s requirements that lenders make data available to the public about their small business lending activity. Under this new Rule, lenders will collect and report information about the small business credit applications they receive, including geographic and demographic […]

CFPB Examines Impact of High Vehicle Costs on Consumer Credit Health

Posted: September 22, 2022

The Consumer Financial Protection Bureau (CFPB) is eyeing the relationship between rising car prices and changes in auto loan characteristics and performance. In a September 19, 2022, blog post, the bureau expressed concern about the impact of larger loan amounts and higher monthly payments on the financial health of consumers with near-prime or subprime credit […]

FHFA Seal

New FHFA Rule will Require Mortgage Servicers to Maintain Fair Lending Data

Posted: August 11, 2022

Fannie Mae and Freddie Mac will require mortgage servicers to obtain and maintain fair lending data on their loans, and for this data to transfer with servicing throughout the term of the mortgage, starting in March 2023. This requirement is one of two updates the Federal Housing Finance Agency (FHFA) recently announced. In addition to […]

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