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ADI Compliance Consulting
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Knowledge Center

Lessons From the Recent Washington Federal Bank HMDA Settlement

Posted: January 12, 2021

Download This Article The recent settlement between Washington Federal Bank and the Consumer Finance Protection Bureau of reporting violations under the Home Mortgage Disclosure Act (HMDA) demonstrates that mortgage lenders should maintain a high level of focus on their compliance management system. In this article, we compare the bank’s earliest and most recent 2017 HMDA submissions to uncover the likely sources of […]

Key Insights from the Townstone Financial Redlining Complaint

Posted: July 28, 2020

Download This Article In a recent Complaint filed by the Consumer Financial Protection Bureau (CFPB) against Townstone Financial, Inc. (Townstone), the CFPB alleges that Townstone violated Fair Lending laws by redlining certain geographic areas. The Bureau also asserts that Townstone engaged in practices that discouraged, on the basis of race, potential applicants living in or […]

Borrower Experience in the Loss Mitigation Process

Posted: June 24, 2020

Note: This is a cross-post from Person to Person Quality, a division of ADI Consulting. Download This Article The era of COVID-19 has created unprecedented short-term disruption in the lives of millions of individuals and families. Record-high unemployment, reduced work hours, and rising costs have affected millions of people. For many households, these events create […]

News

CFPB Fines Washington Federal $200,000 for HMDA Errors

Posted: November 10, 2020

Washington Federal Bank, N.A., already under a 2013 consent order addressing violations of Home Mortgage Disclosure Act (HMDA) reporting requirements, must pay a $200,000 civil money penalty and beef up its compliance management related to later violations under a consent order announced October 27th by the Consumer Financial Protection Bureau (CFPB). In the new consent […]

FinCEN Fines Bitcoin Exchanger $60M for AML Violations

Posted: October 20, 2020

On October 19th, the founder, administrator, and primary operator of a pair of virtual currency platforms was assessed a $60 million civil penalty by the Financial Crimes Enforcement Network (FinCEN) for violations of the Bank Secrecy Act (BSA) and its implementing of anti-money laundering (AML) regulations. Larry Dean Harmon was indicted in the U.S. District […]

FinCEN Finalizes AML Rule for Institutions Lacking Federal Oversight

Posted: September 23, 2020

On September 14, 2020,  the Financial Crimes Enforcement network (FinCEN) closed the regulatory gap and issued a final rule which removed the anti-money laundering (AML) program exemption for financial institutions that lack a Federal functional regulator, including, but not limited to, private banks, non-federally insured credit unions, and certain trust companies. These institutions will now […]

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