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ADI Compliance Consulting
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Fairfax, Virginia 22031

P: 703-836-1517
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Knowledge Center

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 […]

Compliance in the Era of COVID-19: Managing Risk While Meeting Consumer Needs

Posted: June 1, 2020

Lending institutions play a unique and vital role in helping consumers and businesses recover from heavy economic hardships during the COVID-19 pandemic. Businesses are affected by the pandemic in differing ways:  for some it means a slight reprieve in activity and possible opportunity to implement system improvements. For lenders, however, it often necessitates rapidly processing […]

News

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 […]

Federal Reserve releases proposals on CRA modernization

Posted: September 22, 2020

The Federal Reserve Board (FRB) released a draft advance notice of proposed rulemaking (ANPR) on September 21, 2020 related to its effort to modernize its approach to supervising institutions under the Community Reinvestment Act (CRA). This effort seeks to make changes by “strengthening, clarifying, and tailoring” the FRB’s CRA framework. The FRB has several objectives […]

CFPB Releases Outline of Small Business Data Collection Rulemaking

Posted: September 21, 2020

On September 15th, the Consumer Financial Protection Bureau (CFPB) released an Outline of Proposals Under Consideration for a small business lending data collection and reporting rulemaking pursuant to Section 1071 of the Dodd-Frank Act.  Section 1071 amends the Equal Credit Opportunity Act (ECOA) to require financial institutions to collect certain data regarding applications for credit for women-owned, […]

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