Wells Fargo Sales Abuse Results in $3 Billion Fine

Adam Witmer
Regulatory Update

On February 21, 2020, the Department of Justice announced an agreement where Wells Fargo Bank, N.A. will pay $3 billion to resolve their potential criminal and civil liability stemming from a practice between 2002 and 2016 of pressuring employees to meet unrealistic sales goals that led thousands of employees to provide millions of accounts or products to customers under false pretenses or without consent, often by creating false records or misusing customers’ identities.

Congratulations HMDA Reporters!

Adam Witmer

As Monday, March 2 is the last day to submit HMDA for 2020, most of you HMDA reporters should be winding down if you haven’t already done so. For those of you that still have a mess on your hands, good luck this weekend and be sure to keep the coffee going. For the rest of you, congratulations on another year done.

And depending on what HMDA final rules we see this year (yes, we are expecting two), some of you may have just submitted your last HMDA LAR. Now isn’t that a nice thought after a long HMDA season?

Reg CC Change In Terms Notice Timing Requirements

Reg CC Change In Terms Notice Timing Requirements

Adam Witmer
Regulation CC

Adam uses this week’s Compliance Clip (video) to answer this question: Is a change in terms notice required for the upcoming July 1, 2020 changes to Regulation CC, and if so, is advance notice to our customers required? The reality is that this single topic is causing a lot of confusion in the industry and many have been told incorrect answers to this question. Therefore, Adam sets the record straight in this short, free video. Click the link below to watch the video.

CFPB Releases Winter 2020 Edition of Supervisory Highlights

Adam Witmer
Regulatory Update

In February of 2020, the CFPB released the Winter 2020 edition of their Supervisory Highlights publication. The findings included in this edition cover examinations in the areas of debt collection, mortgage servicing, payday lending, and student loan servicing that were completed between April 2019 and August 2019.

The full Winter 2020 edition of the CFPB’s Supervisory Highlights can be found here.

CFPB Blog Warns Consumers of Social Security Scams

Adam Witmer
Regulatory Update

On February 18, 2020, the CFPB published a blog post titled “Five ways to recognize a Social Security scam.” The article begins by explaining that Social Security scams are the most commonly reported type of fraud and scam, and such scams are continuing to evolve. Therefore, it is important that consumer understand how to recognize a scam in order to protect themselves from illicit actors.

Expiration Date for Revised Loan Estimates

Expiration Date for Revised Loan Estimates

Adam Witmer
TRID

In this Compliance Clip (video), Adam explains what to do with the expiration date on a revised Loan Estimate after the intent to proceed is received by consumers and provides a background on why there has been confusion in the industry over this minor detail or TRID. If you or your team didn’t catch this change with TRID 2.0 (in 2018), you will want to be sure to catch this video.

FFIEC Updates HMDA Getting It Right Guide

Adam Witmer
HMDA, Regulatory Update

The Federal Financial Institutions Examination Council (FFIEC) has issued the 2020 edition of A Guide to HMDA Reporting Getting It Right! for Home Mortgage Disclosure Act-related data collected in 2020 and reported in March of 2021. The 2020 edition reflects updates to incorporate content from the HMDA Rule issued by the Consumer Financial Protection Bureau in October 2019. This compliance resource can help financial institutions better understand HMDA requirements, including the data collection and reporting provisions.

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