HUD Charges Landlord with Discrimination Against Family with 10 Children

Adam Witmer
Fair Lending, Regulatory Update

On 4/20/21, the U.S. Department of Housing and Urban Development (HUD) announced that wass charging an owner of a six-bedroom rental home in Frisco, Texas, with violating the Fair Housing Act by refusing to rent to a woman and her ten children. HUD’s charge alleges that the owner stated that he could not rent the home to a family with eleven people, even though the mother, a HUD Housing Choice Voucher recipient, was qualified to rent the home.

VIDEO: GMI for Construction Refinance

VIDEO: GMI for Construction Refinance

Adam Witmer
Regulation B

In this Compliance Clip (video), Adam answers a question about collecting government monitoring information (GMI) for a second construction loan replacing a first construction loan. This question is specific to Regulation B and applies to those financial institutions who are not HMDA reporters.

Agencies Issue Joint BSA Statement & Request for Information

Adam Witmer
BSA, Regulatory Update

On 4/9/2021, the federal banking agencies, along with the Financial Crimes Enforcement Network (FinCEN) and the NCUA, issued a joint statement addressing “how risk management principles described in the ‘Supervisory Guidance on Model Risk Management’ relate to systems or models used by banks to assist in complying with the requirements of Bank Secrecy Act (BSA) laws and regulations.” In addition, the agencies also announced a request for information (RFI) on the extent to which the principles discussed in the guidance support compliance by banks and credit unions with BSA/AML and Office of Foreign Assets Control requirements

FDIC Reopens Input Request on Signage & Advertising Requirements

Adam Witmer
Regulatory Update

On 4/9/2021, the FDIC announced that it is again seeking the public’s input on potential modernization of its sign and advertising requirements to better reflect how banks and savings associations operate and how consumers use banking services. This request for information reopens a notice the FDIC originally published in the Federal Register on 2/19/2020, just prior to the COVID-19 Pandemic. Given the challenges associated with the COVID-19 pandemic, the FDIC temporarily postponed this effort on April 16, 2020. The goal of this request is to solicit public input regarding potential changes to its official sign and advertising rules, as the last significant updates to these rules were in 2006.

CFPB Warns Mortgage Services to Prepare for Homeowners Needing Assistance

Adam Witmer
Regulatory Update

On 4/1/2021, the CFPB warned mortgage servicers to take all necessary steps now to prevent a wave of avoidable foreclosures this fall. In their release, the CFPB explained that millions of homeowners currently in forbearance will need help from their servicers when the pandemic-related federal emergency mortgage protections expire this summer and fall, and that servicers should dedicate sufficient resources and staff now to ensure they are prepared for a surge in borrowers needing help. The CFPB explained that they will closely monitor how servicers engage with borrowers, respond to borrower requests, and process applications for loss mitigation.

CFPB Announces Availability of 2020 HMDA Data

Adam Witmer
BSA

On 3/31/21, the CFPB announced that the HMDA LAR data for 2020 were were published on the Federal Financial Institutions Examination Council’s HMDA Platform for approximately 4,400 HMDA filers. Later this year, the 2020 HMDA data will be available in other forms to provide users insights into the data, including a nationwide loan-level dataset. In their release, the CFPB explains that dataset will provide all publicly available data from all HMDA reporters, aggregate and disclosure reports with summary information by geography and lender, and the HMDA Data Browser to allow users to create custom datasets and reports. The Bureau will also publish a Data Point article highlighting key trends in the annual data.

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