Compliance News

Sen. John Kennedy (R-La.) and seven other Senate Banking Committee members asked the Consumer Financial Protection Bureau to issue a nationwide stay of its Section 1071 rule amid a pending court challenge.

With Congress returning to Washington next week, ICBA continues encouraging community bankers to use its customizable resources to educate and engage their customers on the Consumer Financial Protection Bureau’s Section 1071 rule.

The Consumer Financial Protection Bureau reiterated its plan to propose new rules to prevent the misuse and abuse of consumer information collected by credit reporting companies and other data brokers.

ICBA called on federal regulators to avoid disincentivizing the use of automated valuation models, or AVMs, which mortgage lenders use to value real estate collateral.

The U.S. District Court for the Southern District of Texas granted a request by ICBA, the Independent Bankers Association of Texas (IBAT), and Texas First Bank to intervene in the TBA v. CFPB case challenging the 1071 rule, a key procedural development.

The Consumer Financial Protection Bureau will propose new rules to prevent the misuse and abuse of consumer information collected by credit reporting companies and other data brokers.

ICBA’s actions to challenge the Consumer Financial Protection Bureau's Section 1071 final rule and seek injunctive relief for community banks is making headlines.

The OCC issued guidance on the applicability of the legal lending limit to purchased loans.