Compliance News

Federal financial services regulators issued a final rule to implement quality control standards for automated valuation models, or AVMs, which mortgage lenders use to value real estate collateral.

In recognition of World Elder Abuse Awareness Day, the Financial Crimes Enforcement Network reminded financial institutions to remain vigilant in identifying and reporting suspicious activity related to elder financial exploitation. FinCEN offers resources to help stakeholders.

A look at some of the hearings taking place this week that are relevant to community bankers.

The Consumer Financial Protection Bureau launched a public inquiry into what is driving an increase in mortgage closing costs.

The Consumer Financial Protection Bureau argued in a court filing that online-initiated wire transfers are subject to the Electronic Fund Transfer Act and Regulation E, even though the law exempts transfers made by banks “by means of” a wire service.

The Consumer Financial Protection Bureau issued an interpretive rule that says “buy now, pay later” lenders are credit card providers.

The Consumer Financial Protection Bureau said it plans to extend the compliance deadline on its 1071 small-business data collection and reporting rule following a Supreme Court ruling that ended a temporary injunction on the rule.

The Supreme Court upheld the constitutionality of the Consumer Financial Protection Bureau’s funding structure, reversing the appellate court’s decision that held the CFPB’s funding violates the constitution’s appropriations clause.