FFIEC Releases 2023 CRA Public Data Tables
On December 16, 2024, the FFIEC released the public disclosures for CRA data submitted for calendar year 2023. TCA – A Better Way!
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Special Release
Beneficial Ownership Injunction
With the deadline for reporting entities to register their beneficial ownership information (BOI) with FinCEN’s Beneficial Ownership Secure System (BOSS) just three weeks away, the U.S. District Court of Eastern Texas issued a preliminary injunction blocking the implementation of the Corporate Transparency Act (CTA) citing that the Act is unconstitutional. TCA – A Better Way!
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New Threshold Amounts for 2025 under Regulation Z CARD Act, HOEPA and QM Sections
Based on the 3.4% increase in the Consumer Price Index (CPI-W) in effect on June 1, 2024, the Consumer Financial Protection Bureau (CFPB) released a few new thresholds which go into effect on January 1, 2025. TCA – A Better Way!
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SAFE Act MLO Registration Renewal Period Starts November 1 – Check Current Registrant’s Names
It’s that time again. The NMLS 2024 Annual Renewal Period began on November 1 and will end December 31. TCA – A Better Way!
Updates to OFAC’s Compliance Hotline Impact to Financial Institution’s Policies and Procedures
On August 2, 2024, OFAC announced changes to its Compliance Hotline. TCA recommends that financial institutions review their policies and procedures related to OFAC to remove references to OFAC’s retired contact methods. TCA – A Better Way!
Updates to the FDIC Official Signage Rule and Q&A
The Board of the FDIC met on October 17, 2024, and delayed the implementation date for the updates to 12 CFR 328 Subpart A (FDIC Official Signs and Advertisement of Membership) which were to go into effect on January 1, 2025. The new mandatory compliance date is May 1, 2025. TCA – A Better Way!
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HPML Appraisal & Regulation Z and Regulation M Exemption Dollar Thresholds for 2025
On October 4, 2024, the Federal Reserve Board and the Consumer Financial Protection Bureau jointly issued an increase in the exemption thresholds for Regulation Z and Regulation M exemptions, which are tied to the Consumer Price Index (CPI-W) as of June 1. Loans or leases at or below the thresholds are subject to the protections
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FDIC Issues Questions and Answers on New Signage Rule
On July 16, 2024, the FDIC published a Questions and Answers Related to the FDIC’s Part 328 Final Rule page on their website. The rule is effective as of April 1, 2024 with a mandatory compliance date of January 1, 2025. The FDIC expects to continually update the Q&A as needed. Like most Q&As, some
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A New Federal Holiday and an Old Federal Holiday – Alleviate The Confusion
So, if this article looks familiar, that’s because we sent out a similar version in the past three years and there can still be some confusion as some institutions are open and some are closed. On June 17, 2021, the US got its first national holiday in 38 years. June 19 has been designated as
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CFPB Funding Mechanism Determined Valid
The Supreme Court released their decision in the Consumer Financial Protection Bureau v. Community Financial Services Assn. of America, Ltd. case, which was brought to challenge the funding of the CFPB as inconsistent with the Appropriations Clause. The challengers argued that this funding mechanism violated the appropriations clause, which provides that “no money shall be
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