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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!
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!
Inflation-Adjusted Penalties. Scary!
Giant jack-o-lanterns, witches, and ghouls are starting to decorate our neighborhoods, and spooky stories are being told around the campfires. Don’t you love this time of year? Remember, frightening compliance stories can continue year-round. The number and size of fines financial institutions can be assessed for violating Regulations can be quite steep. Institutions of every […]
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!
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 […]
Regulatory Updates – Third Quarter 2024
Below is a link to the Regulatory Updates as of the end of Q3 2024. TCA provides A Better Way for you to track Compliance updates and keep your organization on track. TCA – A Better Way!
1071 Preparation Guide | Article 7 1071 Brings New Mandates for Commercial Lending and Adverse Action Reporting
TCA often helps financial institutions review commercial loans for Regulation B compliance, which includes handling adverse action loan applications. During these reviews, TCA sees numerous mistakes, such as: TCA – A Better Way!
1071 Preparation Guide | Article 6 Gross Revenue – One of the Identifiers of Small Businesses
At TCA, we’ve already been fielding calls from clients confused about gross revenue under 1071. It is a key factor when identifying small business loans for the count of originations for the prior two years. Under 1071, a small business is defined as one with a gross revenue of $5 million or less. Financial institutions […]
