Compliance & Regulatory Updates

CFPB Seeks Consumer Information on Mortgage Junk Fees: On March 8, the Consumer Financial Protection Bureau (CFPB) announced it was seeking comments from consumers who have experienced added or surprise “junk fees” to their mortgage closing costs in working to ensure that consumers can navigate the closing process more easily, shop around, and save money. 

What is ‘Reasonable Cause for Belief in Collectability’ of a Deposited Check: Reg CC’s availability of funds timelines is often used by fraudsters by depositing (nonlocal) checks into newly opened account(s) through ATMs or remotely. 

CDFI Fund Announces Next Director: On March 11, Pravina Raghavan began her tenure as the next Director of the Community Development Financial Institution (CDFI) Fund. 

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