ViClarity Compliance Update

Say goodbye to unwanted mortgage calls; navigate the NCUA’s fair lending shake-up; and get ready for the CFPB’s open-banking moves.

Stop Calling Me! Homebuyers Privacy Protection Act Signed Into Law
Mortgage trigger leads are the bane of many financial institutions' and homebuyers’ existence. From the inundation of phone calls to the mildly pushy text messages, mortgage trigger leads can leave any financial institution, homebuyer, or introvert feeling a little frustrated. Read more here.
 
NCUA Runs a Reverse on Disparate Impact
When the National Credit Union Administration (NCUA) announced removal of “disparate impact” from its fair lending examination manual, many credit unions may have breathed a sigh of relief. One less regulatory box to check sounds like good news, right? This may not be the case. While examiners may not throw a flag on the play for neutral policies that unintentionally disadvantage certain groups, the risks tied to Equal Credit Opportunity Act (ECOA), Fair Lending, and public perception are still fair game for scrutiny. In fact, now is the time for credit unions to review their plays to ensure that their focus remains on member equity. Find out more here.
 
Wait, What Happened? CFPB Issues ANPR for “Open-Banking”
What do open fields, open roads, and open-banking have in common? We don’t know either, but we did need a way to work the term “open-banking” into a joke. Recently, the Consumer Financial Protection Bureau (CFPB) published an Advanced Notice of Proposed Rulemaking (ANPR) on Section 1033 of the Dodd-Frank Act, commonly known as the “open-banking” rule. Learn more here.
 
Common Questions regarding e-Statements
Compliance Calendar
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