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Welcome to Compliance 911, a no-nonsense, cut to the point, style show for today’s busy bank and credit union compliance professionals. With this series of bi-weekly shows our goal is to boil down some of today’s hottest regulatory compliance topics in quick and easy to digest 5-10 minute episodes so you can get the information you want and get on with your day. We’ll be discussing topics like CRA, HMDA, Fair Lending, Anti Money Laundering, and so much more. Don’t forget to subscribe and tell a friend about us! Follow M&M Consulting and GeoDataVision us on LinkedIn to get the latest updates.
Episodes
Jul 9, 2024
Jul 9, 2024
12 min
In "Podcast 77: The Court Decides But it Ain’t Over Till It’s Over," Dean and Len discuss the recent Supreme Court ruling on the Consumer Financial Protection Bureau (CFPB)'s funding, which upheld its constitutionality, much to the disappointment of many bankers who hoped for its dissolution. Despite this decision, other legal challenges to CFPB's regulations remain unresolved. Specifically, the podcast delves into ongoing litigation concerning Section 1071, which involves the CFPB's new rules for small business lending data collection. The discussion covers the timeline for compliance, the complex issues around additional data points required by the CFPB, and the high costs of implementation. Len advises small business lenders to begin preparing their data collection systems and utilize the "free look period" to test these systems before mandatory reporting begins. The conversation highlights the ongoing legal battles and regulatory challenges facing the financial industry.
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