Weekly Rewind...News from Your Regulators

HMDA Filing Guide 2023 Available Now


HMDA – The CFPB released an updated Filing Instructions Guide (FIG) for data collected in 2023, and an updated Supplemental Guide for Quarterly Filers for data collected in 2023. 


Buy Now, Pay Later: Market trends and consumer impacts

Buy Now, Pay Later Lending Report – The CFPB published a report offering key insights on the Buy Now, Pay Later industry. The report, Buy Now, Pay Later: Market trends and consumer impacts, finds that industry grew rapidly during the pandemic, but borrowers may receive uneven disclosures and protections. The report identifies inconsistent consumer protections, data harvesting and monetization, and, debt accumulation and overextension.


From the CFPB

Obligation to Investigate Consumer Disputes – The CFPB, along with the FTC, filed an amicus brief, to ensure that that businesses that provide information to credit reporting companies comply with the law and investigate potential inaccuracies or errors as required. The brief indicates that a furnisher is required to investigate any dispute forwarded to it by a credit reporting company and can’t avoid that obligation by claiming a dispute is “frivolous.”


From the NCUA

Simplified CECL Tool - NCUA released a new tool to help small credit unions comply with the CECL standard, which goes into effect for most credit unions Jan. 1, 2023. The Simplified CECL Tool is designed for credit unions with less than $100 million in assets.

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CULTURA Hosts Virtual Roundtable

Empowering Hispanic Consumers and Communities – On October 6, the NCUA’s Office of Office of Consumer Financial Protection and Hispanic Employee Resource Group, CULTURA, are hosting a virtual roundtable. The roundtable will bring together leaders within the credit union industry for a moderated discussion on advancing safe, fair, and affordable financial access and empowering Hispanic consumers, particularly the unbanked or underserved.


Summit on Diversity, Equity, and Inclusion

Diversity, equity, And Inclusion Summit - The NCUA will host its third summit focused on diversity, equity, and inclusion November 2 – 4, 2022. The theme of this year’s summit is All-In on DEI & ACCESS. ACCESS represents NCUA’s initiative for Advancing Communities through Credit, Education, Stability, and Support.

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