On September 30, the CFPB released updated examination procedures for Military Lending Act (MLA) compliance. Compliance with the final rule amending the MLA, issued by the Department of Defense (DoD) in July 2015, was required for creditors of most consumer credit products as of this past Monday, October 3. The final rule applies to all consumer credit transactions or accounts for consumer credit “consummated or established” on or after October 3, 2016.… Continue Reading
FFIEC proposes new rating system
By Barbara S. Mishkin on
Posted in CFPB Exams, Regulatory and Enforcement
The Federal Financial Institutions Examination Council (FFIEC), whose members include the CFPB, is proposing a new uniform interagency consumer compliance rating system to reflect changes in consumer compliance supervision since the current rating system was adopted in 1980. The other FFIEC members are the Fed, FDIC, NCUA, OCC and State Liaison Committee. … Continue Reading