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Compliance Issues From The Economic Growth, Regulatory Relief and Consumer Protection Act

08/29/2018, 1:30 PM to 3:30 PM

No location provided

Amy Davis 601-948-6366


Compliance Issues From The Economic Growth, Regulatory Relief and Consumer Protection Act

Presented by Jack Holzknecht
Wednesday, August 29th, 2018
1:30 pm - 3:30 pm CT


  • Provide partial relief from the expanded HMDA disclosures, which were added to Regulation C effective January 1, 2018, for small volume originators (fewer than 500 closed end/500 open-end loans for each of previous two years). Institutions with "Needs to improve" or "Substantial non-compliance" CRA ratings are not eligible for the relief;
  • Provide a TILA escrow exception for banks with under $10 billion in assets originating 1000 or fewer first lien principal dwelling loans;
  • Provide qualified mortgage status for most mortgages held in portfolio for banks with less than $10 billion in assets;
  • Eliminate the three-day TRID delay if a creditor extends a second offer of credit with a lower annual percentage rate;
  • Provide relief from appraisal requirements for smaller mortgages and for properties located in rural areas;
  • Make opening new accounts and engaging in transactions online easier by authorizing the use of scanned driver’s licenses to meet identity verification requirements;
  • Require the Social Security Administration to create a new database containing people’s names, dates of birth, and social security numbers, for use in responding to identity-verification requests as one step to combat “synthetic identity fraud;”
  • Require the Department of Veterans Affairs to establish regulations to implement the provisions designed to ensure that financial institutions that offer to refinance a veteran’s residence demonstrate there will be a “net tangible benefit,” (i.e., the refinancing is in the financial interest of the borrower);
  • Require the Department of Veterans Affairs to establish a database (within one year) to allow consumer reporting agencies to verify veterans’ medical debts;
  • Amend the Fair Credit Reporting Act rules regarding security freezes;
  • Provides immunity from liability for disclosing the suspected exploitation of a senior citizen to a covered agency to financial institutions, and to certain employees;
  • Require the CFPB to write regulations to apply ability to repay standards to making Property Assessed Clean Energy loans (PACE loans);
  • Provide for longer exam cycles for community banks; and
  • Protect veteran's credit;
  • Protect veterans from predatory lending; and
  • Permanently reinstates the Protecting Tenants at Foreclosure Act, which had expired on December 21, 2014.
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