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CFPB to Creditors: Consumers Must Receive Specific and Accurate Reasons for Credit Denial

Jean S. Everett, Autumn R. Burgin
October 11, 2023
Alert
The Consumer Finance Protection Bureau recently issued Circular 2023-03 reminding creditors of the requirements under the Equal Credit Opportunity Act and Regulation B regarding adverse action notices. The Circular summarizes the regulatory provisions that a notice of credit denial provided to a consumer must be specific and state the principal reasons for denial of credit Read More »

Federal Interagency Guidance for Financial Institutions: Policies and Procedures for Reconsiderations of Value of Residential Real Estate

Jeffrey C. Fasoldt, Jr., Jean S. Everett
June 14, 2023
Alert
The Board of Governors of the Federal Reserve System (Board); Consumer Financial Protection Bureau (CFPB); Federal Deposit Insurance Corporation (FDIC); National Credit Union Administration (NCUA); and Office of the Comptroller of the Currency (OCC) have requested public comment on proposed guidance that outlines examples of policies and procedures for risk-based reconsiderations of value (ROVs) for Read More »
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