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

October 11, 2023
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

June 14, 2023
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 »