Legal Blog

Compensation and Compliance Matters – October 11, 2013

HMDA Systems Drawing Scrutiny Recently the Consumer Financial Protection Bureau announced it was issuing fines and consent orders against both a depository and a nondepository lender for submitting inaccurate Home Mortgage Disclosure Act reports. Importantly, the CFPB did not claim the the reports were intentionally inaccurate. Rather, the CFPB acted based upon its belief that insufficient compliance and monitoring systems caused the inaccuracies. Read more here