Legal Briefs

OBA Feedback FCRA and HR Employees, Social Media, and Ownership Federal Preemption in Question OBA Feedback By Andy Zavoina The OBA has had numerous requests about what can be done when a credit report is accessed on a consumer and that consumer becomes inundated with calls from other lenders competing for the loan or to offer ancillary services. The consumers …

CFPB Proposes New NSF Fee Rule Overdrafts — Comments Requested Editor’s Note: We do not usually write about proposed rules in Legal Briefs because so much can change between publication of a proposal and issuance of a final rule. However, we believe that Oklahoma’s bankers need to know about both of the recent CFPB proposals discussed in this edition. CFPB …

’Tis Still the Season — Security and Fraud Losses MLOs Hirable Now — Changes in Section 19 AI in Banking ’Tis Still the Season By Andy Zavoina Security and Fraud Losses The holiday season has ended and now it is all about the returns. Side note – it is a great time not to be working at Amazon. What does …

Year End, Year Start Year-End, Year Start By Andy Zavoina This is a time of celebrations, family, and looking forward to a new beginning as the calendar turns to 2024. But, has every “i” been dotted and “t” crossed for 2023? Do you get to exhale in a sigh of relief as you enjoy the holiday season, chill for a …

Loans, ECOA, and Noncitizen Discrimination New CRA Final Rule Released Loans, ECOA, and Noncitizen Discrimination By Andy Zavoina To me, this is one of those statements that says it is a warning shot and you need to know where the bullet may drop. This is your opportunity to evaluate the situation and step to the side to avoid injury, if …

Deposit account questions and answers Other frequently asked questions The OBA Compliance Team fields well over a hundred email messages every month, along with a healthy number of telephone inquiries. This month, our Legal Briefs include a sampling of the emails, which have been anonymized to remove the names of banks and individuals. Deposit account questions and answers. Compiled by …

OK Legislation 2023 By Pauli D. Loeffler Oklahoma Uniform Consumer Credit Code Title 14A Sec. 1-106 of the Oklahoma Uniform Consumer Credit Code  in Title 14A (the “U3C”) is the section that determines when and how much dollar limits under Title 14A are subject to change. These changes are based on increases in the Consumer Price Index for Urban Wage …

HMDA Analysis Personal Responsibility Forms Update HMDA Analysis By Andy Zavoina If your bank is a reporter under the Home Mortgage Disclosure Act (HMDA), you may well have some work to do if you have not already done some or all of this. On June 29, 2023, the Federal Financial Institutions Examination Council (FFIEC) announced the availability of data on 2022 mortgage …

Appraisal bias – Part II Reconsideration of value 1071 – Small Business Lending Rule, Basics   Appraisal bias – Part II By Andy Zavoina In March 2021 HUD approved a settlement between JPMorgan Chase and an African American woman over appraisal bias. There was no admission of fault on Chase’s side, but the bank agreed to pay the woman $50,000, …

Appraisal Bias, ECOA, FHA and USPAP Changes in UCCC amounts effective 7/1/23 Appraisal Bias, ECOA, FHA and USPAP By Andy Zavoina Appraisal bias is a new big thing. Well, not brand new. It has been a problem for a few years and the current thrust is to promote an understanding of the rules and the results when an appraisal is …