A Message From IMA President Tim Lamb
Association Updates
Webinar: Marketing & Producing in Tough Times
In a crisis or uncertain times, it’s more important than ever to connect with customers and prospects but in a meaningful way. In current times, what it means to be meaningful is drastically different than what it was yesterday. People still need products and services, but if your message or approach doesn’t reflect the reality of tough times, you risk appearing irrelevant — or worse — out of touch and insensitive. A webinar titled, Marketing in Tough Times, will examine how to show your customers and prospects that you fit into what they need and what they value right now. The webinar will be led by Kelly McDonald, a marketing and advertising specialist considered one of the nation's top experts in consumer trends, generational differences and leveraging the customer experience. It will be held at 10 a.m. April 15.
Industry News
2021 HMDA Getting It Right Guide Released
The Federal Financial Institutions Examination Council has issued the 2021 edition of A Guide to HMDA Reporting: Getting It Right! for Home Mortgage Disclosure Act-related data collected in 2021 and reported in 2022. This compliance resource can help financial institutions better understand HMDA requirements, including the data collection and reporting provisions. Read the guide.
CFPB Issues Clarification on ECOA
The Consumer Financial Protection Bureau issued an interpretive rule clarifying that the prohibition against sex discrimination as part of the Equal Credit Opportunity Act and Regulation B includes sexual orientation and gender identity discrimination. The CFPB added that the "prohibition also covers discrimination based on actual or perceived nonconformity with traditional sex- or gender-based stereotypes, and discrimination based on an applicant’s social or other associations." The CFPB said the interpretive rule is consistent with a 2020 Supreme Court ruling that the prohibition against sex discrimination in the Civil Rights Act of 1964 encompasses sexual discrimination based on sexual orientation or gender identity. Last month the U.S. Department of Housing and Urban Development issued a similar statement indicating gender identity and sexual orientation would also be protected under the Fair Housing Act’s prohibition on sex discrimination. As part of the interpretive rule, the CFPB said it will update its publications and examination guidance documents and will take enforcement actions against lenders for ECOA violations related to sexual orientation and gender identity. The CFPB’s interpretive rule was effective March 16, 2021 upon publication in the Federal Register.
CFPB Rescinds 2020 UDAAP Policy Statement
The Consumer Financial Protection Bureau has rescinded its Jan. 24, 2020 policy statement titled, Statement of Policy Regarding Prohibition on Abusive Acts or Practices. In the now-rescinded statement, the CFPB said it would consider whether the harm to consumers outweighs the benefit to consumers, and it would generally avoid “dual pleading” both abusiveness and unfairness or deception violations that stem from the same or nearly all of the same facts. In addition, the policy statement said the CFPB would generally not seek monetary relief for abusive violations in instances where there is a good-faith effort to comply with the abusiveness standard, except to address consumer injuries caused by the conduct. Going forward, the CFPB indicated in its rescission statement it intends to exercise its supervisory and enforcement authority consistent with “the full scope of its statutory authority under the Dodd-Frank Act." Read the CFPB’s Rescission of the Policy Statement.
Renter and Homeowner Assistance Now Available
The Iowa Finance Authority is offering assistance for COVID-19-impacted renters and homeowners through two new programs, the Iowa Rent and Utility Assistance Program and the Iowa Homeowner Foreclosure Prevention Program. The Iowa Rent and Utility Assistance Program provides eligible renters with rent and/or utility assistance for a total of up to 12 months. The Iowa Homeowner Foreclosure Prevention Program provides eligible COVID-19 impacted homeowners at imminent risk of foreclosure with mortgage assistance for up to four months, with a maximum assistance per household of $3,600. The short-term program will be available until funds are exhausted or a new federal program is launched. Details and applications for both programs are available at IowaHousingRecovery.com.
Published by Iowa Mortgage Association