Compliance Issues From The Economic Growth, Regulatory Relief And Consumer Protection Act

• Provide partial relief from the expanded HMDA disclosures, which were added to Regulation C effective January 1, 2018, for small volume originators
  
• Provide a TILA escrow exception for banks with under $10 billion in assets originating 1000 or fewer first lien principal dwelling loans
  
• Provide qualified mortgage status for most mortgages held in portfolio for banks with less than $10 billion in assets
  
• Eliminate the three-day TRID delay if a creditor extends a second offer of credit with a lower annual percentage rate
  
• Provide relief from appraisal requirements for smaller mortgages and for properties located in rural areas
  
• Make opening new accounts and engaging in transactions online easier by authorizing the use of scanned driver's licenses to meet identity verification requirements
  
• Require the Social Security Administration to create a new database containing people's names, dates of birth, and social security numbers, for use in responding to identity-verification requests as one step to combat "synthetic identity fraud"
  
• Require the Department of Veterans Affairs to establish regulations to implement the provisions designed to ensure that financial institutions that offer to refinance a veteran's residence demonstrate there will be a "net tangible benefit"
  
• Require the Department of Veterans Affairs to establish a database (within one year) to allow consumer reporting agencies to verify veterans’ medical debts
  
• Amend the Fair Credit Reporting Act rules regarding security freezes
  
• Provides immunity from liability for disclosing the suspected exploitation of a senior citizen to a covered agency to financial institutions, and to certain employees
  
• Require the CFPB to write regulations to apply ability to repay standards to making Property Assessed Clean Energy loans (PACE loans)
  
• Provide for longer exam cycles for community banks
  
• Protect veteran's credit
  
• Protect veterans from predatory lending
  
• Permanently reinstates the Protecting Tenants at Foreclosure Act

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