Equal Credit Opportunity Act

Wolters Kluwer launches Small Biz Wiz® for lending data collection requirements

Retrieved on: 
Monday, November 13, 2023
Consulting, Data Management, Banking, Accounting, Technology, Professional Services, Small Business, Data Analytics, Software, Fintech, Finance, Equal Credit Opportunity Act, Risk management, Consumer, Consumer Financial Protection Bureau, Collection, Exercise, Small business, Home Mortgage Disclosure Act, Data collection, Home, Community, Software as a service, Growth, HMDA, CT Corporation, CFPB, Wolters, FCC, CRA, Financial adviser, Wiz

Wolters Kluwer Compliance Solutions has launched Small Biz Wiz® , a system designed to support new requirements in the collection, reporting and analysis of small business lending data.

Key Points: 
  • Wolters Kluwer Compliance Solutions has launched Small Biz Wiz® , a system designed to support new requirements in the collection, reporting and analysis of small business lending data.
  • Small Biz Wiz is a significant addition to Wolters Kluwer’s suite of Wiz technology applications, providing financial institutions a powerful new analytics tool for their small business lending portfolio.
  • The solution is built on Wolters Kluwer’s award-winning CRA Wiz® SaaS and HMDA Wiz® platform, enabling an easy-to-use technology that integrates into a financial institution’s data collection processes.
  • Wolters Kluwer officials describe the data collection requirements as not just an exercise in gathering and reporting on their small business lending activities, but a key part of the 2010 Dodd-Frank Act focused on promoting fair lending practices.

First Eagle Credit Opportunities Fund Reaches Three-Year Milestone

Retrieved on: 
Monday, September 18, 2023
Banking, Professional Services, Finance, External commercial borrowing, First Eagle Investments, Policy, Tax, NAV, Equal Credit Opportunity Act, FEIM, Adviser, First, Prospectus, Investment, Trustee, Indian stock exchange, Fund, Security (finance), Life insurance

The annual expense ratio is based on expenses incurred by the fund, as stated in the most recent prospectus.

Key Points: 
  • The annual expense ratio is based on expenses incurred by the fund, as stated in the most recent prospectus.
  • Any such repayment must be made within three years after the date in which the Fund incurred the fee and/or expense.
  • The Credit Opportunities Fund is an Interval Fund, a type of fund that, in order to provide liquidity to shareholders, has adopted a fundamental investment policy to make quarterly offers to repurchase between 5% and 25% of its outstanding Common Shares at net asset value (“NAV”).
  • The Credit Opportunities Fund’s Common Shares are not listed for trading on any national securities exchange, have no trading market and no market is expected to develop.

nCino’s Cloud Banking Platform Streamlines Dodd-Frank 1071 Compliance Support for Financial Institutions

Retrieved on: 
Wednesday, September 6, 2023
NCino, Wing, CFPB, Equal Credit Opportunity Act, Partnership, ECOA, Workflow, Treasury, Consumer Financial Protection Bureau, Consumer, Small business, Emprise Bank, Bank

The updates allow for relevant data to be captured as a part of the loan origination workflow across a financial institution’s portfolio and subsequently exported for Dodd-Frank 1071 compliance.

Key Points: 
  • The updates allow for relevant data to be captured as a part of the loan origination workflow across a financial institution’s portfolio and subsequently exported for Dodd-Frank 1071 compliance.
  • nCino’s Small Business Banking Solution adapts to an ever-changing regulatory landscape, allowing institutions to expand their portfolio, capture relevant demographic data, and stay ahead of regulation deadlines.
  • As additional regulatory milestones approach or evolve, nCino will continue to release updates and enhancements affording financial institutions time to fine-tune processes and help ensure compliance.
  • “As Dodd-Frank 1071 takes effect, lenders are raising questions about how to mitigate compliance risks in the fair lending space.

Nassau Financial Group Forms Nassau Global Credit

Retrieved on: 
Monday, July 17, 2023
Professional Services, Other Professional Services, Insurance, Finance, Asset Management, Consulting, Banking, NCC, CLO, Research, Tetragon Financial Group, Equal Credit Opportunity Act, AUM, NGC, Lisp (programming language), AIC, Growth

Nassau Financial Group, L.P. (“Nassau”) today announced the formation of Nassau Global Credit (“NGC”), which combines Angel Island Capital Management (“AIC”) and Nassau Corporate Credit (“NCC”).

Key Points: 
  • Nassau Financial Group, L.P. (“Nassau”) today announced the formation of Nassau Global Credit (“NGC”), which combines Angel Island Capital Management (“AIC”) and Nassau Corporate Credit (“NCC”).
  • This strategic combination unites Nassau’s existing credit businesses to create an integrated specialty credit platform with a combined $8.4 billion in AUM as of March 31, 2023.
  • “The formation of Nassau Global Credit is an exciting milestone as Nassau continues to accelerate the growth of our third-party asset management platform,” said Phil Gass, Chairman and CEO of Nassau.
  • AIC invests within the traded, leveraged loan and high yield bond markets, managing $3.6 billion in AUM as of March 31, 2023 through two distinct traded credit investment strategies, Credit Opportunities and Liquid Credit.

First Eagle Credit Opportunities Fund Garners More Assets in Wealth Solutions Channel

Retrieved on: 
Wednesday, July 12, 2023
Banking, Asset Management, Professional Services, Finance, External commercial borrowing, First Eagle Investments, Policy, Tax, NAV, Equal Credit Opportunity Act, FEIM, Adviser, First, Prospectus, Investment, Trustee, Indian stock exchange, Fund, Security (finance), Life insurance

Past performance data through the most recent month end is available at www.firsteagle.com or by calling 800-334-2143.

Key Points: 
  • Past performance data through the most recent month end is available at www.firsteagle.com or by calling 800-334-2143.
  • “With load” performance for Class A Shares gives effect to the deduction of the maximum sales charge of 2.50%.
  • The annual expense ratio is based on expenses incurred by the fund, as stated in the most recent prospectus.
  • Any such repayment must be made within three years after the date in which the Fund incurred the fee and/or expense.

Record-setting $10 million FTC-Illinois settlement takes on car dealers’ unauthorized add-ons and discriminatory lending practices

Retrieved on: 
Monday, June 26, 2023
Equal Credit Opportunity Act, Federal Trade Commission Act of 1914, Marital status, Walter Napleton Stone, Religion, Federal Trade Commission, Policy, Record, Blog, Privacy, Complaint, Teachers' Retirement System of the State of Illinois, FTC, Comment, Defendant, Program, Fraud, White, General manager, Insurance, Black

Record-setting $10 million FTC-Illinois settlement takes on car dealers’ unauthorized add-ons and discriminatory lending practices

Key Points: 

Record-setting $10 million FTC-Illinois settlement takes on car dealers’ unauthorized add-ons and discriminatory lending practices

FTC Files Amicus Brief in CFPB Action Opposing Efforts to Weaken Equal Credit Opportunity Act

Retrieved on: 
Thursday, June 22, 2023
CFPB, Equal Credit Opportunity Act, ECOA, Commission, List, Blog, Black, Federal Trade Commission, United States Court of Appeals for the Seventh Circuit, FTC, Curia Julia, News, Regulation, Social media

The Federal Trade Commission filed a friend-of-the-court (amicus) brief in the U.S. Court of Appeals for the Seventh Circuit challenging a district court ruling that invalidated a key anti-discrimination rule in the Equal Credit Opportunity Act (ECOA).

Key Points: 
  • The Federal Trade Commission filed a friend-of-the-court (amicus) brief in the U.S. Court of Appeals for the Seventh Circuit challenging a district court ruling that invalidated a key anti-discrimination rule in the Equal Credit Opportunity Act (ECOA).
  • The CFPB alleged that the defendants took steps to discourage Black consumers from applying for loans, violating Regulation B’s anti-discouragement rule.
  • The brief notes that the FTC receives thousands of complaints from consumers each year related to discriminatory lending practices.
  • Follow the FTC on social media, read consumer alerts and the business blog, and sign up to get the latest FTC news and alerts.

FTC Files Amicus Brief in CFPB Action Opposing Efforts to Weaken Equal Credit Opportunity Act

Retrieved on: 
Thursday, June 22, 2023
CFPB, Equal Credit Opportunity Act, ECOA, Commission, List, Blog, Black, Federal Trade Commission, United States Court of Appeals for the Seventh Circuit, FTC, Curia Julia, News, Regulation, Social media

The Federal Trade Commission filed a friend-of-the-court (amicus) brief in the U.S. Court of Appeals for the Seventh Circuit challenging a district court ruling that invalidated a key anti-discrimination rule in the Equal Credit Opportunity Act (ECOA).

Key Points: 
  • The Federal Trade Commission filed a friend-of-the-court (amicus) brief in the U.S. Court of Appeals for the Seventh Circuit challenging a district court ruling that invalidated a key anti-discrimination rule in the Equal Credit Opportunity Act (ECOA).
  • The CFPB alleged that the defendants took steps to discourage Black consumers from applying for loans, violating Regulation B’s anti-discouragement rule.
  • The brief notes that the FTC receives thousands of complaints from consumers each year related to discriminatory lending practices.
  • Follow the FTC on social media, read consumer alerts and the business blog, and sign up to get the latest FTC news and alerts.

Closure Due to Limited Interest Since Launch

Retrieved on: 
Friday, June 16, 2023
Senior, Investment, Equal Credit Opportunity Act, Date, Trustee, NYSE Arca, Capital gain, Fund, NYSE, SECD, Security (finance)

As a result, the Board concluded to liquidate and close the Fund.

Key Points: 
  • As a result, the Board concluded to liquidate and close the Fund.
  • Shareholders may sell their holdings in the Fund prior to the Closing Date and customary brokerage charges may apply to these transactions.
  • Between the Closing Date and the Liquidation Date, the Fund will be in the process of closing down and liquidating the Fund’s portfolio.
  • As calculated on the Liquidation Date, the Fund’s net asset value will reflect the costs of closing the Fund.

U.S. Bank expands lending opportunities for women-, minority-, and veteran-owned businesses

Retrieved on: 
Friday, April 28, 2023
Professional Services, DEI (Diversity, Equity and Inclusion), Defense, Small Business, Finance, Banking, Veterans, Small business, Equal Credit Opportunity Act, United States census, ECOA, MUFG Union Bank, Business, Woman, Acquisition, Dream, Bank, SPCP, Union Bank, U.S. Bancorp

Through the Business Diversity Lending Program, U.S. Bank will provide credit and financing to help women-, minority-, and veteran-owned businesses grow and thrive.

Key Points: 
  • Through the Business Diversity Lending Program, U.S. Bank will provide credit and financing to help women-, minority-, and veteran-owned businesses grow and thrive.
  • The U.S. Bank Business Diversity Lending Program is a type of special purpose credit program, or SPCP, permitted by the Equal Credit Opportunity Act (ECOA).
  • U.S. Bank is launching the Business Diversity Lending Program following last year’s acquisition of MUFG Union Bank.
  • Union Bank was a pioneer in implementing an SPCP for small business, launching their Business Diversity Lending Program around 30 years ago.