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Federal Legislation

This topic consolidates legislative summaries of proposed and final regulatory rules impacting the mortgage banking industry today. This includes rules promulgated by federal regulatory agencies as well as up-to-the-minute legislative actions out of Washington, DC.

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February 22, 2024

CFPB Issues Revised Supervisory Appeals Process

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February 16, 2024

FinCEN Issues NPR Regarding Bank Secrecy Act

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February 12, 2024

CFPB Resolves Decade-Long Appeal, Secures $12M From Foreclosure Relief Scam

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February 02, 2024

FHFA Non‐Performing Loan Sales Report

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January 29, 2024

CFPB Blog Post Summarizing 2023 Enforcement Actions

The Consumer Financial Protection Bureau (CFPB) published a blog post offering a synopsis of the enforcement actions it issued in 2023.

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January 23, 2024

FHFA-Prudential Management and Operations Standards

The Federal Housing Finance Agency (FHFA) published a final rule amending its prudential management and operations standards rule, effective February 20, 2024.

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Learn Why Clients Love ACES

Learn Why Clients Love ACES

"We are already ahead of the game and without having to add additional FTEs."

- Julie Baril, QC Manager at Norcom Mortgage

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January 19, 2024

FDIC FIL-65-2023 FDIC Official Signs and Advertising Requirements, False Advertising, Misrepresentations of Insured Status, and Misuse of the FDIC’s Name or Logo

The Federal Deposit Insurance Corporation finalized a rule to amend part 328 of its regulations to update the rules governing the use of the official FDIC sign and insured depository institutions’ advertising statements to reflect how depositors do business with IDIs today, including through digital and mobile channels and also clarifies the FDIC’s regulations regarding misrepresentations of deposit insurance coverage, which apply to any person, including IDIs and non–bank entities taking effect on April 1, 2024 with an extended compliance date of January 1, 2025.

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January 18, 2024

Overdraft Lending: Very Large Financial Institutions Proposed Rule

The CFPB proposed a rule requiring the nation’s most prominent financial institutions to discontinue excessive overdraft fees that cost Americans billions yearly.

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January 11, 2024

CFPB Fair Credit Reporting Act Advisory Opinions

The CFPB has issued two Advisory Opinions related to FCRA requirements related to consumer reporting agency disclosure requirement triggers and background screening practices.

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January 09, 2024

OCC Adjusts Maximum Civil Money Penalties for 2024

The Office of the Comptroller of the Currency has updated its civil money penalty maximums effective January 8, 2023.

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Learn Why Clients Love ACES

Learn Why Clients Love ACES

"By partnering with ACES, we have witnessed an overall improvement in the quality of our reviews."

-Hilda Melendez, Quality Control Systems Director at Lennar Mortgage

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January 08, 2024

FDIC Consumer News- January 2024

The FDIC's January 2024 Consumer News aims to provide steps that may help consumers grow their savings.

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January 08, 2024

CFPB Reports Challenges in Resuming Loan Payments

The CFPB has been monitoring student loan servicing since payments were resumed and various challenges have been identified in the report.

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December 29, 2023

OCC Bulletin 2023-41: Rules of Practice and Procedure: Final Rule

In this bulletin, the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System (Federal Reserve Board), the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA), published the final rule amending the Uniform Rules of Practice and Procedure (Uniform Rules) in 12 CFR 19 recognizes electronic communications in all administrative hearings, increases the efficiency and fairness of administrative adjudications.

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December 26, 2023

OCC Announces Revisions to Asset-Size Thresholds for Small & Intermediate Small Bank & Savings Associations under CRA

The updated thresholds, published on Tuesday, December 26th, 2023, will become effective on Monday, January 1st, 2024 and apply to any national bank, federal savings association, or state savings association.

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