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.
This CFPB circular addresses overdraft fees, particularly those that are unanticipated by the consumer.
The CFPB has issued an Advisory Opinion discussing Fair Credit Reporting Act (FCRA) requirements related to procedures for ensuring the prevention of facially false information in credit reports.
Search our Compliance Calendar for current regulatory changes & updates.
The Federal Reserve, CFPB, and the OCC issued a final rule amending regulations that implement section 129H of TILA raising the special appraisal requirements for higher-priced mortgage loans from $28,500 to $31,000.
The Federal Reserve Board and the CFPB announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2023 are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing).
CFPB Blog- Patrice Alexander Ficklin, Makalia Griffith, and Tim Lambert
The CFPB has issued a blog post regarding the “reconsideration of value” or “ROV”, a manner through which homebuyers and homeowners can request a review of an appraisal they feel is inaccurate.
The Federal Financial Institutions Examination Council (FFIEC) issued an update to its Cybersecurity Resource Guide to include ransomware, a specific resource to address the ongoing threat of ransomware incidents.
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The CFPB published a report, Buy Now, Pay Later: Market trends and consumer impacts , that provides key insights on the Buy Now, Pay Later industry that grew rapidly during the pandemic, but borrowers may receive uneven disclosures and protections.
The FFIEC HMDA website has been recently updated to include the 2023 FIG and the Supplemental Guide for Quarterly Filers for 2023.
The Federal Reserve Board has issued supervisory letter SR 22-6 recommending steps that federally supervised banking organizations should take that engage in or are seeking to engage in crypto-asset-related activities.
The Federal Deposit Insurance Corporation (FDIC) is issuing guidance to ensure that supervised institutions are aware of the consumer compliance risks associated with assessing multiple nonsufficient funds (NSF) fees arising from the re-presentment of the same unpaid transaction.
Automated compliance tests to ensure compliance on more loans in less time
The Summer 2022 issue of Supervisory Insights features two articles of interest to examiners, bankers, and supervisors as well as the Regulatory and Supervisory Roundup, an overview of recently released regulations and other items of interest.
The Department of Justice and the Consumer Financial Protection Bureau (CFPB) issued a joint letter reminding auto finance companies of their responsibilities to recognize important legal protections for military families under the Servicemembers Civil Rights Act (SCRA).
The Consumer Financial Protection Bureau (CFPB) has issued new FAQs to address questions related to the electronic communication and unusual or inconvenient time and place provisions in the Debt Collection Rule.
On July 27, 2022, the House passed legislation creating federal minimum standards to allow notaries in all states to perform remote online notarization transactions.
