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.
Ballard Spahr LLP--John L. Culhane, Jr. & Richard J. Andreano, Jr.
The Federal Reserve Board is proposing default rules known as the Adjustable Interest Rate (LIBOR) Act to establish benchmark replacements in certain contracts that use LIBOR, which will be discontinued in 2023.
The Federal Deposit Insurance Corporation (FDIC) has updated chapters one and four of its Formal and Informal Enforcement Actions Manual regarding the agency’s minimum standards for terminating cease and desist and consent orders issued under Section 8(b) of the Federal Deposit Insurance (FDI) Act.
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The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Montana affected by a severe storm and flooding.
Mortgage Bankers Association
On July 12, 2022, the Federal Housing Finance Agency reported the GSEs had sold nearly 155,000 non-performing loans with a total unpaid principal balance of $28.7 billion since 2014.
DS News – Eric C. Peck
The Federal Housing Finance Agency (FHFA) has published its 2022 first-quarter Foreclosure Prevention and Refinance Report.
The CFPC has issued an Advisory Opinion to highlight the Fair Credit Reporting Act’s permissible purpose requirements that explains that the FCRA’s permissible purpose requirements are consumer specific and that under certain permissible purpose provisions, a consumer reporting agency may not provide a consumer report to a user unless it has reason to believe that all of the consumer report information it includes pertains to the consumer who is the subject of the user’s request.
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The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, and the National Credit Union Administration (collectively, the agencies) today issued a joint statement to remind banks of the risk-based approach to assessing customer relationships and conducting customer due diligence (CDD).
DS News - Demetria Lester
The Consumer Financial Protection Bureau has issued an interpretive rule affirming states’ ability to protect their residents through fair credit reporting laws.
The 2022 Distressed or Underserved Nonmetropolitan Middle-income Geographies list is now available on the FFIEC CRA website.
Various sections of the Federal Deposit Insurance Corporation's (FDIC's) Consumer Compliance Exam Manual have been updated.
"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
The Office of the Comptroller of the Currency (OCC) has issued the updated host state loan-to-deposit ratios for Community Reinvestment Act purposes.
A joint alert from the Financial Crimes Enforcement Network (FinCEN) and the U. S. Department of Commerce's Bureau of Industry and Security (BIS) was issued to financial institutions, encouraging vigilance in identifying individuals or entities attempting to evade BIS export controls implemented in connection with the Russian Federation’s further invasion of Ukraine.
Consumer Financial Protection Bureau is amending Regulation V, which implements the Fair Credit Reporting Act (FCRA), to address recent legislation that assists consumers who are victims of trafficking.
The CFPB is seeking data about credit card late fees and late payments, assessing whether those fees are “reasonable and proportional.”
