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.
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.
Search our Compliance Calendar for current regulatory changes & updates.
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.”
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
The CFPB is seeking public comments about debt that workers take on to pay for trainings, equipment, or other items or services required by their employer.
DS News--Eric C. Peck
The U.S. House of Representatives passed HR 2543, The Financial Services Racial Equity, Inclusion, and Economic Justice Act, by a vote of 215-207 to increase equity and inclusion in financial services.
The CFPB is requesting public input on providing customers the ability to assert their big bank customer service rights and the obstacles that can prevent people from receiving high standards of customer service and high-quality human interactions with their banks or credit unions.
An FFIEC press release indicates that 2021 data reported under the Home Mortgage Disclosure Act (HMDA) is now available.
"ACES has made my life so much easier from a QC perspective. It's life-changing"
- Kelly Cooper Spencer, QC & Business Intelligence Data Manager at Thrive Mortgage
DS News - Kyle G. Horst
The Federal Reserve raises the average interest rate by three-quarters of a point.
Reverse Mortgage Daily - Chris Clow
The Financial Crimes Enforcement Network (FinCEN) has issued a bulletin warning financial institutions of the increased occurrences of elder financial abuse through theft and scams.
The CFPB has provided flyers on the Homeowner Assistance Fund programs for borrowers that mortgage servicers may voluntarily provide to borrowers and are available in 7 languages.
DS News - Eric C. Peck
The Federal Housing Finance Agency (FHFA) has publicized its association with the Network of Central Banks and Supervisors for Greening the Financial System (NGFS).
