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 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.
Search our Compliance Calendar for current regulatory changes & updates.
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.
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.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
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).
DS News - Kyle G. Horst
The CFPB cautions the mortgage industry about Black-Box-Lending models.
The CFPB confirmed that federal anti-discrimination law requires companies to explain to applicants the specific reasons an application for credit was denied or had other adverse actions, even if the creditor is relying on credit models using complex algorithms.
PacRes Mortgage Improves Quality Control Accuracy by over 30% While Decreasing non-compliance incidents by 25%
Ballard Spahr, LLP--Michael Gordon
The CFPB has issued a new interpretive rule authorizing state attorneys general and state regulators to enforce the Consumer Financial Protection Act.
The Office of the Comptroller of the Currency (OCC) released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the third and fourth quarters of 2022.
The Consumer Financial Protection Bureau (CFPB) announced the opening of a new office in Competition and Innovation as part of a new approach to help branch innovation in financial services.
The 2022 Risk Review expands coverage of risks from prior reports by examining operational risk to banks from cyber threats and illicit activity, and climate-related financial risks faced by banking organizations.
