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.
Allyson Brown
This blog post discusses errors that may occur when add-on products such as guaranteed asset protection (GAP) coverage are charged on auto loans.
The Consumer Financial Protection Bureau (CFPB) has issued its Supervisory Highlights report of legal violations identified in the second half of 2021, detailing findings from examinations of practices in the auto servicing, consumer reporting, credit cards, debt collection, deposits, mortgage origination, prepaid accounts, and remittances markets.
Search our Compliance Calendar for current regulatory changes & updates.
The Financial Crimes Enforcement Network (FinCEN) today announced the renewal and expansion of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate.
The CFPB has released Spanish translations for certain adverse action model and sample notices included in Regulation B.
The CFPB has released Spanish translated Prepaid Rule forms for certain models included in the Prepaid Rule in Regulation E.
DS News - Demetria Lester
The Federal Housing Finance Agency (FHFA) unveils the 2022-2024 Underserved Markets Plans for GSEs under the Duty to Serve (DTS) Program.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
The CFPB plans to utilize a dormant authority using a legal provision to examine nonbank financial companies that pose risks to consumers to help level the playing field between banks and nonbanks and is seeking public comments on a procedural rule to make this process more transparent.
The OCC took this action based on the bank’s failure to adopt and implement a compliance program that adequately covers the required Bank Secrecy Act/anti-money laundering (BSA/AML) program elements.
CFPB Blog- Rebecca Borné and Ashwin Vasan
The CFPB has issued a blog post titled "Consumers on course to save $1 billion in NSF fees annually, but some banks continue to charge these fees" in which the 25 banks reporting the most overdraft/NSF revenue in 2021 are listed by name, indicating whether the bank continues charging the fees or has discontinued them.
On April 7, the CFPB released a proposed rule and solicited comments on regulations implementing amendments to the FCRA intended to assist victims of trafficking.
"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
A report published today by the Consumer Financial Protection Bureau (CFPB) shows few payday loan borrowers are benefiting from no-cost extended payment plans, which are required to be offered to borrowers in the majority of states that do not prohibit payday lending.
The Bureau of Consumer Financial Protection presented its Semi-Annual Report to Congress for the period beginning April 1, 2021 and ending September 30, 2021.
Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC) released the Federal Financial Institutions Examination Council's (FFIEC) revised "A Guide to HMDA Reporting: Getting It Right!" (2022 guide).
This edition of the FDIC’s Consumer Compliance Supervisory Highlights includes:
