Compliance Newshub
Federal Legislation

The Federal Financial Institutions Examination Council has posted the following updates to its website:

• A Guide to HMDA Reporting: Getting it Right! (Updated for 2022)
• The 2022 Census Data Flat File (Part 1 of 3)
• CRA Data Entry Software v. 2022

The CFPB has announced that the Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2021 are now available on the Federal Financial Institutions Examination Council’s HMDA Platform for approximately 4,316 HMDA filers.

Office of the Comptroller of Currency – Stephanie Collins

Acting Comptroller of the Currency Michael J. Hsu issued a Statement on Action Plan to Advance Property Appraisal and Valuation Equity, which addresses and modifies mis-valuations of residential property for families and communities of color.

BankDirector.com - Susan Sabo and Erica Crain

There are five focus areas identified to address weaknesses due to complacency as the Office of the Comptroller of the Currency (OCC) has warned about in its 2022 Fiscal Year Bank Supervision Operating Plan.

The Consumer Financial Protection Bureau (Bureau) issued a bulletin to remind regulated entities of the CFPA’s UDAAP requirements and explain how the Bureau intends to exercise its enforcement and supervisory authorities on firms that impede the ability of consumers to post honest reviews of products and services that they use which helps promote fair, transparent, and competitive markets.

DSnews - Eric C. Peck

U.S. Senators have introduced a bipartisan measure, the Flood Insurance Pricing Transparency Act, along with co-sponsor John Kennedy, which would require Federal Emergency Management Agency (FEMA) to publish the formulas used to calculate mitigation credits for policyholders under Risk Rating 2.0.

In response to a request for online accessibility standards from 181 disability organizations which was sent to the Department of Justice (DOJ), new guidance clarifying when the ADA requires web content to be accessible has been issued.

Weiner Brodsky Kider PC

The Adjustable Interest Rate (LIBOR) Act, which addresses the issues brought about by the transition from LIBOR to SOFR as a benchmark rate for adjustable-rate loans, was included in the 2022 federal spending bill recently enacted by Congress.

Mortgage Bankers Association–Mike Sorohan

The Federal Open Market Committee raised the federal funds rate for the first time since 2018.

This final rule modifies the requirements for national banks and federal savings associations, including federal branches and agencies of foreign banks licensed or chartered by the OCC, to file suspicious activity reports (SARs) by amending the OCC’s SAR regulations to allow the OCC to issue exemptions from the requirements of those regulations upon request from a financial institution subject to those regulations, effective May 1, 2022.

NEXT

The Consumer Financial Protection Bureau (CFPB) announced that it intends to increase oversight for the automated valuation models used to appraise homes.

The Bureau of Consumer Financial Protection (CFPB) issued a Compliance Bulletin regarding repossession of vehicles, and the potential for violations of sections 1031 and 1036 of the Dodd-Frank Wall Street Reform and Consumer Protection Act’s (Dodd-Frank Act’s) prohibition on engaging in unfair, deceptive, or abusive acts or practices (collectively, UDAAPs) when repossessing vehicles.