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.
Buckley Special Alert
OFAC has imposed property-blocking sanctions on significant Russian banks, state-owned and private enterprises and Russian elites.
This multi-agency statement reminds creditors of the ability under ECOA and Regulation B to provide special purpose credit programs to meet the needs of specified classes of persons.
Search our Compliance Calendar for current regulatory changes & updates.
The Consumer Financial Protection Bureau (CFPB) today outlined options to ensure that computer models used to help determine home valuations are accurate and fair. The options will now be reviewed to determine their potential impact on small businesses.
On February 23, 2022, the Consumer Financial Protection Bureau (CFPB) released a factsheet on the interest rate that is used for calculating prepaid interest under the price-based General QM APR calculation rule for certain ARMs and step-rate loans.
Ballard Spahr LLP--Thomas Burke & John C. Grugan
The CFPB has issued a procedural rule that updates its Rules of Practice for Adjudication Proceedings (Rules of Practice) effective February 22, 2022 allowing comments through April 8, 2022 and will make amendments as per comments warranting changes.
Section 913 of the Electronic Fund Transfer Act provides, among other things, that a consumer may not be required to establish an account for receipt of EFTs with a particular financial institution as a condition to receive a government benefit.
Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.
The CFPB issued a correction to a final rule regarding LIBOR transition that was published in the Federal Register on December 8, 2021 to correct a clerical error in the “SUPPLEMENTARY INFORMATION” effective on February 16, 2022.
The Consumer Financial Protection Bureau (CFPB) today launched a site where members of the public can submit petitions for rulemaking directly to the agency to be posted on public dockets for review and comment.
The Consumer Financial Protection Bureau (CFPB) issued a Compliance Bulletin on the Electronic Fund Transfer Act’s (EFTA) compulsory use prohibition which provides, among other things, that no person may require a consumer to establish an account for receipt of electronic fund transfers with a particular financial institution as a condition of receipt of a government benefit.
The CFPB recently published Reportable HMDA Data: A Regulatory and Reporting Overview Reference Chart for HMDA Data Collected in 2022, to be used as a reference tool for data points required to be collected, recorded, and reported under Regulation C.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
A joint letter was submitted by the Consumer Financial Protection Bureau’s Fair Lending Director, together with senior officials from the Federal Reserve Board, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, National Credit Union Administration, Department of Housing and Urban Development, Federal Housing Finance Agency, and Department of Justice to The Appraisal Foundation emphasizing that federal prohibitions against discrimination under the Fair Housing Act and Equal Credit Opportunity Act extend to appraisals.
This bulletin addresses the Office of the Comptroller of the Currency's (OCC) processes for considering input from state banking commissioners regarding national banks' performance under state community reinvestment laws, including implementation of community reinvestment-related provisions of the Riegle–Neal Interstate Banking and Branching Efficiency Act.
The CFPB has issued its updated Rural and Underserved Areas and Counties lists for 2022.
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