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.
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.
Search our Compliance Calendar for current regulatory changes & updates.
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:
"ACES has shined a light on our productivity and empowered us to hold our teams accountable."
- Emilee Rada, Director of Lending Operations at Georgia's Own Credit Union
This Federal Deposit Insurance Corporation (FDIC) has published a Financial Institution Letter (FIL) regarding the joint final rule issued on November 23, 2021 by the FDIC, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency to establish computer-security incident notification requirements.
The Federal Deposit Insurance Corporation (FDIC) is requesting comment on draft principles that would provide a high-level framework for the safe and sound management of exposures to climate-related financial risks
The Federal Financial Institutions Examination Council has posted the following updates to its website:
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.
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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.
