Compliance Newshub
Federal Legislation

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.

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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.

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.

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.

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.