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Federal Legislation

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.

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February 23, 2022

CFPB Outlines Options to Prevent Algorithmic Bias in Home Valuations

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.

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February 23, 2022

CFPB Issues ATR/QM Factsheet

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.

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February 23, 2022

CFPB updates Rules of Practice for Adjudication Proceedings

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.

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February 22, 2022

CFPB Bulletin 2022-02 Issues Compliance Bulletin on the Electronic Fund Transfer Act’s Compulsory Use Prohibition and Government Benefit Accounts

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.

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February 17, 2022

CFPB Issues Correction to Final Rule Regarding LIBOR Transition

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.

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February 16, 2022

CFPB Launches New Way for the Public to Petition the Agency for Action

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.

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Learn Why Clients Love ACES

"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

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February 15, 2022

CFPB Compliance Bulletin 2022-02: EFT Act’s Compulsory Use Prohibition and Government Benefit Accounts

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.

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February 15, 2022

CFPB publishes 2022 Reportable HMDA Data Reference Chart

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.

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February 10, 2022

CFPB: Concern Over Appraisal Bias Leads to Joint Agency Letter to The Appraisal Foundation

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.

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February 02, 2022

OCC Bulletin 2022-2 State Community Reinvestment Laws; Consumer Complaints; Input from State

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.

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Learn Why Clients Love ACES

"We are already ahead of the game and without having to add additional FTEs."

- Julie Baril, QC Manager at Norcom Mortgage

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February 02, 2022

CFPB Issues Updated Rural and Underserved Areas and Counties Lists for 2022

The CFPB has issued its updated Rural and Underserved Areas and Counties lists for 2022.

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February 01, 2022

OCC Releases CRA Evaluations for 16 National Banks and Federal Savings Associations

Of sixteen Community Reinvestment Act (CRA) performance evaluations that became public during the period of January 1, 2022 through January 31, 2022 and were released by the Office of the Comptroller of the Currency (OCC), fourteen are rated satisfactory and two are rated outstanding.

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January 27, 2022

CFPB Publishes Annual List of Consumer Reporting Companies

The Consumer Financial Protection Bureau (CFPB) has issued its updated list of financial surveillance companies that people can use to review their own data for accuracy and violations the Fair Credit Reporting Act.

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January 27, 2022

Fed Holds Rates Steady

MReport -- Eric C. Peck

The Federal Open Market Committee (FOMC) decided not to raise the Fed Funds Rate for the time being.

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Compliance NewshubFederal Legislation

News Search

CFPB Outlines Options to Prevent Algorithmic Bias in Home Valuations

CFPB Issues ATR/QM Factsheet

Are You Up to Date?

CFPB updates Rules of Practice for Adjudication Proceedings

CFPB Bulletin 2022-02 Issues Compliance Bulletin on the Electronic Fund Transfer Act’s Compulsory Use Prohibition and Government Benefit Accounts

CFPB Issues Correction to Final Rule Regarding LIBOR Transition

CFPB Launches New Way for the Public to Petition the Agency for Action

Learn Why Clients Love ACES

CFPB Compliance Bulletin 2022-02: EFT Act’s Compulsory Use Prohibition and Government Benefit Accounts

CFPB publishes 2022 Reportable HMDA Data Reference Chart

CFPB: Concern Over Appraisal Bias Leads to Joint Agency Letter to The Appraisal Foundation

OCC Bulletin 2022-2 State Community Reinvestment Laws; Consumer Complaints; Input from State

Learn Why Clients Love ACES

CFPB Issues Updated Rural and Underserved Areas and Counties Lists for 2022

OCC Releases CRA Evaluations for 16 National Banks and Federal Savings Associations

CFPB Publishes Annual List of Consumer Reporting Companies

Fed Holds Rates Steady

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Federal Legislation