Compliance Newshub
Federal Legislation

The Financial Crimes Enforcement Network (FinCEN)has issued a proposal that could impose anti-money laundering reporting mandates on a wide range of residential real estate participants including real estate agents, brokers, attorneys, title insurance companies, and settlement agents for all-cash real estate transactions.

The Bureau of Consumer Financial Protection is issuing this compliance bulletin and policy guidance to remind debt collectors of their obligation to comply with the Fair Debt Collection Practices Act’s prohibition on false, deceptive, or misleading representations and unfair or unconscionable practices, and to remind consumer reporting agencies and information furnishers to comply with the Fair Credit Reporting Act’s accuracy and dispute resolution requirements, including when collecting, furnishing information about, and reporting medical debts covered by the No Surprises Act.

The Federal Deposit Insurance Corporation (FDIC) and the Financial Crimes Enforcement Network (FinCEN) announced a Tech Sprint to develop solutions for financial institutions and regulators to help measure the effectiveness of digital identity proofing—the process used to collect, validate, and verify information about a person.

The CFPB announced its suing United Debt Holding (UDH), its affiliates, and its owners for illegal debt-collection practices

The CFPB has issued its Fall 2021 Supervisory Highlights, discussing findings from its examinations in connection with credit card account management, debt collection, fair lending, mortgage servicing, deposits, prepaid accounts, and remittance transfers.

Beginning January 1, 2022, a bank that, as of December 31 of either of the prior two calendar years, had assets of less than $1.384 billion is a “small bank or savings association” under the CRA regulations and a “small bank or savings association” with assets of at least $346 million as of December 31 of both of the prior two calendar years and less than $1.384 billion as of December 31 of either of the prior two calendar years is an “intermediate small bank or savings association” under the CRA regulations.

The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, members of the Federal Financial Institutions Examination Council (FFIEC), released data on small business, small farm, and community development lending during 2020.

The Office of the Comptroller of the Currency (OCC) issued an updated "Other Real Estate Owned" booklet of the Comptroller’s Handbook.

The Department of Justice and the Consumer Financial Protection Bureau issued a letter to mortgage servicers to ensure that servicemember and veteran mortgage borrowers’ rights under federal law are diligently protected during the loss mitigation process, and that any issues identified are addressed expeditiously as thousands of servicemember and veteran homeowners will be exiting COVID-19 hardship mortgage forbearances.

The Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) issued a joint letter to landlords and other housing providers regarding important legal housing protections for military families.

The OCC, the FRB, and the FDIC issued a revised statement extending the expiration of the “Revised Statement Regarding Status of Certain Investment Funds and their Portfolio Investments for Purposes of Regulation O and Reporting Requirements under Part 363 of FDIC Regulations,” to January 1, 2023.

The Office of the Comptroller of the Currency (OCC) issued the revised interagency Home Mortgage Disclosure Act (HMDA) examination procedures for determining compliance with HMDA and its implementing regulations.