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.
The Comptroller of the Currency (OCC) published its schedule of Community Reinvestment Act (CRA) evaluations to be performed in the first and second quarters of 2022.
The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation published a final rule to establish computer-security incident notification requirements for banking organizations and their bank service providers effective April 1, 2022.
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This bulletin is issued as a reminder that banks are prohibited from making most equity investments in venture capital funds.
FFIEC announced that the 2021 CRA Data Entry Software Release 2 is now available.
The NCUA Board unanimously approved a final rule that revises the definition of service facility for multiple common-bond federal credit unions contained in the NCUA’s Chartering and Field of Membership Manual.
"By partnering with ACES, we have witnessed an overall improvement in the quality of our reviews."
-Hilda Melendez, Quality Control Systems Director at Lennar Mortgage
FinCEN has issued guidance including instructions for financial institutions filing suspicious activity reports (SARs) related to environmental crimes, including what to detail and keywords to include in such filings.
The CFPB updated its FAQs on the Home Mortgage Disclosure Act (HMDA) reporting requirements to clarify the expiration of the temporary threshold of 500 open-end lines of credit, provide circumstance-based questions and answers applying the threshold rules to closed-end mortgage loans and open-end lines of credit scenarios, and address voluntary reporting.
This final rule sets time limits for banking organizations and service providers to make appropriate notifications in the case of “computer-security incidents”.
Under the CFPB’s Debt Collection Rule, debt collectors communicating by text message must confirm that the consumer’s telephone number has not been re-assigned to another user by using the FCC's Reassigned Numbers Database which has now been published.
"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
The Consumer Financial Protection Bureau (CFPB) published the Financial report of the Consumer Financial Protection Bureau for the fiscal year 2021, which provides the summary results of the CFPB’s operational activity.
The Consumer Financial Protection Bureau (CFPB) published a Request for Information (RFI) to seek input on detecting Discrimination in Mortgage lending.
The Financial Crimes Enforcement Network has renewed its Geographic Targeting Orders that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate.
The CFPB with the Board of Governors of the Federal Reserve System, the FDIC, NCUA, the OCC, and state financial regulators issued the joint statement clarifying that the agencies will apply their respective supervisory and enforcement authorities to protect homeowners and address any compliance failures.
