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 FFIEC today released one new section and updates to three sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual.
The CFPB issued two new data briefs, "Overdraft/NSF Fee Reliance Since 2015 – Evidence from Bank Call Reports" and "Checking Account Overdraft at Financial Institutions Served by Core Processors", and announced that enhanced scrutiny of ODP programs would follow.
Search our Compliance Calendar for current regulatory changes & updates.
The CFPB issued a final rule to amend an appendix for Regulation V that implements the Fair Credit Reporting Act (FCRA) as well as announce that the ceiling on allowable charges under section 612(f) of the FCRA will increase to $13.50 for 2022 effective on January 1, 2022.
The Consumer Financial Protection Bureau (CFPB) has provided voluntary recommendations in this advisory for financial institutions to help them prevent elder financial exploitation with alerts to trusted contacts.
The FRS and CFPB published a final rule announcing the Consumer Leasing (Regulation M) exemption threshold will increase from $58,300 to $61,000 effective January 1, 2022.
The CFPB issued a final rule amending the official commentary that interprets the requirements of the Bureau's Regulation Z (Truth in Lending) to reflect a change in the loan amount for higher priced mortgage loan (HPML) appraisal exemptions from $27,200 to $28,500, effective January 1, 2022.
Automated compliance tests to ensure compliance on more loans in less time
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.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
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.
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.
