Compliance Newshub
Federal Legislation

The Bureau has released several guidance documents to assist the industry with providing the validation information in preparation for the Debt Collection Rule’s upcoming effective date, including a “complete and accurate” Spanish translation of the model validation notice, a new section to the Debt Collection Rule Frequently Asked Questions (FAQs), and a document entitled, “Debt Collection Rule: Disclosing the Model Validation Notice Itemization Table.”.

The Financial Crimes Enforcement Network (FinCEN) announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate beginning November 1, 2021 and ending April 29, 2022.

The Office of the Comptroller of the Currency (OCC) issued version 2.0 of the “Retail Lending” booklet of the Comptroller’s Handbook, which discusses risks associated with retail lending and provides a framework for examiners’ evaluations of risk management activities.

The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council (FFIEC) has adopted revised interagency examination procedures for the Truth in Lending Act (TILA), implemented by Regulation Z, reflecting amendments to Regulation Z published in the Federal Register through May 30, 2021.

The Federal Housing Finance Agency (FHFA or the Agency) is seeking comments on a notice of proposed rulemaking (proposed rule) that would introduce new standardized approach disclosure requirements for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac, and with Fannie Mae, each an Enterprise), including disclosures related to regulatory capital instruments and risk-weighted assets calculated under the Enterprise Regulatory Capital Framework (ERCF).

The Office of the Comptroller of the Currency (OCC) issued responses to frequently asked questions (FAQ) about a notice of proposed rulemaking soliciting comments on the proposal to rescind the OCC’s Community Reinvestment Act (CRA) rule issued on June 5, 2020 (June 2020 CRA rule).

IVES is implementing a processing modernization that as of January 1, 2022 will result in either increased rejections or additional authorized transcripts being sent and charged due to the inclusion of Optical Character Recognition (OCR) software used to read the "clean" Form 4506-C as the form was intended.

The CFPB published a final rule that revises the dollar amounts for provisions implementing TILA and amendments to TILA, including under the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act), the Home Ownership and Equity Protection Act of 1994 (HOEPA), and the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) effective January 1, 2022.

Last week, the CFPB released a Spanish translation of the model-English language validation notice set forth in Appendix B of Regulation F.

On October 21, 2021, the FDIC Board of Directors adopted a final rule to amend the Interagency Guidelines for Real Estate Lending Policies to incorporate consideration of the capital framework established in the community bank leverage ratio (CBLR) rule into the method for calculating the ratio of loans in excess of the supervisory loan-to-value limits (LTV limits).

The Office of the Comptroller of the Currency (OCC) issued the revised “Payment Systems” booklet of the Comptroller’s Handbook, which is prepared for use by OCC examiners in connection with the examination and supervision of national banks, federal savings associations, and federal branches and agencies of foreign banking organizations (collectively, banks).

The Bureau has released an update to the Filing Instructions Guide (FIG) for HMDA data collected in 2022.