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.
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.
Search our Compliance Calendar for current regulatory changes & updates.
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.
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A new CFPB advisory opinion has been issued affirming that consumer reporting agencies using “name-only matching” does not satisfy the FCRA requirement "to follow reasonable procedures to assure maximum possible accuracy of the information concerning the individual about whom the [consumer] report relates.”
The FDIC has created a new office to support the agency’s ongoing strategic and direct engagement with Minority Depository Institutions, Community Development Financial Institution banks, and other mission-driven banks to help promote private sector investments in low- and moderate-income communities.
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.
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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).
