Compliance Newshub
Federal Legislation

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.

The Office of the Comptroller of the Currency (OCC) and other federal financial institution regulatory agencies, in conjunction with the state bank and state credit union regulators, issued a statement to emphasize the importance of an orderly transition away from the London Interbank Offered Rate (LIBOR).

OCC published the fall 2021 edition of the Interest Rate Risk Statistics Report which presents interest rate risk data gathered during examinations of OCC-supervised midsize and community banks and federal savings associations.

Mortgage Professional America -- Candyd Mendoza

The Appraisal Subcommittee (ASC), an independent federal agency managing the real estate appraisal industry, has introduced a legal and policy evaluation of real estate appraisal standards and appraiser qualification criteria.

HousingWire -- Georgia Kromrei

As the Consumer Financial Protection Bureau (CFPS) ramp up fair lending and redlining enforcement, they will add 20 to 30 enforcement attorneys.

FHFA announced that Fannie Mae and Freddie Mac (the Enterprises) will expand certain eligibility requirements for their RefiNow and Refi Possible refinance programs aimed at assisting low-income borrowers, and will be incorporating desktop appraisals into their selling guides for new purchase loans.

The OCC published an updated self-assessment tool for banks to evaluate their preparedness for the cessation of the London Interbank Offered Rate (LIBOR), which rescinds OCC Bulletin 2021-7, “Libor Transition: Self-Assessment Tool for Banks,” published on February 10, 2021, and replaces the tool attached to OCC Bulletin 2021-7.

HUD has published a proposed rule regarding the transition from London Interbank Offered Rate (LIBOR) to Secured Overnight Financing Rate (SOFR); specifically, this proposed rule would address a Secretary-approved replacement index for existing loans and provide for a transition date consistent with the cessation of the LIBOR index to address operational difficulties for mortgagees to implement the change to a new index.

The Bureau released a set of Frequently Asked Questions (FAQs) that discuss limited-content messages and the call frequency provisions under the Debt Collection Rule in Regulation F.