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.
M Report – Eric C. Peck
The U.S Senate approved the nomination of Rohit Chopra as the Director of Consumer Financial Protection Bureau (CFPB).
This bulletin provides an overview of the regulatory requirements and process that the Office of the Comptroller of the Currency (OCC) uses to review a voluntary liquidation of a mutual federal savings association (mutual FSA).
Search our Compliance Calendar for current regulatory changes & updates.
The Office of the Comptroller of the Currency (OCC) today issued versions 1.0 of the "Earnings" and "Regulatory Reporting" booklets of the Comptroller's Handbook.
The CFPB has published a Supervisory Policy Statement on the existing flexibility certain laws and regulations provide that may be helpful for supervised entities during recovery and after major disasters and emergencies.
The Federal Housing Finance Agency (FHFA or the Agency) is seeking comments on a notice of proposed rulemaking (proposed rule) that would amend the Enterprise Regulatory Capital Framework (ERCF) by refining the prescribed leverage buffer amount (PLBA or leverage buffer) and credit risk transfer (CRT) securitization framework for the Federal National Mortgage Association (Fannie Mae and Freddie Mac) and the Federal Home Loan Mortgage Corporation (Fannie Mae and Freddie Mac each an Enterprise).
Scotsman Guide – Arnie Aurellano
The Federal Housing Finance Agency (FHFA) and the U.S. Department of the Treasury suspend new provisions added to the Preferred Stock Purchase Agreement (PSPAs) with the GSEs.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
The Office of the Comptroller of the Currency (OCC) today issued a new "Problem Bank Supervision" booklet, which is part of the Examination Process series of the Comptroller's Handbook and replaces "An Examiner's Guide to Problem Bank Identification, Rehabilitation, and Resolution," dated January 2001 and incorporates OCC Bulletin 2018-33, "Prompt Corrective Action: Guidelines and Rescissions."
The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) announced that they will extend the comment period on the notice of "Proposed Interagency Guidance on Third-Party Relationships: Risk Management" through October 18, 2021.
The CFPB announces the Filing Instructions Guide (FIG) for Home Mortgage Disclosure Act (HMDA) data collected in 2022 and reported in 2023 is now available.
The OCC issued a proposal to rescind the Community Reinvestment Act (CRA) rule that the OCC published in June 2020 and replace it with rules based largely on the rules adopted jointly by the federal banking agencies in 1995; comments are due on or before October 29, 2021.
"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 Board of Governors of the Federal Reserve System (“Board”) is amending Regulation D, Reserve Requirements of Depository Institutions, to revise the rate of interest paid on balances maintained at Federal Reserve Banks by or on behalf of eligible institutions (“IORB” rate) to 0.15 percent effective September 8, 2021.
FFIEC announces the 2021 Census Data Products have been released and the Geocoding/Mapping System has been updated to include the 2021 Census demographic data.
The CFPB proposed a new rule addressing Section 1071 of the Dodd-Frank Act, which requires the CFPB to collect data about small business lending to facilitate enforcement of fair lending laws and to help identify business and community development needs and opportunities; comments are due 90 days from the date of publication in the Federal Register.
DS News – Eric C. Peck
The Consumer Financial Protection Bureau (CFPB) set rules to prevent avoidable foreclosures as forbearance plans begin to expire for millions of Americans.
