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.
Ballard Sparh LLP--Christopher J. Willis
The California Department of Financial Protection and Innovation (DFPI) is requesting comments on draft rules to implement certain provisions of the California Consumer Financial Protection Law (CCFPL) which became effective on January 1, 2021; comments are due by September 17, 2021.
The Office of the Comptroller of the Currency (OCC) issued today the new "Model Risk Management" 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).
Search our Compliance Calendar for current regulatory changes & updates.
The OCC provides supplemental examination procedures on Electronic Fund Transfer Act (EFTA) remittance transfers.
M Report – Eric C. Peck
Representative Maxine Water, Chairwoman of the House Financial Services Committee, sent two letters urging regulatory to strengthen foreclosure and mortgage servicing protections for borrowers to provide further oversight to avoid unnecessary foreclosures during the pandemic.
The OCC Bulletin informs national banks, federal savings associations, and federal branches and agencies of foreign banking organizations (collectively, banks) of the appropriate names and addresses for notices required by the Community Reinvestment Act (CRA) and Equal Credit Opportunity Act, and for posters under the Fair Housing Act.
The Consumer Financial Protection Bureau (CFPB) released an interpretive rule to assist the mortgage industry in determining whether to treat June 19, 2021, as a federal holiday or a business day for purposes of compliance with certain time-sensitive borrower protections.
"ACES has made my life so much easier from a QC perspective. It's life-changing"
- Kelly Cooper Spencer, QC & Business Intelligence Data Manager at Thrive Mortgage
The CFPB updated the Mortgage Servicing Small Entity Compliance Guide to incorporate references to the most recent Mortgage Servicing Rules.
Mortgage Bankers Association
The Centers for Disease Control and Prevention released a new order terminating residential evictions through October 3 in counties with “heightened levels of community [COVID-19] transmission.”
The CFPB announced that two final rules issued under the Fair Debt Collection Practices Act (FDCPA) will take effect as planned, on November 30, 2021.
Compliance Alliance
The CFPB launched an online tool to assist renters and landlords impacted by the pandemic access to federal rental assistance funds.
Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.
The Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency (collectively, the agencies), under the auspices of the Federal Financial Institutions Examination Council (FFIEC), are requesting comment on proposed revisions to clarify instructions for reporting of deferred tax assets consistent with a proposed rule on tax allocation agreements (see FIL-29-2021, dated April 22, 2021), and a new item related to the final rule on SA-CCR (see FIL-74-2019, dated December 2, 2019).
Ballard Spahr LLP--Lori J. Sommerfield & John L. Culhane, Jr.
After a lawsuit alleging wrongful delay by the CFPB to adopt regulations implementing Section 1071 of the Dodd-Frank Act, the CFPB has agreed to issue a Notice of Proposed Rulemaking by September 30, 2021.
The Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System (Board), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) are seeking comment on proposed guidance on managing risks associated with third-party relationships.
The 2021 Census Flat File and the 2021 FFIEC Median Family Income Report are now available on the FFIEC website.
