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.
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.
Search our Compliance Calendar for current regulatory changes & updates.
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.
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M Report – Eric C. Peck
The Federal Housing Finance Agency (FHFA) has appointed Laura Thrift as Director of the Office of Congressional Affairs and Communications, and Alexei Alexandrov as Chief Economist.
DS News – Eric C. Peck
Representative Maxine Waters, Chairwoman of the House Financial Services Committee, plead to Congress for emergency rental assistance reform.
The Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency (the federal banking agencies) are issuing the Conducting Due Diligence on Financial Technology Companies: A Guide for Community Banks (Guide), which is intended to help community banks in conducting due diligence when considering relationships with financial technology (fintech) companies.
The FDIC has updated the Compliance Examination Manual's Fair Housing Act (V-8.1) chapter to conform to changes in advertising rules and disclosure and recordkeeping requirements, as well as the Home Mortgage Disclosure Act (V-9.1) chapter to delete a reference to a “Reasons for Denial” reporting requirement that no longer applies.
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DS News -- Christina Hughes Babb
The U.S. Treasury aims to expedite billion in government assistance to renters and property owners who need it.
The CFPB issued new technical specifications for complying with credit card agreement and data submission requirements under TILA and the CARD Act (Regulation Z).
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).
