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 announced that two final rules issued under the Fair Debt Collection Practices Act (FDCPA) will take effect as planned, on November 30, 2021.
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The CFPB launched an online tool to assist renters and landlords impacted by the pandemic access to federal rental assistance funds.
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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.
"By partnering with ACES, we have witnessed an overall improvement in the quality of our reviews."
-Hilda Melendez, Quality Control Systems Director at Lennar Mortgage
The CFPB issued a Consent Order against a fintech company or enabling contractors and other merchants to take out loans on behalf of thousands of consumers who did not request or authorize them in violation of the Consumer Financial Protection Act of 2010 (CFPA).
The FHFA is issuing a policy statement on Fair Lending to communicate the agency's general position on monitoring and information gathering, supervisory examinations, and administrative enforcement related to the Equal Credit Opportunity Act, the Fair Housing Act, and the Federal Housing Enterprises Financial Safety and Soundness Act, and is soliciting comments on its application; comments must be received on or before September 7, 2021.
The CFPB released a Spanish-language translation of certain model clauses available for use in early intervention written notices issued under the Mortgage Servicing Rules.
HUD has published its quarterly Federal Register notices of all regulatory waivers granted by HUD during the period beginning on January 1, 2021, and ending on March 31, 2021..
PacRes Mortgage Improves Quality Control Accuracy by over 30% While Decreasing non-compliance incidents by 25%
The NCUA published a final rule that facilitates the transition of federally insured credit unions (FICUs) to the current expected credit loss (CECL) methodology required under Generally Accepted Accounting Principles (GAAP) effective August 2, 2021.
The Financial Crimes Enforcement Network (FinCEN) has completed a report on its assessment of whether to establish a process for the issuance of no-action letters in response to inquiries concerning the application of the Bank Secrecy Act (BSA) and other anti-money laundering and countering the financing of terrorism laws to specific conduct and has concluded that a no-action letter process would be a useful complement to its current forms of regulatory guidance and relief.
The FDIC, the Board of Governors of the Federal Reserve System, the National Credit Union Administration, the Office of the Comptroller of the Currency, State bank and credit union regulators, and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) are issuing a statement to provide clarity regarding the Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) national Priorities implementation. The publication of the AML/CFT national Priorities does not create an immediate change to Bank Secrecy Act (BSA) requirements for banks.
The Federal Financial Institutions Examination Council (FFIEC) issued a new booklet in the FFIEC Information Technology Examination Handbook series, titled “Architecture, Infrastructure, and Operations” which provides expanded guidance to help financial institution examiners assess the risk profile and adequacy of an entity’s information technology architecture, infrastructure, and operations.
