Compliance Newshub
Federal Legislation

CFPB issued a final rule to finalize amendments to the federal mortgage servicing regulations establishing temporary special safeguards to help ensure that borrowers have time before foreclosure to explore their options, including loan modifications and selling their homes effective August 21, 2021.

Ballard Spahr LLP--Jason M. Cover

The House of Representatives passed the resolution under the Congressional Review Act (CRA) to overturn the OCC’s “true lender” final rule by a vote of 218-208.

Mortgage Bankers Association – Mike Sorohan

The Department of Housing and Urban Development recommended restoring its 2013 Discriminatory Effects Standard, know in the industry as the “Disparate Impact” rule.

Mortgage Bankers Association – Mike Sorohan

Last Friday, the Biden Administration nominated Julia Gordon as FHA Commissioner and Dave Uejio as HUD Assistant Secretary for Fair Housing and Equal Opportunity.

The Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation today announced the availability of the 2021 list of distressed or underserved nonmetropolitan middle-income geographies.

HUD issued a proposed rule to recodify its previously promulgated rule titled, “Implementation of the Fair Housing Act's Discriminatory Effects Standard” (“2013 Rule”), which, as of the date of publication of this Proposed Rule, remains in effect due to the U.S. District Court for the District of Massachusetts preliminary injunction in 2020.

FDIC published a Final Rule issuing a Statement of Policy Regarding Minority Depository Institutions that updates, strengthens, and clarifies the agency's policies and procedures related to minority depository institutions effective August 23, 2021.

The FFIEC released updates to four sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual (Manual).

The CFPB has published the Spring 2021 Rulemaking Agenda which lists the regulatory matters that, to further our consumer protection mission and mandate, we are currently pursuing under interim leadership pending the appointment and confirmation of a permanent Director.

FDIC issued guidance that FDIC-supervised institutions should comply with applicable requirements of their state chartering authority and consider the impact on customers when determining how to proceed with the federal government observation of the new Juneteenth federal holiday on Friday, June 18.

Ballard Spahr LLP--Richard J. Andreano, Jr. & John L. Culhane, Jr.

Juneteenth National Independence Day has been signed into law on June 17, 2021 creating an important change under the Truth in Lending Act (TILA) and Regulation Z in relation to the definition of "business day.".

The FFIEC announced the availability of data on 2020 mortgage lending transactions at 4,475 U.S. financial institutions (including banks, savings associations, credit unions, and mortgage companies) reported under the Home Mortgage Disclosure Act (HMDA).