Compliance NewsHub >Topics >Federal Legislation

Compliance Newshub
Federal Legislation

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.

News Search

From
To
Search

May 19, 2021

Senators Introduce Bipartisan Legislation for Nationwide Online Notarization

M Report – Eric C. Peck

Two U.S. Senators Securing and Enabling Commerce Using Remote and Electronic (SECURE) Notarization Act, bipartisan legislation to permit immediate national use of Remote Online Notarizations (RONs).

View Source

May 17, 2021

CFPB Issues TRID Rule FAQs about the BUILD Act

The CFPB issued additional TRID Rule Frequently Asked Questions (FAQs) addressing housing assistance loans, and how the BUILD Act impacts the TRID Rule requirements for certain housing assistance loans.

View Source

Are You Up to Date?

Search our Compliance Calendar for current regulatory changes & updates.

Search Now

May 13, 2021

MBA, NMSA Ask CFPB to Amend Servicing Rules

Mortgage Bankers Association

The Mortgage Bankers Association and the National Mortgage Servicing Association requested the Consumer Financial Protection Bureau to make adjustments to its proposed rulemaking to modify Regulation X servicing rules.

View Source

May 13, 2021

Umpqua Bank Fined $1.8M Over Unfair Charges

BE Banking Exchange

The Federal Deposit Insurance Corporation (FDIC) ordered Umpqua Bank to pay $1.8 million for unfair and deceptive practices.

View Source

May 12, 2021

Senate passes repeal of "true lender" rule

The Hill--Sylvan Lane

The Senate passed a resolution to repeal the Office of the Comptroller of the Currency's true lender rule governing partnerships between banks and third-party lenders that would have allowed consumers to take loans with interest rates above their states’ maximum.

View Source

May 12, 2021

Senate Votes to Repeal OCC ‘True Lender’ Rule

ABA Banking Journal

The Senate voted to reverse the OCC’s “true lender” rule using a Congressional Review Act resolution.

View Source
Introducing: ACES PROTECT®

Introducing: ACES PROTECT®

Automated compliance tests to ensure compliance on more loans in less time

Learn More

May 11, 2021

Federal Reserve System (FRS) Proposed Guidelines for Evaluating Account and Services Requests

FRS is requesting comment on proposed Account Access Guidelines to evaluate requests for accounts and services at Federal Reserve Banks; comments are due on or before July 12, 2021.

View Source

May 07, 2021

CFPB Settles With Reverse Mortgage Lender Over Advertising Violations

Weiner Brodsky Kider PC

The CFPB entered into a consent order with a reverse mortgage lender over advertising violations.

View Source

May 05, 2021

FinCEN Reissues Real Estate Geographic Targeting Orders for 12 Metropolitan Areas

FinCEN announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate.

View Source

May 05, 2021

Two New CFPB Reports Address Pandemic Issues

M Report – Eric C Peck

The Consumer Financial Protection Bureau (CFPB) has published two reports revealing that more work needs to be done to assist mortgage borrowers dealing with the COVID-19 pandemic and economic slump.

View Source
QC Now: CFPB’s Proposed Mortgage Servicing Rule Amendments

QC Now: CFPB’s Proposed Mortgage Servicing Rule Amendments

Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.

Watch Now

April 27, 2021

CFPB Delays Mandatory Compliance Date for General Qualified Mortgage Final Rule

The CFPB formally delayed the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021, to October 1, 2022.

View Source

April 22, 2021

FDIC Issues Proposed Rule Regarding False Advertising, Misrepresentations About Insured Status, and Misuse of the FDIC’s Name or Logo

FDIC issued a proposed rule implementing its statutory authority to prohibit any person or organization from making misrepresentations about FDIC deposit insurance or misusing the FDIC’s name or logo; comments are due within 60 days after publication in the Federal Register.

View Source

April 22, 2021

CFPB Issues Notice of Proposed Rulemaking to Amend Regulation X

Weiner Brodsky Kider PC

The CFPB released a notice of proposed rulemaking and request for comment to amend Regulation X to help homeowners affected by the COVID-19 pandemic.

View Source

April 22, 2021

CFPB Proposes to Delay Effective Date of FDCPA Final Rules

Weiner Brodsky Kider PC

The CFPB recommended extending the effective date of its two final rules amending Regulation F, which applies to the FDCPA.

View Source

Stay Informed, Subscribe to the Compliance Newshub