Compliance Newshub
Federal Legislation

The CFPB released a set of FAQs that discuss certain topics relating to escrow accounts under Regulation X, providing a general overview of the escrow account provisions in Regulation X, and they address topics such as deficiencies, shortages, and surpluses.

The CFPB published corrections to the Official Interpretations (Commentary) to Regulation Z to add a comment to its Commentary that was included in a recent higher-priced mortgage loan escrow exemption final rule but that was not incorporated into the Code of Federal Regulations (CFR) due to an omission in an amendatory instruction, as well as a revised comment that was included in the same recent final rule, but that inadvertently did not appear in a subsequently effective final rule.

The Department of Housing and Urban Development (HUD) published a list of regulatory waivers granted by HUD during the period beginning on October 1, 2020, and ending on December 31, 2020.

Ballard Spahr -- James Kim & Ronald K. Vaske

The FDIC has filed a motion for summary judgment in the lawsuit filed by the Attorney Generals of six states and the District of Columbia to set aside the FDIC’s “Madden-fix” rule, including the FDIC’s opposition summary judgment motion filed by the AGs.

Office of the Comptroller of the Currency

The Office of the Comptroller of the Currency (OCC) published its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the third quarter and fourth quarter 2021.

The FDIC, the Board of Governors of the Federal Reserve System, and the OCC published final regulatory reporting changes in the Federal Register applicable to the three versions of the Call Report (FFIEC 031, FFIEC 041, and FFIEC 051).

Mortgage Professional America--David Kitai

The Homes for Every Local Protector, Educator, and Responder (HELPER) Act was introduced to Congress this week and could allow for federally funded affordable mortgage opportunities similar to VA loans open to firefighters, police and teachers.

The Federal Reserve System (Board) issued an interim final rule to extend the exception of certain loans that are guaranteed under the Small Business Administration's Paycheck Protection Program from the requirements of the Federal Reserve Act and the associated provisions of the Board's Regulation O through March 31, 2022.

Mortgage Bankers Association – Mike Sorohan

The Mortgage Bankers Association sent a letter to the House leadership, asking for support of the bill expanding appraisers practices.

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).

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.

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.