Compliance Newshub
Federal Legislation

HUD published an interim final rule to restore certain definitions and certifications that have been through notice-and-comment scrutiny and that are grounded in legal precedent to its regulations implementing the Fair Housing Act's requirement to affirmatively further fair housing (AFFH) and reinstate a process by which HUD will provide technical assistance and other support to funding recipients who are engaged in fair housing planning to support their certifications; effective July 31, 2021.

U.S. Department of the Treasury

The U.S. Department of the Treasury announced $1.25 billion COVID-19 relief funds to 863 community development financial institutions (CDFIs).

Ballard Spahr Richard J. Andreano, Jr.

The CFPB stated that it would not take up other HMDA rulemakings; it will assess the October 2015 significant amendments to Regulation C under the Home Mortgage Disclosure Act (HMDA).

The Rural Housing Service (RHS) proposes to amend the current regulation for the Single-Family Housing Guaranteed Loan Program (SFHGLP) to update the requirements for Federally supervised lenders, minimum net worth and experience for non-supervised lenders, approved lender participation requirements, treatment of applicants with delinquent child support payments and builder credit requirements; comments must be submitted on or before August 9, 2021.

Mortgage Bankers Association – Mike Sorohan

The Mortgage Bankers Association and several industry trade groups requested federal regulatory agencies to hold the implementation of new credit risk retention guidelines until the CFPB implements its updated Qualified Mortgage general definition.

The Department of Veterans Affairs (VA) is amending its regulations that govern the processes and procedures for issuing and managing guidance documents as the Executive order (E.O.) entitled “Promoting the Rule of Law Through Improved Agency Guidance Documents” has been rescinded; effective July 7, 2021.

The CFPB issued Electronic Fund Transfers Frequently Asked Questions (FAQs) addressing the unauthorized transfer and error resolution provisions under the Electronic Fund Transfer Act and Regulation E, including situations when a consumer is fraudulently induced by a third party to provide their account information or private network rules conflict with the regulation.

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.