Compliance Newshub
Federal Legislation

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.

ABA Banking Journal

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

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.

Weiner Brodsky Kider PC

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

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.

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.

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

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.

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.

Weiner Brodsky Kider PC

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

The CFPB issued an interim final rule in support of the Centers for Disease Control and Prevention (CDC)’s eviction moratorium, requires debt collectors to provide written notice to tenants of their rights under the eviction moratorium and prohibits debt collectors from misrepresenting tenants’ eligibility for protection from eviction under the moratorium effective May 3, 2021.

The CFPB published an interim final rule the Fair Debt Collection Practices Act (FDCPA) in support of the Centers for Disease Control and Prevention (CDC)’s eviction moratorium effective May 3, 2021.