Compliance Newshub
Federal Legislation

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.

BE Banking Exchange

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

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.