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.
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.
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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.
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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.
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The CFPB updated the Debt Collection Small Entity Compliance Guide to include a discussion of the December 2020 Final Rule.
FDIC has updated the Risk Management Manual of Examination Policies (RMS Manual); specifically, updates to Section 20.1 include revised instructions to address management concurrence requirements for changes in examination scope.
The CFPB released its annual Fair Lending Report to Congress highlighting work in 2020 to promote the Bureau's fair lending mission of ensuring fair, equitable, and nondiscriminatory access to credit while also protecting consumers in the midst of the COVID-19 pandemic and resulting economic consequences.
The federal banking agencies, in consultation with the Financial Crimes Enforcement Network and the National Credit Union Administration, today issued a joint statement addressing how risk management principles described in the “Supervisory Guidance on Model Risk Management” relate to systems or models used by banks to assist in complying with the requirements of Bank Secrecy Act (BSA) laws and regulations.
PacRes Mortgage Improves Quality Control Accuracy by over 30% While Decreasing non-compliance incidents by 25%
The CFPB issued a Notice of Proposed Rulemaking (NPRM) to delay by 60 days the effective date of two final rules issued under the Fair Debt Collection Practices Act (FDCPA) that are scheduled to take effect on November 30, 2021.
The Consumer Financial Protection Bureau (CFPB) proposed a set of rule changes intended to help prevent avoidable foreclosures as the emergency federal foreclosure protections expire; comments be submitted before May 11, 2021.
The FFIEC has published the 2021 edition of A Guide To HMDA Reporting: Getting It Right!
The Consumer Financial Protection Bureau (CFPB) today warned mortgage servicers to take all necessary steps now to prevent a wave of avoidable foreclosures this fall.
