Compliance Newshub
Federal Legislation

The CFPB provided to Congress the Consumer Response Annual Report for 2020, which reflects a nearly 54% increase year-over-year primarily as a result of the COVID-19 pandemic on the consumer financial marketplace.

To mitigate transition costs on credit unions related to the coronavirus disease 2019 (COVID-19 Pandemic), the NCUA Board (Board) is issuing this temporary interim final rule to permit federally insured credit unions (FICUs) to use asset data as of March 31, 2020, in order to determine the applicability of certain regulatory asset thresholds during calendar years 2021 and 2022.

Mortgage Bankers Association – Mike Sorohan

The Mortgage Bankers Association requested a meeting with Treasury and Federal Housing Finance Agency officials to discuss the MBA member concerns over newly imposed limits on government-sponsored enterprise operations that could cause possible disruptions to the housing finance system.

The joint federal bank regulatory agencies have issued this joint release to announce the temporary change to the supplementary leverage ratio flexibility for depository institutions to provide credit to households and businesses due to COVID-19, will expire as scheduled on March 31, 2021.

The Consumer Financial Protection Bureau (CFPB) released the 2020 annual report to Congress on the administration of the Fair Debt Collection Practices Act (FDCPA), highlighting efforts by the CFPB and the Federal Trade Commission (FTC) to protect consumers, particularly those who have suffered profound financial impacts due to the COVID-19 pandemic.

M Report – Eric Peck

The Federal Reserve Board voted to keep rates near 0% at least through 2023.

OFAC issued a final rule to adjust certain civil monetary penalties for inflation effective March 17, 2021.

The CFPB has issued an interpretive rule clarifying that the prohibition against sex discrimination under ECOA and Reg B includes sexual orientation and gender identity discrimination, based on actual or perceived non-conformity with traditional sex- or gender-based stereotypes.

The HUD Office of Inspector General (OIG) prepared a memorandum to provide the Office of Housing at the U.S. Department of Housing and Urban Development (HUD) with key considerations from prior audits of the HUD Single Family Default Monitoring System (SFDMS) and the partial claim loss mitigation option.

The Office of General Counsel, Department of Housing and Urban Development published the 2021 inflation adjustment of civil penalty amounts that will apply to violations occurring on or after April 15, 2021.

The OCC, Board of Governors of the Federal Reserve System, FDIC, FCA, and NCUA issued “Loans in Areas Having Special Flood Hazards; Interagency Questions and Answers Regarding Private Flood Insurance” for notice and comment; comments will be accepted for 60 days from the date of publication in the Federal Register.

The CFPB is rescinding its January 24, 2020 policy statement, “Statement of Policy Regarding Prohibition on Abusive Acts or Practices” and going forward, the CFPB intends to exercise its supervisory and enforcement authority consistent with the full scope of its statutory authority under the Dodd-Frank Act as established by Congress.