Compliance Newshub
Federal Legislation

The CFPB issued an interpretive rule clarifying that the prohibition against sex discrimination under the Equal Credit Opportunity Act (ECOA) and Regulation B includes sexual orientation discrimination and gender identity discrimination.

The CFPB released a new guide for older homeowners called You have a reverse mortgage: Know your rights and responsibilities, which is the latest tool in the CFPB’s suite of reverse mortgage resources, which provides easy-to-understand information for prospective and current reverse mortgage borrowers.

Mortgage Bankers Association – Joel Kan

The Federal Housing Finance Agency’s latest publication showed the fourth quarter saw an annual home-price increase of 10.9 percent –the most significant annual change on record.

The CFPB issued a notice of proposed rulemaking (NPRM) to delay the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022; comments are due on or before April 5, 2021.

Mortgage Bankers Association

With the foreclosure moratoria coming to an end soon, the Consumer Financial Protection Bureau announced a report cautioning of pervasive evictions and foreclosures, lacking additional public and private action.

Mortgage Bankers Association – Mike Sorohan

In a letter, the Mortgage Bankers Association offered recommendations to the Federal Housing Finance Agency (FHFA) to promote and modernize the appraisal process.

The Office of the Comptroller of the Currency (OCC) released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of February 1, 2021 through February 28, 2021.

Black, Mann & Graham LLP.

The Bureau of Consumer Financial Protection published a public statement regarding delaying the General QM Final Rule's mandatory compliance date.

The FDIC issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the second quarter 2021 and third quarter 2021 based on the best information now available and is subject to change.

The Federal Financial Institutions Examination Council (FFIEC) is updating sections and related examination procedures in the FFIEC Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual.

Mortgage Professional America – David Kitai

The Anti-Money Laundering Act passed last year and implemented this fiscal year has increased more compliance-related steps that could cause longer loan turnaround time.

Ballard Spahr LLP -- John L. Culhane, Jr. & Lori J. Sommerfield

The CFPB has filed its fourth status report with the California federal district court ordered by the Stipulated Settlement Agreement in the lawsuit filed against the Bureau in May 2019.