Compliance Newshub
Federal Legislation

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.

The Board of Governors of the Federal Reserve System is correcting a typographical error in the regulatory text of the final rule published December 23, 2020, adjusting the asset-size threshold for Board-supervised intermediate small banks; effective March 11, 2021

M Report -- Christina Hughes Babb

The Senate confirmed Rep. Marci L. Fudge as Secretary of the U.S. Department of Housing and Urban Development (HUD).

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.