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Federal Legislation

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.

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February 24, 2021

FinCEN FIN-2021-A002 Advisory on Financial Crimes Targeting COVID-19 Economic Impact Payments

The Financial Crimes Enforcement Network (FinCEN) today issued an advisory to alert financial institutions to fraud and other financial crimes related to COVID-19 Economic Impact Payments (EIPs), including descriptions of EIP fraud, associated red flag indicators, and information on reporting suspicious activity.

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February 23, 2021

CFPB Updates Guidance for the ATR/QM Rule

The CFPB has updated the small entity compliance guide and other compliance aids related to the ATR/QM Rule, as well as issued a statement regarding the mandatory compliance date for the General QM Final Rule and possible reconsideration of the General QM Final Rule and Seasoned QM Final Rule.

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February 23, 2021

FDIC FIL-10-2021 Technical Assistance Videos on Fair Lending

The FDIC has released nine technical assistance videos on fair lending intended as a high-level overview to help FDIC-supervised institutions assess and mitigate fair lending risk, and to understand how FDIC examiners evaluate fair lending compliance.

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February 23, 2021

FHFA Final Rule: Civil Money Penalty Inflation Adjustment

FHFA issued a final rule adjusting each civil money penalty within its jurisdiction to account for inflation, effective January 29, 2021, and applicable beginning January 15, 2021.

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February 17, 2021

FRS Final Rule: Loans to Executive Officers, Directors, and Principal Shareholders of Member Banks

The Board of Governors of the Federal Reserve System issued an interim final rule to extend Regulation O exceptions to PPP loans, including PPP second draw loans, made through March 31, 2021.

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February 16, 2021

OCC Bulletin 2021-7 Libor Transition: Self-Assessment Tool for Banks

The OCC published a bulletin that provides a self-assessment tool for banks to evaluate their preparedness for the expected cessation of the London InterBank Offered Rate (Libor).

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QC Now: CFPB’s Proposed Mortgage Servicing Rule Amendments

QC Now: CFPB’s Proposed Mortgage Servicing Rule Amendments

Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.

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February 16, 2021

HUD No. 21-021 HUD To Enforce Fair Housing Act to Prohibit Discrimination on The Basis of Sexual Orientation and Gender Identity

HUD announced that it will administer and enforce the Fair Housing Act to prohibit discrimination on the basis of sexual orientation and gender identity.

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February 16, 2021

FHFA Increases Actions to Prevent Home Loss

DS News – Chuck Green

The FHFA increases foreclosure prevention actions to prevent home loss.

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February 12, 2021

HUD Notice: Debenture Interest Rates

HUD issued a Notice announcing changes in the interest rates to be paid on debentures issued with respect to a loan or mortgage insured by the Federal Housing Administration under the provisions of the National Housing Act (the Act) effective January 1, 2021.

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February 10, 2021

FRS Final Rule: Regulation D: Reserve Requirements of Depository Institutions

The Board of Governors of the Federal Reserve System (“Board”) is adopting as a final rule, without change, its March 24, 2020, interim final rule amending its Regulation D (Reserve Requirements of Depository Institutions) to lower reserve requirement ratios on transaction accounts maintained at depository institutions to zero percent effective March 12, 2021.

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Learn Why Clients Love ACES

Learn Why Clients Love ACES

"ACES has made my life so much easier from a QC perspective. It's life-changing"

- Kelly Cooper Spencer, QC & Business Intelligence Data Manager at Thrive Mortgage

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February 03, 2021

Biden to Release Billions in Puerto Rico Disaster Relief

DS News -- Christina Hughes Babb

The Biden administration plans to release $1.3 billion in Puerto Rico Disaster Relief funds.

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February 02, 2021

FinCEN Inflation Adjustment of Civil Monetary Penalties

This rule adjusts certain civil monetary penalties,CMPs, within the jurisdiction of FinCEN to the maximum amount required by the Federal Civil Penalties Inflation Adjustment Act.

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February 02, 2021

VA Federal Civil Penalties Inflation Adjustment Act Amendments

VA is providing public notice of inflationary adjustments to the maximum civil monetary penalties assessed or enforced by VA.

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February 02, 2021

Analyzing Seasoned QM Loans

M Report – Christian Huges Babb

Researchers are taking a closer look at the two rules issued by the CFPB in December to understand their implications for housing.

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