Compliance Newshub
Federal Legislation

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.

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.

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.

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.

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.

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.

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).

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

DS News – Chuck Green

The FHFA increases foreclosure prevention actions to prevent home loss.

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.

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.