Compliance Newshub
Federal Legislation

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.

DS News -- Christina Hughes Babb

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

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.

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

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.

Mortgage Bankers Association

The Mortgage Action Alliance issued a Call to Action to support the newly introduced legislation to create a federal tax credit to fuel development.

The SBA updated its frequently asked questions on the Paycheck Protection Program to clarify that the FINCen's April 2020 PPP FAQs still apply to second-draw PPP loans, lenders may rely on information obtained from an existing borrower during a first-draw loan application for a second-draw application and additional PPP FAQs are in the process of being revised and do not as yet reflect changes made by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act enacted on December 27, 2020.