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.
Buckley LLP
The CFPB Taskforce on Federal Consumer Financial Law released a report providing recommendations for modernizing the consumer financial marketplace.
FRS proposes to amend its Regulation D (Reserve Requirements of Depository Institutions) to eliminate references to an “interest on required reserves” rate and to an “interest on excess reserves” rate and replace them with a reference to a single “interest on reserve balances” rate, simplify the formula used to calculate the amount of interest paid on balances maintained by or on behalf of eligible institutions in master accounts at Federal Reserve Banks, and to make other conforming changes; comments are due on or before March 9, 2021.
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The NCUA is providing notice of its maximum civil money penalties as adjusted for inflation effective January 7, 2021.
The CFPB Taskforce on Federal Consumer Financial Law released a report today with recommendations on how to improve consumer protection in the financial marketplace.
The FDIC is providing notice of its maximum civil money penalties as adjusted for inflation applicable to penalties assessed after January 15, 2021, for conduct occurring on or after November 2, 2015.
The OCC is providing notice of its maximum civil money penalties as adjusted for inflation applicable to penalties assessed on or after January 1, 2021, for conduct occurring on or after November 2, 2015.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
Ballard Spahr LLP--Scott A. Coleman & James Kim
The FDIC has issued a final rule setting forth the conditions it will impose and commitments required to approve a deposit insurance application from an industrial bank or industrial loan company who is not under the supervision of the Federal Reserve Board.
The Board of Governors of the Federal Reserve System (Board) and FDIC are amending their Community Reinvestment Act (CRA) regulations to adjust the asset-size thresholds used to define “small bank” and “intermediate small bank” effective January 1, 2021.
The CFPB is amending the Fair Credit Reporting Act (FCRA) to reflect the ceiling on allowable charges under Section 612(f) will increase to $13.00, effective for 2021.
The CFPB is amending the official commentary that interprets the requirements of the Bureau's Regulation C (Home Mortgage Disclosure) to reflect the asset-size exemption threshold for banks, savings associations, and credit unions; banks, savings associations, and credit unions with assets of $48 million or less as of December 31, 2020, are exempt from collecting data in 2021.
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The CFPB issued a final rule amending the official commentary that interprets the requirements of the Bureau's Regulation Z (Truth in Lending) to reflect a change in the asset-size threshold; creditors with assets of less than $2.230 billion (including assets of certain affiliates) as of December 31, 2020, are exempt, if other requirements of Regulation Z also are met, from establishing escrow accounts for higher-priced mortgage loans in 2021.
The NCUA Board issued is extending the effective date of its temporary final rule which raised the maximum aggregate amount of loan participations that a FICU may purchase from a single originating lender to the greater of $5,000,000 or 200 percent of the FICU's net worth; temporarily suspended limitations on the eligible obligations that a Federal credit union (FCU) may purchase and hold; tolled the required timeframes for the occupancy or disposition of properties not being used for FCU business or that have been abandoned; until December 31, 2021.
The OCC issued a final rule to clarify and codify recent OCC interpretations, integrates certain regulations for national banks and Federal savings associations, update or eliminate outdated regulatory requirements that no longer reflect the modern financial system, and make related technical changes throughout these and other OCC regulations; effective April 1, 2021.
The CFPB issued an advisory opinion to address regulatory uncertainty regarding Regulation B, which implements the Equal Credit Opportunity Act (ECOA), as it applies to certain aspects of special purpose credit programs (SPCPs) to clarify that it is not discrimination for for-profit organizations to provide SPCPs designed to meet special social needs.
