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.
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.
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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.
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.
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- Kelly Cooper Spencer, QC & Business Intelligence Data Manager at Thrive Mortgage
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.
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.
Automated compliance tests to ensure compliance on more loans in less time
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.
The CFPB issued a second Debt Collection final rule, which clarifies the information that a debt collector must provide to a consumer at the outset of debt collection communications and provides a model notice containing such information, prohibits debt collectors from bringing or threatening to bring a legal action against a consumer to collect a time-barred debt, and requires debt collectors to take certain actions before furnishing information about a consumer’s debt to a consumer reporting agency; effective November 30, 2021.
The OCC issued proposed rules that would allow the agency to issue exemptions from Suspicious Activity Report requirements where it deems appropriate, in an effort to help reduce regulatory burden on banks while encouraging innovation in BSA/AML compliance; comments are due 30 days after publication in the Federal Register.
