Compliance Newshub
Federal Legislation

The OCC, FRS, and FDIC have issued a net stable funding ratio, or NSFR, final rule that will require large banks to maintain a minimum level of stable funding, relative to each institution’s assets, derivatives, and commitments effective July 1, 2021.

The CFPB issued a final rule to extend the GSE Patch, originally scheduled to expire on January 10, 2021, until the mandatory compliance date of a final rule amending the General Qualified Mortgage (QM) loan definition in Regulation Z.

The FDIC issued an interim final rule that allows insured depository institutions to who have experienced large cash inflows resulting from COVID-19 government stimulus efforts to use the consolidated total assets as of December 31, 2019 to determine whether they are subject to the requirements of Part 363 of the FDIC’s regulations for fiscal years ending in 2021.

The CFPB published a reference tool for HMDA data required to be collected and recorded in 2021 and reported in 2022.

Mortgage Professional America – Ryan Smith

As the COVID-19 pandemic threatens the housing market and the broader economy, top Democrat accuses the agencies of not doing enough to prepare for threats to financial stability.

NCUA is adopting as final an interim final rule previously published to defer the requirement to obtain an appraisal or written estimate of market value for up to 120 days following the closing of certain residential and commercial real estate transactions, excluding transactions for acquisition, development, and construction of real estate, effective October 14, 2020, through December 31, 2020.

The FDIC, FRS, OCC, and NCUA, in conjunction with FinCEN, rant an exemption from the requirements of the customer identification program (CIP) rules for loans extended by banks and their subsidiaries to all customers to facilitate purchases of property and casualty insurance policies.

The OCC, FRS, and FDIC are adopting, without change, final revisions to the community bank leverage ratio framework made under two interim final rules issued April 23, 2020 effective November 9, 2020.

The CFPB rescinded Compliance Bulletin 2015-05, RESPA Compliance and Marketing Services Agreements as the Bureau has provided in FAQs that whether a particular MSA violates RESPA Section 8 will depend on specific facts and circumstances, including how the MSA is structured and implemented.

The CFPB published a set of Frequently Asked Questions (FAQs) discussing topics under the Real Estate Settlement Procedures Act (RESPA) and Regulation X; specifically, Section 8 addressing the application of these provisions to gifts and promotional activities and also to marketing services agreements (MSAs).

Buckley

The dismissal of a class action lawsuit that the mortgage servicer is obligated under RESPA to pay the property taxes as they become due has been reversed by the the U.S. Court of Appeals for the Fourth Circuit.

The NCUA has issued a final rule that makes technical amendments correcting minor technical problems and to improve clarity.