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 FRS and CFPB published a final rule announcing the Truth in Lending (Regulation Z) Threshold will remain at $58,300 effective January 1, 2021.
The OCC, FRS, and CFPB published a final rule announcing the Higher-Priced Mortgage Loans exemption threshold will remain at $27,200, effective January 1, 2021.
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FDIC, OCC, and FRS have issued a joint statement reiterating that a bank should include fallback language in its lending contracts that provides for use of a robust fallback rate if the initial reference rate is discontinued.
FinCEN announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate, effective November 6, 2020 and ending on May 4, 2021.
The CFPB has issued a final rule to restate and clarify prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors when collecting consumer debt under the Fair Debt Collection Practices Act (FDCPA), effective one year after publication in the Federal Register (date pending).
OCC issued a final rule to determine when a national bank or Federal savings association (bank) makes a loan and is the “true lender,” including in the context of a partnership between a bank and a third party, such as a marketplace lender, effective December 29, 2020.
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The OCC, FRS, and FDIC adopted final revisions to the regulatory capital rule and the liquidity coverage ratio (LCR) rule made under three interim final rules published in the Federal Register on March 23, April 13, and May 6, 2020; the final rule is effective December 28, 2020.
The CFPB issued a final rule finalizing changes to its regulations regarding the disclosure of records and information, addressing the confidential treatment of information obtained from persons in connection with the exercise of its authorities under federal consumer financial law.
The OCC, FRS, FDIC, NCUA and CFPB issued a proposed rule to codify the agencies' use of supervisory guidance for regulated institutions, formalizing an announcement from 2018 that declared that guidance does not carry the force of law.
NCUA issued a proposed rule to amend the NCUA's Derivatives rule. This proposed rule is intended to modernize the NCUA's Derivatives rule and make it more principles-based; comments are due by December 28, 2020.
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FDIC updated the Risk Management Manual of Examination Policies (RMS Manual); specifically, Section 22.1 includes revisions to the Credit Card Related Merchant Activities, Electronic Funds Transfer Risk Assessment, Trust, and Trust - Abbreviated ED modules to clarify certain procedures and to address other technical edits.
Mortgage Professional America – Ryan Smith
Senator Sherrod Brown (D-Ohio) request that CFPB postpone a planned reorganization of its Division of Supervision, Enforcement, and Fair Lending (SEFL) until after the presidential election.
The CFPB issued an advance notice of proposed rulemaking (ANPR) requesting information related to consumer access to financial records, requesting feedback specifically on implementing Section 1033 of the Dodd-Frank Act; comments are due within 90 days after the ANPR’s publication in the Federal Register.
On September 19, 2020, the IRS formally published Form 4506-C (September 2020), specific for use by lenders utilizing IVES (Income Verification Express Service).
