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Federal Legislation

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.

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September 18, 2020

Oregon Wildfire Victims Receive HUD Assistance

MReport – Christina Hughes Babb

The state of Oregon receives assistance for homeowners and low-income renters displaced from their homes in areas affected by wildfires from the U.S. Department of Housing and Urban Development (HUD).

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September 18, 2020

HUD finalizes new disparate impact regulation

Buckley LLP--Buckley Special Alert

HUD recently issued a final disparate impact regulation under the Fair Housing Act, modifying the prior burden-shifting framework to place more onus on the plaintiff in establishing a prima facie case of a discriminatory effect under the FHA

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September 17, 2020

Fed could keep rates near zero through 2023

Mortgage Professional America – Ryan Smith

The Federal Reserve announced that it would keep interest rates close to zero for the near future.

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September 17, 2020

FHFA has failed homeowners during pandemic, says top Dem

Mortgage Professional America – Ryan Smith

Chairwomen Maxine Waters (D-Calf.) criticizes the Federal Housing Finance Agency for what she said was its inadequate response to the COVOD-19 pandemic.

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September 16, 2020

FinCEN Seeks Comments on Enhancing the Effectiveness of Anti-Money Laundering Programs

FinCEN issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on Bank Secrecy Act (BSA) amendments; comments must be received within 60 days of publication in the Federal Register.

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September 14, 2020

FFIEC Publishes HMDA Filing Instructions Guide for 2021 Data Collected

The FFIEC, in conjunction with the CFPB, has released a Filing Instructions Guide for HMDA data collected in 2021.

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Learn Why Clients Love ACES

Learn Why Clients Love ACES

"ACES has shined a light on our productivity and empowered us to hold our teams accountable."

- Emilee Rada, Director of Lending Operations at Georgia's Own Credit Union

Hear Why

September 12, 2020

NCUA Final Rule Chartering and Field of Membership

NCUA published a final rule amending its chartering and field of membership (FOM) rules with respect to applicants and existing federal credit unions (FCUs) seeking a community charter approval, expansion, or conversion, in response to an August 2019 opinion and order issued by the D.C. Circuit Court of Appeals; effective September 14, 2020.

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September 08, 2020

HUD Reminds States to Use Government Grants to Help Homeowners

DSnews – Christina Hughes Babb

HUD issued a reminder to all grantees who received Emergency Solutions Grants (ESG) or Community Development Block Grant (CDBG) fund that they may use these funds to provide rental assistance or other aid to individuals experiencing financial hardship due to the COVID-19 pandemic and are at risk of being evicted.

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September 03, 2020

Opportunity Zones That are Ripe for Investment

MReport – Phil Hall

ATTOM Data Solutions and Proptech firm CityBldr names Eleven communities across seven states and the District of Columbia as having the best potential for using Opportunity Zone tax befits to revitalize low-income communities economically.

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September 02, 2020

Dems demand investigation into Ben Carson's conduct

Mortgage Professional America – Ryan Smith

Six Democratic senators are insisting that a government watchdog investigate whether Housing and Urban Development Secretary Ben Carson violated election laws.

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Introducing: ACES PROTECT®

Introducing: ACES PROTECT®

Automated compliance tests to ensure compliance on more loans in less time

Learn More

September 02, 2020

CFPB Report: Effects of COVID-19 on Mortgage Loans, Other Debt

DSnews – Christina Hughes Babb

The Consumer Financial Protection Bureau issued a report examining the effects of the COVID-19 pandemic on mortgage loans and other debt through June.

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September 02, 2020

CDC Orders Temporary Halt to Residential Evictions

DSnews – Christina Hughes Babb

Bloomberg reported effective immediately; the Center for Disease Control and Prevention(CDC) orders a temporary halt of evictions for consumers earning no more than $99,000 a year.

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September 01, 2020

Agencies Extend Comment Period on Proposed Revisions to Interagency Questions and Answers Regarding Flood Insurance

The OCC, FRS, FDIC, FCA, and NCUA are extending the comment period on a proposal to revise the Interagency Questions and Answers Regarding Flood Insurance (Interagency Questions and Answers) until November 3, 2020.

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August 31, 2020

Waters to FHFA: Postponing new refi fee won't cut it

Mortgage Professional America – Ryan Smith

Top lawmakers are demanding the Federal Housing Finance Agency (FHFA) rescind the Adverse Market Refinance Fee (AMFR).

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