Compliance Newshub
Federal Legislation

The CFPB published an assessment of the TRID Integrated Disclosure Rule, finding that the TRID Rule improved consumers’ ability to locate key information, compare terms and costs between initial disclosures and final disclosures, and compare terms and costs across mortgage offers.

The federal bank regulatory agencies finalized two rules, which are either identical or substantially similar to interim final rules currently in effect and issued earlier this year: the temporary deferment of appraisal and evaluation requirements for up to 120 days after the closing of certain residential and commercial real estate transactions (through December 31, 2020) and the regulatory capital and liquidity rule.

MReport – Christina Huges Babb

House Financial Services Committee Chairwoman Maxine Waters (D-California) has asked President Trump and HUD Secretary Dr. Benjamin Carson to reevaluate HUD’s Department’s final rule on the disparate impact standard under the Fair Housing Act.

MReport – Phil Hall

The Federal Housing Finance Agency (FHFA) has modified the datasets for the Public Use Databases​ (PUDBs) of single-family and multifamily mortgage acquisitions by the GSEs’.

Buckley Special Alert

FinCEN is expanding on their final rule to align BSA requirements applicable to most banks without a “federal functional regulator” to establish AML and CIP programs as well as requirements under FinCEN’s customer due diligence rule.

MReport – Christina Hughes Babb

The Consumer Financial Protection Bureau (CFPB) has announced a delay in the comment period on its notice of proposed rulemaking (NPRM) to establish a brand new category of seasoned qualified mortgages (Seasoned QMs).

HousingWire – Kathleen Howley

The Office of the Comptroller of the Currency announced it has settled with three former Wells Fargo officials for the roles in the bank’s fake account scandal.

Mortgage Professional America – Ryan Smith

Senator Sherrod Brown (D-Ohio) on the Banking Committee released a report, accusing the Trump administration of ignoring the government’s fair housing obligations established in the 1968 Fair Housing Act.

FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Oregon affected by wildfires and straight-line winds.

Buckley

Tthe U.S. Senate Committee on Commerce, Science, and Transportation voted 14-12 to approve S. 4159 the “E-SIGN Modernization Act.”

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).

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