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 Consumer Financial Protection Bureau (CFPB) published a blog post offering a synopsis of the enforcement actions it issued in 2023.
Search our Compliance Calendar for current regulatory changes & updates.
The Federal Housing Finance Agency (FHFA) published a final rule amending its prudential management and operations standards rule, effective February 20, 2024.
The Federal Deposit Insurance Corporation finalized a rule to amend part 328 of its regulations to update the rules governing the use of the official FDIC sign and insured depository institutions’ advertising statements to reflect how depositors do business with IDIs today, including through digital and mobile channels and also clarifies the FDIC’s regulations regarding misrepresentations of deposit insurance coverage, which apply to any person, including IDIs and non–bank entities taking effect on April 1, 2024 with an extended compliance date of January 1, 2025.
The CFPB proposed a rule requiring the nation’s most prominent financial institutions to discontinue excessive overdraft fees that cost Americans billions yearly.
The CFPB has issued two Advisory Opinions related to FCRA requirements related to consumer reporting agency disclosure requirement triggers and background screening practices.
"ACES has made my life so much easier from a QC perspective. It's life-changing"
- Kelly Cooper Spencer, QC & Business Intelligence Data Manager at Thrive Mortgage
The Office of the Comptroller of the Currency has updated its civil money penalty maximums effective January 8, 2023.
The FDIC's January 2024 Consumer News aims to provide steps that may help consumers grow their savings.
The CFPB has been monitoring student loan servicing since payments were resumed and various challenges have been identified in the report.
In this bulletin, the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System (Federal Reserve Board), the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA), published the final rule amending the Uniform Rules of Practice and Procedure (Uniform Rules) in 12 CFR 19 recognizes electronic communications in all administrative hearings, increases the efficiency and fairness of administrative adjudications.
"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
The updated thresholds, published on Tuesday, December 26th, 2023, will become effective on Monday, January 1st, 2024 and apply to any national bank, federal savings association, or state savings association.
House Bill H.R. 4198 and Senate Bill S. 3502, though not identical, have been introduced to amend the Fair Credit Reporting Act to restrict the practice of trigger leads in mortgage loans. Curtailing this practice has "support from both industry participants and consumer groups," according to Ballard Spahr.
On Tuesday, December 19th, 2023, President Biden vetoed a Congressional resolution that would block the CFPB's small-business loan rule, reasoning that it would hinder government oversight of predatory lenders.
Ballard Spahr LLP--John L. Culhane, Jr., Richard J. Andreano, Jr., Michael Gordon & Alan S. Kaplinsky
The House of Representatives has voted to override the CFPB’s final Section 1071 small business lending rule following the Senate's vote to override the 1071 rule and the President is also expected to Veto the resolution and there is unlikely to be sufficient votes to override his veto.
