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.
DSnews – Krista F. Brock
Three members of Congress sent a letter to the Federal Housing Finance Agency (FHFA) requesting that they pause on its capital framework rule-making for the GSEs during the pandemic and extend its comments period on the rule proposed the spring.
Mortgage Professional America--Ryan Smith
The CFPB has issued consent orders against Sovereign Lending Group and Prime Choice Funding fining the companies for allegedly sending deceptive advertisements about VA loans to service members and veterans.
Search our Compliance Calendar for current regulatory changes & updates.
DSnews – David Wharton
The United States Senate confirmed Dana Wade as Assistant Secretary for Housing - Federal Housing Commissioner by a vote of 57-40.
Mortgage Professional America – Ryan Smith
The CFPB fined two mortgage companies for allegedly sending misleading advertisements about VA loans to service members and veterans.
ABA Banking Journal
The IRS proposed regulations to restrict the deductibility of net business interest expense to an amount that does not exceed 30 percent of a taxpayer’s adjusted taxable income, applicable to taxpayers with gross receipts over $25 million; comments are due in 60 days.
OFAC is publishing the names of one or more persons that have been placed on OFAC's Specially Designated Nationals and Blocked Persons List based on OFAC's determination that one or more applicable legal criteria were satisfied.
Automated compliance tests to ensure compliance on more loans in less time
The CFPB issued a request for information (RFI) to seek public input on how best to create a regulatory environment that expands access to credit and ensures that all consumers and communities are protected from discrimination in all aspects of a credit transaction under Equal Credit Opportunity Act (ECOA) and Regulation B.
OFAC designated two Islamic State of Iraq and Syria (ISIS) financial facilitators located respectively in Syria and Turkey for providing financial support to ISIS.
abc News--Christopher Rugaber, AP Economics Writer
Today, the Federal Reserve extended the Primary Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, Primary Market Corporate Credit Facility, Secondary Market Corporate Credit Facility, Term Asset-Backed Securities Loan Facility, Paycheck Protection Program Liquidity Facility and Main Street Lending Program through December 31, 2020.
MReport – Phil Hall
Google has teamed with the CFPB and added a new search feature to its mobile app to help home-buyers and current homeowners secure more in-depth information on the mortgage process.
"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
On July 22, the OCC published a letter stating that providing custody services for customers using cryptocurrencies was a “modern form of traditional bank activities”, allowing banks to "continue satisfying their customers’ needs for safeguarding their most valuable assets, which today for tens of millions of Americans includes cryptocurrency.”
Mortgage Professional America – Ryan Smith
Bank of America will pay $300,000 to settle federal allegations that it denied mortgages to adults with disabilities who were under legal guardianship between 2010 and 2016.
Mortgage Professional America--Ryan Smith
According to the Consumer Financial Protection Bureau, Andrew Lehman lied about almost everything.
The FFIEC issued a statement that discusses the importance of assessing LIBOR transition risks, noting that institutions should quantify their LIBOR exposure, address contracts with inadequate fallback language, evaluate third-party service providers that use LIBOR, and address or mitigate risks to consumers.
