Compliance Newshub
Federal Legislation

The OCC is proposing a regulation to determine when a national bank or Federal savings association (bank) makes a loan and is the “true lender” in the context of a partnership between a bank and a third party, such as a marketplace lender; comments are due on or before September 3, 2020.

DSnews – Phil Hall

According to the Federal Reserve’s Beige Book reports real estate markets across the U.S. continued to deal with lower inventories and an increase in prices; however, some regions are seeing a surge of residential construction.

The CFPB announces dollar amount threshold adjustments under the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act), the Home Ownership and Equity Protection Act of 1994 (HOEPA), and the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), effective January 1, 2021.

Mortgage Professional America – Ryan Smith

The Consumer Financial Protection Bureau (CFPB) has sued Townstone Financial, a Chicago-based non-bank mortgage lender, for allegedly engaging in discriminatory practices.

The Federal Reserve System (FRS) issued an interim final rule to expand the exception of certain loans made by June 30, 2020, that are guaranteed under the Small Business Administration's Paycheck Protection Program from the requirements of the Federal Reserve Act and the corresponding provisions of the Board's Regulation O to apply to PPP loans made through August 8, 2020, effective on July 16, 2020.

HousingWire – Alex Roha

In a virtual webcast hearing, the Financial Services Committee examine how services provided clarity and information on the CARES Act and forbearance options for borrowers.

The OCC has issued amendments to the rule on other real estate owned (OREO), effective July 17, 2020, to a correct technical error that previously omitted the phrase “federal savings associations” from the introductory text to 12 CFR 34.83(a)(3)(i). 

The CFPB issued an updated Complaint Bulletin, analyzing the more than 8,000 complaints it received from January through May 2020 that mention coronavirus or related terms (“coronavirus keywords”), showing that mortgage (19 percent), credit card (18 percent), and credit or consumer reporting (18 percent) complaints top the list of complaints the Bureau has received that mention coronavirus keywords.

MReport – Phil Hall

The Office of the Comptroller of the Currency partners with leaders in the financial services industry and civil rights group to design a new program to increase access to credit. 

Mortgage Professional America – Ryan Smith

HUD is asked by the NAR to withdraw the new proposed rule, which would make it more challenging to prove housing discrimination. 

DSnews -- Chuck Green

The CFPB reports in an analysis of recent trends in settling debt and credit counseling that it’s no secret that many Americans are struggling with debt during this COVID-19 pandemic. 

Mortgage Professional America – Ryan Smith

Democratic lawmakers are asking the OCC to confirm that state-issued mortgage relief regulations are enforceable.