Compliance Newshub
Federal Legislation

Ballard Spahr LLP--Daniel JT McKenna & Stefanie Jackman

The U.S. Supreme Court rules the TCPA exception for automated calls to collect government debts violates First Amendment but leaves TCPA’s general automated call restriction in place.

MReport – Mike Albanese

According to a report by Orlando Sentinel, Florida Governor Ron DeSantis vetoed $225 million of funding previously allocated for the State Housing Initiatives Partnership.

The CFPB issued a final rule concerning small dollar lending, rescinding the mandatory underwriting provisions of the 2017 rule after re-evaluating the legal and evidentiary bases for these provisions and finding them to be insufficient, effective 90 days after date of publication in the Federal Register.

The CFPB ratified most regulatory actions the Bureau took from January 4, 2012 through June 30, 2020, providing the financial marketplace with certainty that the rules are valid in light of the Supreme Court decision in Seila Law.

Mortgage Professional America – Ryan Smith

The Consumer Financial Protection Bureau has proposed a rule that would exempt some insured depository institutions and credit unions from the requirement to establish escrow accounts for some higher-priced mortgage loans.

MReport – Krista F. Brock

According to research from the Urban Institute, one of the impacts of the OCC's new rule of “strengthening and modernizing” the Community Reinvestment Act (CRA) will result in fewer loans being evaluated for their adherence to CRA standards and goals.

MReport – Andy Beth Miller

The new $1.5 trillion Moving Forward Act (H.R. 2)  includes sufficient allotments for investing in U.S. housing, specifically, it features a housing and land-use policy package that covers financing for housing as infrastructure.

Mortgage Professional America – Ryan Smith

According to the CFPB’s recently released Home Mortgage Disclosure Act statistics for 2019, the wholesale network continues to gain ground.

The CFPB issued a Notice of Proposed Rulemaking (NPRM) to add a new exemption from the requirement to establish escrow accounts for certain higher-priced mortgage loans (HPMLs); comments are due 60 days after the proposed rule is published in the Federal Register.

MReport – Krista F. Brock

The Federal Reserve and Treasury discussed the next steps in response to the COVID-19 pandemic’s economic impact, including additional aid and further stress testing of financial institutions. 

Mortgage Professional America – Ryan Smith

The FHFA announced it had expanded protections for multifamily property owners and tenants during the COVID-19 pandemic. 

DSnews – Krista F. Brock

The U.S. House of Representatives passed a Congressional Review Act aimed at reversing a rule altering the Community Reinvestment Act.