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
Two members of Congress have put forth plans to prevent Americans from losing their homes throughout the COVID-19 crisis.
Mortgage Professional America -- Ryan Smith
A constitutional law expert worries that the Supreme Court’s decision opens the door to consequences that will damage consumer protections.
Search our Compliance Calendar for current regulatory changes & updates.
American Banker
The Senate has passed an extension of the Paycheck Protection Program for small businesses until August 8, 2020.
The CFPB published is Spring 2020 Rulemaking Agenda, highlighting upcoming rules in process for section 108 of the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 (EGRRCPA) (e.g. HPML escrow requirements); 1071 of the Dodd-Frank Act (e.g. ECOA reporting of information concerning credit applications made by women-owned, minority-owned, and small businesses); Home Mortgage Disclosure Act (HMDA) (e.g. data points and public disclosure of HMDA data); Fair Debt Collection Practices Act (Reg F) (e.g. debt collection provisions); and Qualified Mortgage (QM) (e.g. a new “seasoning” definition of QM).
NCUA published a request for information (RFI) as a research tool in its modernization efforts to improve efficiency and effectiveness of a predominately offsite examination and supervision model; comments are due on or before August 31, 2020.
The FDIC issued a final rule mitigating the deposit insurance assessment effects of participating in the Paycheck Protection Program, Paycheck Protection Program Lending Facility, and Money Market Mutual Fund Liquidity Facility.
"By partnering with ACES, we have witnessed an overall improvement in the quality of our reviews."
-Hilda Melendez, Quality Control Systems Director at Lennar Mortgage
FinCEN issued guidance address questions related to Bank Secrecy Act/Anti-Money Laundering (BSA/AML) regulatory requirements for hemp-related business customers.
The Hill--Harper Neidig
The U.S. Supreme Court has ruled the structure of the Consumer Financial Protection Bureau (CFPB) is unconstitutional, eliminating the firing protections of the Bureau Director that are currently in place.
The FDIC, OCC, FRS, NCUA and FCA are issued proposed new and revised Interagency Questions and Answers Regarding Flood Insurance, in effort to incorporate amendments to federal flood insurance laws regarding the escrow of flood insurance premiums, the detached structure exemption, and force placement of insurance; comments on the NPR must be received on or before 60 days following publication in the Federal Register.
Ballard Spahr LLP--Amanda E. Phillips
The CFPB published a new interpretive rule updating the HMDA data fields used to identify “underserved” areas.
"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 five federal regulatory released a final rule modifying the Volcker rule’s prohibition on banking entities investing in or sponsoring hedge funds or private equity funds by streamlining the covered funds portion of rule; addressing the extraterritorial treatment of certain foreign funds; and permitting banking entities to offer financial services and engage in other activities that do not raise concerns that the Volcker rule was intended to address.
The FHLB amended it's Housing Goals regulation into a single prospective mortgage purchase housing goal with a target level of 20 percent effective August 24, 2020.
FFIEC announces the availability of data on 2019 mortgage lending transactions at 5,508 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA).
OCC
Agencies announced the availability of the 2020 list of distressed or undeserved non-metropolitan middle-income geographies.
